CIM Group doubles down on Hollywood

Despite troubles at its apartment complex, CIM is planning another building across the street

TRD LOS ANGELES /
Feb.February 21, 2017 10:45 AM

CIM Group might have run into problems with its rental tower at Sunset Boulevard and Gordon Street, but that doesn’t seem to have deterred it from planning another building on the same Hollywood block.

The Los Angeles-based real estate investment firm has plans to build a seven-story, 63-unit building at 6007 Sunset Boulevard, just across the street from the troubled project, according to permits filed with the Department of Building and Safety. The 45,000-square-foot project will also have retail space and a parking garage.

Architecture firm Shubin + Donaldson will design the property, which will replace a strip of low-level commercial buildings.

An entity tied to CIM acquired the site for $15.5 million last April, according to property records.

As for the 300-unit building across the street, CIM submitted a new set of plans for the property back in November, after the city refused to renew its building permits, thereby forcing the eviction of dozens of tenants in 2015.

The building, at 5929 West Sunset Boulevard, was already completed when it was hit with a lawsuit that alleged CIM wrongfully demolished the 1920s-built Old Spaghetti Factory that formerly occupied the site. Ruling against CIM, the judge invalidated its building permit.

CIM is also quietly shopping another project it’s building at 8500 Sunset. The complex is slated to comprise 190 luxury condos and 39,000 square feet of retail space.

Meanwhile, Japanese trading conglomerate Mitsui & Co. will acquire a 20 percent stake in CIM and contribute between $450 million and $550 million toward funds managed by the firm, it said Monday.


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