CIM’s South Park developments cost $800M
Updated, Monday, September 11, 2017, 3:15 p.m.: Developer CIM Group said it spent approximately $800 million on its 888 S. Hope Street development and all of its other projects in South Park, the Los Angeles Business Journal reported.
CIM Group is awaiting the 2018 opening of its 34-story, 525-unit apartment building on S. Hope Street, the last parcel to be developed in a seven parcel portfolio in the South Park district.
The firm’s co-founding principal, Shaul Kuba said that CIM chose to hire six different architects for a single project instead of one, but the firm’s plans for the region were slowed down by tough times during the Great Recession.
CIM has been one of L.A.’s most prominent developers over the last two decades. It also owns properties in West Hollywood and is in the midst of completing a mixed-use project in West L.A. It is also trying to reopen its embattled Sunset Gordon tower in Hollywood. [LABJ]- Natalie Hoberman
Correction: An earlier version of the story incorrectly stated that the cost of CIM’s DTLA projects had risen from its original projection of $247 million. The figure of $247 million was only a projection for a portion of its South Park holdings.