CIM’s South Park developments cost $800M

TRD LOS ANGELES /
Sep.September 11, 2017 10:00 AM

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. 


Related Articles

arrow_forward_ios
Asher Abehsera and the plaza (Credit: Google Maps)

New partnership poised to buy Baldwin Hills Crenshaw Plaza

New partnership poised to buy Baldwin Hills Crenshaw Plaza
CEO of Related Companies Jeff T. Blau, and a rendering of the project (Credit: Related)

Grand ambitions: Related’s DTLA megaproject hits halfway mark

Grand ambitions: Related’s DTLA megaproject hits halfway mark
Mack Real Estate Chairman Paul Keller and renderings of the project (Credit: CallisonRTKL)

Mack and AECOM reveal details for 51-story DTLA tower

Mack and AECOM reveal details for 51-story DTLA tower
Landlords are organizing a protest around the lack of mortgage relief government policies and the inability to hit tenants with eviction notices.

What do we want? Mortgage relief!: Landlords plan LA protest

What do we want? Mortgage relief!: Landlords plan LA protest
Mike Bannon, California Apartment Association, executive director

Mom-and-pop resi landlords are already struggling

Mom-and-pop resi landlords are already struggling
Jose Huizar and a rendering of the project (Getty, City Market LA)

Huizar-tied community benefits fund linked to DTLA megaproject faces scrutiny

Huizar-tied community benefits fund linked to DTLA megaproject faces scrutiny
An illustration of David Lee

A boomtown for a bygone era: Koreatown developers face a reckoning

A boomtown for a bygone era: Koreatown developers face a reckoning
A rendering of Times Mirror Square

Onni Group’s Times Mirror Square project clears major hurdle

Onni Group’s Times Mirror Square project clears major hurdle
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...