CIM Group’s plan for 78-key hotel is latest project in West Adams
The private equity fund's newest development would be near 2 other projects
CIM Group is bullish on the West Adams corridor.
A couple of months after securing a construction permit for a live/work complex on South Western Avenue, the private equity fund is filing for a 78-key hotel a few miles away at 2545 S. Mansfield Avenue.
The five-story building would total just over 48,000 square feet and include a ground floor restaurant and below-grade parking, according to city documents.
CIM picked up the Mansfield Avenue site, now a truck parking lot, for $3.7 million in April 2017. It’s about three miles from its live/work project and closer to two smaller properties CIM Group owns in another area of West Adams.
CIM is building a 10-unit garden apartment complex at 5135 W. Adams Boulevard, a few blocks from the South Mansfield Avenue hotel site, and it purchased a warehouse site at 5211 W. Adams Boulevard in April for $2.9 million. The company has not disclosed plans for that location, which it purchased from David Pourbaba’s 4D Development and Investment.
4D Development is planning its own 115-unit mixed-use project on a vacant site between those two projects, at 5181 W. Adams Boulevard. That’s three confirmed projects either underway or in the planning stages along that short stretch.
While West Adams itself is better known for its Victorian-era homes and as a historically wealthy black neighborhood, it could see more multifamily investment from developers looking to appeal to younger renters who want to be close to Culver City, real estate pros have said.