The Real Deal Los Angeles

CIM Group restarts plan for 63-unit resi complex in Hollywood

The investment firm proposed the project 2 years ago, near its Sunset Gordon Tower nearby
By Natalie Hoberman |
Research by Haru Coryne
March 13, 2019 12:00PM

From left: CIM Group Founders, Richard Ressler, Shaul Kuba, and Avi Shemesh with a rendering of 6007 Sunset Blvd (Credit: Shubin + Donaldson via Urbanize)

Two months after a judge cleared the way for CIM Group’s Sunset Gordon Tower to reopen and residents to move in, the real estate investment firm has its sights set on restarting another project in Hollywood a few hundred feet away.

CIM Group filed an application for a “pre-development meeting” for its planned 63-unit apartment at 6007 Sunset Boulevard, according to city planning documents.

The 45,000-square-foot tower would also have retail and a parking garage on site.

CIM also filed an application for the building through Los Angeles’ Transit Oriented Communities program, which encourages developers to add more affordable housing units to their projects through density bonuses. CIM’s planned apartment building is also located in a federal Opportunity Zone, which provides tax incentives to developers who build in those designated areas.

In an interview with The Real Deal on Tuesday, Housing and Urban Development Secretary Ben Carson said the government will give preference to developers and investors who build affordable housing in Opportunity Zones when it comes to awarding certain grants.

CIM paid $15.5 million for the five-lot site in 2016, property records show.

The company has been an active investor in Hollywood. Besides the 299-unit Sunset Gordon Tower — a 22-story development that had been put on hold when a judge revoked its permits — CIM is also building a media production project on Sycamore Avenue.