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

Mar.March 13, 2019 12:00 PM
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.

Related Articles

From left: Gavin Newsom and David Chiu (Credit: Getty Images and iStock)

Will rent control dent the multifamily market? Lenders, investors weigh in

Developer Pinyon Group’s 486-unit project would sit two blocks away from the Heritage Square Gold Line.

Developers of massive Lincoln Heights resi project change tack to collect city incentives

Lee Rubinoff and the development site

This Transit-Oriented developer is eyeing his latest apartment project in Echo Park

420 West 9th Street, San Pedro (Credit: Google Maps and iStock)

San Pedro’s apartment project pipeline is filling up

The former Omega Cinema Props warehouse on Santa Monica Boulevard and the Hollywood Forever Cemetery (Credit: Google Maps, Hollywood Forever)

Warehouse complex will get new life next to Hollywood Forever Cemetery

David Nagel

Decron Properties, in multifamily expansion mode, pushes into Warner Center

Mill Creek Residential CEO William MacDonald and Modera West LA (Credit: iStock)

One of nation’s biggest apartment builders scores $165M refi on West LA development

From left: Canyon Crest Views Apartments and Sunset Ridge Apartments

Multifamily investor Afton Properties adds nearly 1K units to portfolio