CIM Group wants to add to its growing apartment portfolio in Hollywood.
The firm has proposed a 110-unit apartment building with a retail component across from its 22-story Sunset Gordon tower development, according to Urbanize. CIM filed an application to demolish a series of low-rise commercial buildings on the property for the latest project.
The proposal is far larger than the 63-unit complex CIM had proposed developing at the site in the last few years.
CIM’s new plan calls for a seven-story, 101,000-square-foot building with 14,600 square feet of ground floor commercial space, Urbanize reported. The Mid-Wilshire-based firm is requesting a density bonus from the city. In exchange, it would set aside 11 units for “very low-income” renters, the minimum required to secure that entitlement.
CIM evicted the residents of 15 units at the development site in 2017 through the Ellis Act. State law generally requires that affordable units demolished or vacated for a new development be replaced. But firms only have to replace 70 percent of those units if the existing units were market rate, according to Urbanize.
CIM is coming off a prolonged battle over neighboring Sunset Gordon tower. The 299-unit development opened in 2015, but a judge quickly ordered it shuttered after it became public that CIM demolished a historic restaurant to build it. The AIDS Healthcare Foundation — which has often opposed big residential projects — also sued over the number of affordable units there.
The City of L.A. cleared the way for Sunset Gordon to reopen in late 2018, but it only received a certificate of occupancy a few months ago. Last summer, CIM backed out of a $130 million deal to buy and redevelop Baldwin Hills Crenshaw Plaza mall.
[Urbanize] — Dennis Lynch