CIM plans apartment complex at Miracle Mile office campus
68-unit development latest residential conversion on its property
CIM Group has filed plans to convert another portion of its Miracle Mile office campus into apartments.
The firm is looking to convert the office building at 4750 Wilshire Boulevard into a 68-unit residential property, according to documents filed with the City Planning Commission.
The proposal calls for replacing the retail space on the ground floor with offices. The rest of the property will be converted to apartments.
The office building, which has an alternate address of 715-729 South Hudson Avenue, sits on a 137,579-square-foot lot and occupies a full block along Wilshire Boulevard, according to city records.
Farmer Insurance Group moved into the building in 2016, relocating from its former headquarters at the eastern end of the campus. Farmers owned the entire assemblage until 2014. That year, CIM acquired the campus in a $91 million deal. The firm paid $45 million for the 4750 Wilshire Boulevard portion of the assemblage, according to property records.
CIM has flirted with residential conversions on the campus for years. In 2019, it filed plans to develop an 87-unit condo building at 4680 Wilshire Boulevard. The proposal, which also called for building townhouses and single-family homes on a parking lot on the site, was originally filed in 2015 and then withdrawn when CIM tried selling the property in 2017.
CIM attempted to sell 4750 Wilshire Boulevard in 2019. A year later, the firm announced that the pandemic had stalled its plans to redevelop the site. In its fourth quarter earnings report, the firm identified the temporary suspension of that planned repositioning as one of its cost-cutting measures to offset tepid earnings.
CIM declined to comment.
In April, the company filed plans to build a 168-unit complex in West Adams that would include 40,000 square feet of ground floor retail.