CIM Group plans to convert an old cement plant in West Hollywood into a seven-story office building.
According to documents filed with the Los Angeles City Planning Department on Wednesday, the developer is looking to build a 207,700-square-foot structure on a site near Santa Monica Boulevard and The Lot at Formosa studio campus.
Plans for the property, at 1011 North Sycamore Avenue, call for a building with three levels of offices on top of three floors for a parking garage. The proposed project will also include ground floor retail and two floors of subterranean parking.
CIM acquired the Sycamore Avenue parcel for $46.5 million last June. The deal also included an adjacent lot on 1000 North La Brea Avenue. Before the acquisition, the 1.6-acre site had been home to a cement plant for the past six decades. Cemex continued to operate on the property after the purchase as CIM finalized plans for the site.
At the time of the transaction, Stew Weston, who worked on the deal as part of a brokerage team at CBRE, floated a possible residential conversion for the site, saying that West Hollywood officials had “previously indicated their desire for a large, mixed-use, multifamily development.”
CIM has properties across Southern California. However, its portfolio is much more dense in the Los Angeles neighborhood of West Adams. The firm owns 35 properties in the area, all slated for redevelopment.
Elsewhere in Los Angeles, CIM has a few large residential developments on the docket. In November, the firm filed plans for a 114-unit apartment complex at 3022 South Western Avenue in South Los Angeles. Also, the company is building a 146-unit residential property at 6611-6637 Hollywood Boulevard, along the Hollywood Walk of Fame.
CIM did not respond to a request for comment.
The post CIM to build offices on West Hollywood cement plant site appeared first on The Real Deal Los Angeles.
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