CIM Group Breaks Ground on Final Phase of LA Mixed-Use
- Nov 02, 2018
CIM Group has begun construction on the final phase of a mixed-use development built on a 2.6-acre property that formerly housed several auto dealerships on Santa Monica Boulevard in Los Angeles. The five-story building will comprise 154 apartments and 16,600 square feet of retail, located at 1500 Granville Ave.
The property will be constructed on top of subterranean parking, featuring an articulated facade with alternating horizontal and vertical elements, straying from a traditional solid block design. The ground floor will include retail storefronts, landscaping and plazas. Apartments will be offered in studio, one-, two- and three-bedroom floorplans, along with four live/work units. Common area amenities of the property will include a coworking area, a pool deck, barbecues, a community lounge, outdoor terraces and a gym.
“This building is the final piece of a significant infill development that is bringing much needed housing to West Los Angeles. We believe the community will benefit from quality housing and community-serving retail located along a major transportation corridor and in proximity to jobs,” Shaul Kuba, co-founder & principal at CIM Group, told Multi-Housing News.
Phase one included three four-story buildings offering 37 one-, two- and three-bedroom units. That asset includes amenities such as a landscaped courtyard, a rooftop lounge, a fireplace and a sundeck. The buildings were finished in 2017 and are fully leased.
In 2016, the company began phase two by building an adjacent four-story building that will comprise 147 one- and two-bedroom floorplans with live/work spaces. Located at 11800 Santa Monica Blvd., the property also includes 42,000 square feet of ground floor retail, which has been preleased to Target and Healthy Spot pet store. This asset is scheduled for completion by early 2019.
The finished project will offer a total of 338 units, 32 of which will be designated as affordable, and 58,300 square feet of retail space.
In August, CIM Group acquired Trellis House in Washington, D.C., a newly constructed, six-story, 319-unit mixed-use property in the Shaw/U Street Corridor.
Image courtesy of CIM Group