CIM Starts Building Downtown L.A. Tower
- Aug 19, 2016
by Jeffrey Steele
Los Angeles—Real estate and infrastructure investment firm CIM Group has started building a 34-story, 525-unit apartment tower at 888 S. Hope St. in downtown Los Angeles. Rising at the corner of 9th Street and Hope, next to a 7-story, 654-space parking structure, the building will feature 6,000 square feet of ground floor retail and a public pocket park.
The project will deliver up-to-the-minute residences in an array of sizes and floor plans. Sprawling communal gathering spots will be a hallmark of 888 S. Hope. The settings will include a 30,000-square-foot rooftop deck with outdoor pool, lounge and garden atop the parking structure and accessed from the apartment building’s eighth floor.
The eighth-floor gathering spot will also include other green spaces and recreation areas. The building’s 34th floor will feature a large outdoor terrace and lounge.
The setting of 888 S. Hope in the center of the increasingly popular South Park district puts the apartment community in a pedestrian-friendly downtown enclave. Within that setting, residents will be able to walk to many retail, restaurant and nightlife destinations, among them the Ralphs supermarket and additional shops across the street in a CIM-developed property.
In this project, CIM Group is drawing on its lengthy experience as an investor and developer in downtown Los Angeles. Years ago, the company identified the area as being underserved in residential and retail alternatives, and got to work on the renovation and repurposing of an array of properties. They include Flower Street Lofts condominiums, the first to be developed in L.A. since the city’s adaptive reuse ordinance went into effect. This project was followed by the development of the Gas Company Lofts apartments, which saw CIM Group successfully complete the adaptive reuse of the former Gas Company office buildings.
In addition, CIM Group has undertaken ground up developments including Market Lofts and the retail center featuring the Ralphs supermarket.
Rendering courtesy of CIM Group