HOLLYWOOD—February 25, 2003—CIM Group has begun construction on a major ground floor renovation to bring new retail and restaurant space to the sidewalk of its TV Guide Hollywood Center office tower on Hollywood Boulevard. A bold design of glass and aluminum storefronts will replace the existing terrace, which is currently recessed from the sidewalk under the building's second floor overhang.
"Our plaza renovation creates a more engaging pedestrian experience with the retail and restaurant spaces flush to the sidewalk to add more life to this section on Hollywood Boulevard," said Shaul Kuba, co-founder and principal of CIM Group. "CIM's development focus is on creating great streets through redevelopment, such as this, using dynamic architecture and graphics to enhance the urban environment."
Designed by Gensler Architects, the renovation replaces the existing terrace and main building entrance and reconfigures the ground floor space currently occupied by California National Bank. The redistribution will create 20,000 square feet of street level storefronts to accommodate four to five shops and restaurants. The aluminum and glass facades will be articulated with French limestone columns and topped by a metal canopy on Hollywood Boulevard and Orange Drive.
"We have signed the Coffee Bean and Tea Leaf and Baja Fresh and have interest from several other retailers," added Kuba.
The entrance to the office tower will be redirected to Orange Drive leading into a bright and inviting new lobby exquisitely detailed with terrazzo flooring, sandblasted glass screen walls and soffited ceiling with recessed lighting.
California National Bank, that currently occupies much of the ground floor, will consolidate its operations in a completely redesigned airy and modern space south of the new lobby entrance.
Located at 6922 Hollywood Boulevard at Orange Drive, the 12-story, 183,000-square-foot building was purchased by CIM Group in 1998. It was renamed TV Guide Hollywood Center in 2000 when CIM secured TV Guide as a major tenant. Since acquiring the building the firm has invested approximately $6.5 million in a floor-by-floor remodeling concluding with the approximately $3 million lobby and ground floor renovations.
Swinerton Builders, the general contractor, expects the renovation to be competed in approximately six months. The new retailers should be open for business in the fourth quarter of this year.
"This will be a dramatic improvement for the Boulevard and add to the appeal of the block that already includes the historic Chinese Theatre, Disney's El Capitan theatre and the new Hollywood & Highland center," concluded Kuba.
CIM Group with its partners is a major investor on Hollywood Boulevard and is developing or redeveloping five properties with more than 500,000 square feet of retail, restaurant, entertainment and office space.
Based in Los Angeles, CIM Group is a full service real estate investor and operator organized in 1994 to revitalize districts of high population density, including the traditional downtown areas within large cities and the main street districts within towns and suburban cities. Each CIM Group investment adapts proven land use and design principles of great urban districts to the unique strengths of the location and the needs of the community. More information is available at: www.cimgroup.com.