Press Releases

CIM GROUP LAUNCHES MULTIPLE MIXED-USE DEVELOPMENTS TO CREATE THRIVING URBAN CENTER FOR DOWNTOWN ANAHEIM

1/28/2004


ANAHEIM, Ca.—January 28, 2004—Government officials, business leaders and residents joined developer CIM Group and the City of Anaheim to mark the construction start for six projects that include retail, restaurants and residential sites surrounding downtown Anaheim's main street, the Center Street Promenade.  Designed to transform the area into a 24-hour urban center, the mid-rise buildings will bring approximately 500 housing units and 55,000 square feet of retail and restaurant space, completing the city's urban master plan for the area.

"The city of Anaheim has already invested in public infrastructure and improvements to offer public parking, wide landscaped sidewalks and public art, elements that enhance the area.  We're building on this foundation to complete the downtown revitalization and offer a great urban lifestyle," said Shaul Kuba, a founding partner of CIM Group.

The $100 million development program builds on the last seven acres of vacant land in the downtown Anaheim core, bringing a mix of residential and commercial uses that complement the existing office and recreation facilities downtown.  The six sites will be developed in four phases, with construction of the first three commencing in 2004.     

"Anaheim is growing inward and creating a vibrant downtown.  We're building on the history of downtown as a center of civic activity and recreating it as a modern urban hub.  This is one of the most ambitious public/private developments underway today and a model for urban revitalization," said Anaheim Mayor Curt Pringle.

Mindful of the rich history of downtown Anaheim and with the goal of creating a main street environment that appears as if it evolved over time, CIM Group engaged several architects to design the buildings.  RTKL, Kanner Architects, 30th Street Architects, RTK and MBH Architects have designed structures that draw on the historic architecture of the region with modern technology.           

"The Center Street Promenade is in the heart of the original Anaheim Colony.  We were looking for a developer who could take advantage of our past investments in the Downtown and create the density and quality of development that we wanted - all with the willingness to work with the community," said Elisa Stipkovich, executive director of the Anaheim Redevelopment Agency.  "The project will complete the development along Center Street Promenade and create an environment that will serve the entire City.  More importantly, the high-quality architecture and mixed-use nature of these buildings are honoring the history of the Downtown."           

CIM Group will begin construction on the first phase in February, a five-story structure with 6,000 square feet of ground floor retail/restaurant space and 95 apartments built over underground parking.  Designed by MBH Architects the site is located along Broadway between Lemon and Clementine Streets.  The project opening is planned for summer 2005.           

Phase two, scheduled to begin in July, develops three parcels bounded by Anaheim Blvd, Center Street Promenade, Broadway and Lemon Streets. A four-story building with 9,800 square feet of ground floor retail/restaurant space and 59 loft-style apartments, designed by Kanner Architects, will be located across the street from City Hall West at the southwest corner of Anaheim Blvd. and Center Street Promenade.  Just south of this site along Broadway, RTK Architects designed a five-story building with 8,400 square feet of retail space, 10,400 square feet for a local heritage center and 68 apartments.  East of this site on Broadway is the third building, a four-story structure with 7,286 square feet of ground floor commercial work space and 60 loft-style apartments designed by 30th Street Architects.  Each building provides underground parking for tenants and businesses and should be completed by the end of 2005.        

Phase three, which will start construction in fall 2004, brings for-sale housing to downtown.  It is the largest development parcel in the project comprised of six, four-story buildings designed by RTKL Architects.  The site is east of the Disney Ice center at the southeast corner of Harbor Blvd. and Lincoln Avenue.  The buildings are designed around a center courtyard and parking, and include 10,287 square feet of ground floor retail/restaurant space, 20 townhouse-style condominiums with residences above ground floor work space and 109 loft-style condominiums in two and three bedroom floor plans.  This phase should be completed in spring 2006.       

"Offering a variety of housing options, from traditional and loft-style apartments to for sale condominiums, ensures that we're creating a community that will attract people of every age and interest," noted Kuba.           

The final phase will consist of 10,000 square feet of retail/restaurant space and 80 traditional apartments designed by RTKL Architects.  A construction timeline for this parcel, at the southwest corner of Clementine Street and Center Street Promenade, will be determined based on completion of the other phases as this serves as the construction staging area.

CIM Group, based in Los Angeles, 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.  A leader in California's urban renaissance, CIM Group has developed a premier portfolio of street retail and urban housing, office and mixed-use properties in California's most popular destinations, including Santa Monica's Third Street Promenade, Old Pasadena, Birch Street in Brea, Hollywood Boulevard and San Jose's downtown.   Each CIM 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.

CIM is one of a few firms with the comprehensive ability to bring projects to life.  As manager of the $676 million CIM Urban Real Estate Fund, it has the financial ability to fund the equity requirement for projects. The fund, formed in 2001 with investments from the California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS), is designed to pursue California urban infill projects.



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