LOS ANGELES—December 6, 2006—CIM Group has secured a 116,000-square-foot Lowe's home improvement store for Midtown Plaza, the company's 390,000-square-foot urban retail center in central Los Angeles. Set on 12 acres at the corner of San Vicente Blvd. and Pico Blvd., Midtown Plaza is an innovative design that combines major retailers such as Lowe's with a diverse group of smaller retailers and restaurants along with a new bus transit terminal.
"Lowe's Home Improvement is a top retailer known for its strong focus on customer service in addition to its extensive array of quality products," noted Shaul Kuba, principal and co-founder of CIM Group. "We are transforming a large property that has been an eyesore in the community for decades and Lowe's is the ideal anchor for this significant project."
Located along the Pico Blvd., or north side of the property, Lowe's Home Improvement will include a 17,200-square-foot garden center in addition to a substantial stock of building products, fixtures and appliances that currently are not available to local shoppers.
“This is a milestone in the evolution of this community which retailers have overlooked for years. The area's large and diverse population currently travels miles to find the shopping options that most of us take for granted," noted Los Angeles City Councilman Herb Wesson. "It represents a successful collaboration between the Community Redevelopment Agency, the CIM Group, the community and my office, all of whom worked hard to make this project a reality."
Construction on the Lowe's Home Improvement store is expected to get underway in the first quarter of 2007 with an anticipated opening in winter of 2008. The $114 million Midtown Plaza development is an interesting stacked design that takes advantage of the different elevations on the site. The Venice Blvd. frontage on the south side, which is higher, will bring a broad spectrum of retailers and restaurants in 166,000 square feet of space. A modern MTA bus terminal has been built into the site at the corner of Pico and San Vicente with 11 berths and 15,000 square feet of street front retail that includes a Panda Express, Footlocker, Wells Fargo and Starbucks. Combined surface and structured parking will provide 1,400 spaces.
With the bus terminal and in-line shops complete, construction on the remainder of the project is expected to get under way in the first quarter of 2007 with completion anticipated for winter 2008.
“Midtown Plaza will become a shopping destination and a welcome amenity for the community. We meet regularly with the neighbors and have solid insight into the types of retail and restaurants that appeal to them. We are in active negotiations with other great businesses," added Kuba.
About CIM Group
CIM Group is an integrated, full service real estate investor with in-house acquisition, development, finance, leasing, and management capabilities. CIM Group directs its efforts towards districts of high population density, including the downtown areas within large cities, smaller "main street" districts within towns and suburban cities, and other locations which lie within the metropolitan areas of the country. Since its inception in 1994, CIM Group has been a leading force in the creation of great streets in the cities of Santa Monica, San Diego, Pasadena, Brea and Hollywood.