LAS VEGAS – December 15, 2010—The Las Vegas City Council today approved an Amended and Restated Disposition and Development Agreement with CIM Group for a re-scaled development on land surrounding the historic Post Office Building on Stewart Avenue in the downtown district. The agreement keeps an important project in the ongoing downtown revitalization moving forward. Under the revised agreement, the project will encompass a minimum of 80,000 square feet of retail space and 15,000 square feet of meeting space, while also providing for surface parking.
The revised agreement is an important step toward achieving the City and CIM Group’s mutual goal of creating a substantial, high-quality development that further enhances the downtown district. The new retail plan is designed to address significant changes in the vicinity of the project as well as changes in macro-economic conditions since the original agreement was reached in July 2008.
With the Mob Museum set to open as the centerpiece of the area’s redevelopment by the end of 2011, both the City and CIM Group sought to revise the agreement so as to better support the Museum as a destination and thereby attract new visitors. The new agreement also includes a modification of the financial structure between CIM Group and the City.
The Post Office Block development still requires the approval of a master plan by the General Services Administration, which holds deed restrictions to a portion of the land in the project. Current plans for the project call for an opening in 2013.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com.
Casey & Sayre