LOS ANGELES – AUGUST 16, 2016 -- CIM Group announced today that it has commenced construction of a 34-story apartment tower with 6,000 square feet of ground floor retail space and a public pocket park at 888 S. Hope Street in downtown Los Angeles. The building is rising at the corner of 9th Street and Hope, adjacent to a seven-story, 654-stall parking structure completed by CIM that includes a 5,000-square foot Petco.
The 525-unit apartment tower will offer contemporary residences ranging in sizes and floor plans, and will feature many large communal gathering spots. A 30,000-square foot rooftop deck atop the parking structure, accessed from the apartment building’s eighth floor, is designed with an outdoor pool, lounge, garden and other green spaces and recreation areas. In addition, the 34th floor of the building will include a lounge and a large outdoor terrace.
888 S. Hope is located in the heart of the popular South Park district, a walkable downtown neighborhood that provides many shopping, dining and entertainment options including the Ralphs supermarket and other retailers across the street in a property also developed by CIM.
CIM has a long history as an investor and developer in downtown Los Angeles when it identified the area as being underserved in residential and retail offerings. The company has renovated and repositioned numerous assets, including the Flower Street Lofts condominiums, which were the first condominiums developed under the city’s adaptive reuse ordinance, followed by the adaptive conversion of the former Gas Company office buildings into the Gas Company Lofts apartments, and Sky Lofts at 801 S. Grand. CIM also completed ground-up developments including the Market Lofts and retail that includes the Ralphs supermarket.
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 five strategic categories: repositioning and development projects, well-positioned operating properties, value-add properties, debt, and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area, Bethesda, Maryland, and Dallas. For more information, please visit www.cimgroup.com