CIM Group Begins Construction of Final Phase of Multifamily and Retail Development in West Los Angeles
LOS ANGELES – October 31, 2018 – CIM Group today announced the start of construction of a 154-unit, five-story apartment building, with approximately 16,600 square feet of ground floor retail at 1500 Granville Avenue at the south east intersection of Santa Monica Boulevard in West Los Angeles. The construction of this building marks the final phase of a multi-phased development plan for the 2.6 -acre property of former auto dealerships fronting Santa Monica Boulevard and three adjacent residential parcels totaling approximately 28,000 square feet.
CIM is completing the execution of a program that will bring a total of 338 apartment units, 32 of which are designated as affordable, and a total of approximately 58,300 square feet of retail space to this prominent location, with 300 lineal feet of Santa Monica Boulevard frontage, one of the region’s major east-west transportation corridors connecting Westside communities such as Santa Monica, Beverly Hills, and West Hollywood.
Built above subterranean parking, the building’s modern architecture features an articulated façade with alternating horizontal and vertical elements, providing differentiation from a solid single block design. The street level includes retail storefronts, plazas and landscaping, creating an inviting pedestrian experience. The contemporary apartments are a mix of studio, one-, two- and three-bedroom configurations along with four live/work units. Among the many on-site amenities are a co-working area, community lounge, pool deck, outdoor terraces, barbeques and a gym.
In 2016, CIM commenced construction on the adjacent four-story, 147-unit residential and retail building across Granville Avenue at 11800 Santa Monica Boulevard, and it is anticipated to be complete in early 2019. This building also has a modern architectural design with modulated roof heights and façade features. The street level spaces totaling approximately 42,000 square feet are programmed for retailers that will serve the residents and the neighborhood. To date, leases have been executed with Target and Healthy Spot pet store. Apartments range from studios, one- and two-bedroom floorplans to three live/work spaces. Residents will enjoy multiple indoor and outdoor gathering areas including a clubhouse and game room, pool deck, outdoor terraces and lounge as well as a gym and co-working space.
An earlier phase of the development brought three smaller, four-story buildings, for a total of 37 apartment homes, on parcels to the south of the two properties fronting Santa Monica Boulevard. These stylish buildings offer one-, two- and three- bedroom residences, and feature a landscaped courtyard and a rooftop lounge with a fireplace and sundeck. These buildings were completed in 2017 and are fully leased.
Since its founding in 1994, CIM has been an active owner, developer, and operator in the greater Los Angeles region in major areas such as Hollywood, Downtown, Midtown, and Santa Monica. The company brings its vast experience of developing urban in-fill projects and repositioning properties to this significant West Los Angeles site.
ABOUT CIM GROUP
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $56 billion of projects in communities across the Americas on behalf of its own account and its partners, co-investors and shareholders. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and asset management experience in urban real assets, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.