CIM GROUP MARKS COMPLETION OF 888 AT GRAND HOPE PARK APARTMENT TOWER IN DOWNTOWN LOS ANGELES
LOS ANGELES – September 5, 2018 -- CIM Group announced today that it has completed construction of 888 at Grand Hope Park, its premier 34-story, 525-unit apartment tower located at 888 S. Hope Street in downtown Los Angeles. In addition to providing abundant new housing, it is a significant addition to the evolving fabric of downtown with approximately 6,000 square feet of ground floor retail space and a public pocket park, elements that enhance the dynamic South Park community, a walkable downtown neighborhood that provides many shopping, dining and entertainment options.
The apartment tower, situated at the northeast corner of 9th and Hope Streets, offers contemporary residences in a variety of sizes and floor plans and features many amenities and large communal gathering spots. 888 at Grand Hope Park is adjacent to a seven-story, approximately 650-stall parking structure, with a 5,000-square foot Petco store, CIM completed in 2016 that accommodates the parking for retailers, residents and their guests.
“Completing 888 at Grand Hope Park is a significant milestone for CIM Group as it is the final piece of a larger master plan for South Park that we envisioned when we acquired a portfolio of seven parcels in 2001,” said Shaul Kuba, Co-Founder and Principal of CIM Group. “Our program in South Park began with the redevelopment of the Gas Company office buildings into apartments and retail and continued with a mix of building renovations and ground up construction delivering new condominiums, apartments, street retail and office space to the community.”
An innovative feature of the development is the expansive 30,000-square foot rooftop deck atop the parking structure, accessed from the apartment building’s eighth floor. This distinctive space is designed with an outdoor pool, lounge and barbeque areas, garden and other green spaces featuring mature landscaping. In order to distinguish the rooftop as a true urban oasis, CIM invested in thousands of plants and more than 132 trees, many reaching 20 feet in height, and were hoisted by crane for planting on the amenity deck to create a lush environment for residents. In addition, the 34th floor of the building offers residents an intimate indoor lounge and a large outdoor terrace to enjoy the views, the sunset, and temperate Southern California climate.
CIM applied its knowledge and experience in developing and operating real estate in transformational and multifaceted urban areas in the planning and construction of 888 at Grand Hope Park. The company has a long history as an owner and operator in downtown Los Angeles when it identified the South Park community as being underserved in residential and retail offerings. CIM has renovated and repositioned office, retail and residential properties in the area for almost 20 years, including the Flower Street Lofts condominiums, which were the first condominiums developed in downtown Los Angeles 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, the conversion of office space into luxury condominiums. CIM also completed ground-up developments including the Market Lofts condominiums and Market Lofts Retail that includes the Ralphs supermarket directly across the street from 888 at Grand Hope Park.
888 at Grand Hope Park recently welcomed its first residents, and the on-site leasing office and model units are open. For more information please call (844) 888-7888 or visit www.888hope.com.
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.