WEST HOLLYWOOD, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that CIM Group has begun demolition at two development sites on Sunset Blvd. at La Cienega Blvd. to start construction for its hotel development at 8490 Sunset Blvd. and its residential development at 8500 Sunset Blvd. The sites have a total square footage of roughly 500,000 square feet and are conveniently located near the Sunset Strip.
The four-star hotel project will comprise approximately 290 rooms in two 10-story towers set on a two-acre parcel on the southeast corner of the intersection. The residential project, composed of approximately 190 residences in two eight-story towers with street-level retail, sits on the two-acre site across La Cienega Blvd. on the southwest corner of the intersection.
According to CIM, these developments meet the market demand for a high-end hotel and new, contemporary residences within walking distance to the numerous retail, restaurant and entertainment amenities in West Hollywood. Since acquiring the fully entitled properties in November 2011, CIM has worked to refine the architecture for the towers and finalize plans for each development’s plazas and public spaces.
The buildings on both sites will feature an angular design and placement that will create public plazas with inviting outdoor spaces. Similarly, CIM has been working with the surrounding community and says it is committed to an ongoing coordination and communication with the stakeholders in West Hollywood.
As GlobeSt.com reported earlier this month, CIMhas acquired the View, a renovated 168-unit high rise apartment building at 3460 W. 7th St. in Koreatown for a purchase price that was not disclosed. In addition, as GlobeSt.com reported last month, comedy website Funny or Die has signed a lease for creative office space at the Lot, an 11-acre studio/creative office campus owned by CIM. The tenant will take one-and-a-half floors at Formosa South, a building under construction that is expected to be completed late this year.