CIM's Avi Shemesh, co-founder and principal of the Hollywood-based company, says it will team with the Lee Group of Marina del Rey in the project, which will be called Grand Avenue Lofts. CIM and Lee are already developing a 91-unit project called the Flower Street Lofts at 1140 S. Flower St. Shemesh says 2,000 potential buyers have already shown interest in the Flower Street units, which average 1,500 sf.

The new project at the former UCLA property will include 70 units in the existing, four-story building and 55 at a new structure to be built next door, on a parking lot that CIM acquired along with the former UCLA building. The 70 units at the existing building will include condos on three penthouse floors to be added atop the roof. Shemesh says the existing building has structural features well suited for conversion to lofts, including the high ceilings, large windows and spaciousness that have become the hallmarks of Downtown LA apartments and condominiums.

The architect for the project will be Killefer Flammang Architects of Santa Monica, which is designing about 2,500 Downtown Los Angeles apartments and condominiums in office building conversions.

The Grand Avenue project is close to a site where CIM is financing and redeveloping a $220-million, three-block, mixed-use project in the center of Downtown LA. When complete, the 7.2-acre site between Eighth and Ninth streets and Flower and Hope streets will include 1,200 lofts and 127,000 sf of retail space, including the first supermarket to be built Downtown in many years.