The CIM Group, which acquired the 801 S. Grand building from Shuwa Investments Corp. in 2003, will be responsible for developing new ground floor retail space and the first 10 floors of office space. The Lee Group will turn the top 11 floors into 132 luxury condominiums ranging from 1,066 sf to 2,094 sf to be called Sky at 801.
Shaul Kuba, a CIM Group principal, says that the 801 tower's location is suited to both office and housing uses because of its central location. "Downtown needs to maintain its business base while adding residential units," Kuba says. Jeff Lee, president of the Lee Group, adds that the office tower's floor-to-ceiling windows will provide residents with plenty of natural light and its large floor plates will accommodate spacious living areas. The sales office will open at the building in July and housing units are expected to be complete and available for occupancy in January 2006.
The 801 Tower was built in the mid-1980s, with parking, building systems and elevators all designed for office use. With the dual use planned for the new project, CIM and Lee Group will separate the parking levels, elevator banks and entrances for the office and housing components.
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