LOS ANGELES—The CIM Group is breaking ground on 888 S. Hope Street, a 525-unit apartment complex in the South Park neighborhood. The 34-story high-rise tower is the latest project from the developer, which has been active in the market since 2001, and may be on of its biggest projects yet. The cost of the development and the delivery date were not disclosed.
“CIM brings its expertise of development and management along with its deep knowledge of the South Park district of downtown Los Angeles to this residential development at 888 S. Hope,” an unnamed source at the CIM Group tells GlobeSt.com. “CIM has been an active investor in downtown Los Angeles since 2001 when the firm constructed the Flower Street Lofts, the conversion a former UPS warehouse into condominium residences, the first utilizing the city's Adaptive Reuse Ordinance.”
The property will be fully amenitized with outdoor pool, lounge, garden and other green spaces and recreation areas along with a 30,000-square-foot rooftop deck and a lounge and outdoor garden terrace on the 34th floor. It will also include 6,000 square feet of retail space on the ground floor. In addition to being in a very walkable neighborhood, the property is also adjacent to a seven-story parking structure and Petco and a retail complex anchored by a Ralph's grocery store, both of which CIM also built. “The construction of the 888 S. Hope tower continues CIM's activities in the South Park district, an area in which CIM has completed major projects such as the redevelopment of the historic former Gas Company headquarter buildings into the Gas Company loft apartments, the ground up development that brought the Ralphs market and adjacent retail located across the street from 888 S. Hope as well as the conversion of the top floors of the 801 S. Grand office building into residential condominiums with panoramic views,” adds the CIM source.
This is one of several major projects in the South Park area, which has seen the build of development in the renaissance. CIM Group has been a very active participant in the movement of the market, and this will likely not be their last project, although they did not disclose any future plans for the market.
LOS ANGELES—The CIM Group is breaking ground on 888 S. Hope Street, a 525-unit apartment complex in the South Park neighborhood. The 34-story high-rise tower is the latest project from the developer, which has been active in the market since 2001, and may be on of its biggest projects yet. The cost of the development and the delivery date were not disclosed.
“CIM brings its expertise of development and management along with its deep knowledge of the South Park district of downtown Los Angeles to this residential development at 888 S. Hope,” an unnamed source at the CIM Group tells GlobeSt.com. “CIM has been an active investor in downtown Los Angeles since 2001 when the firm constructed the Flower Street Lofts, the conversion a former UPS warehouse into condominium residences, the first utilizing the city's Adaptive Reuse Ordinance.”
The property will be fully amenitized with outdoor pool, lounge, garden and other green spaces and recreation areas along with a 30,000-square-foot rooftop deck and a lounge and outdoor garden terrace on the 34th floor. It will also include 6,000 square feet of retail space on the ground floor. In addition to being in a very walkable neighborhood, the property is also adjacent to a seven-story parking structure and Petco and a retail complex anchored by a Ralph's grocery store, both of which CIM also built. “The construction of the 888 S. Hope tower continues CIM's activities in the South Park district, an area in which CIM has completed major projects such as the redevelopment of the historic former Gas Company headquarter buildings into the Gas Company loft apartments, the ground up development that brought the Ralphs market and adjacent retail located across the street from 888 S. Hope as well as the conversion of the top floors of the 801 S. Grand office building into residential condominiums with panoramic views,” adds the CIM source.
This is one of several major projects in the South Park area, which has seen the build of development in the renaissance. CIM Group has been a very active participant in the movement of the market, and this will likely not be their last project, although they did not disclose any future plans for the market.
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