LOS ANGELES--(BUSINESS WIRE)--The following is a statement by CIM Group:
CIM respects the history of The Lot, and we intend to honor it as part of a thriving studio campus. All buildings designated as historic will remain. The re-development of The Lot, as has been done successfully at many other Hollywood studios, is necessary for the studio campus to evolve and remain competitive.
The land use, building design, and historic preservation at The Lot, formerly known as the Pickfair Studio, is governed by the Comprehensive Development Plan and Development Agreement adopted by the City of West Hollywood into the city’s General Plan in 2007. Consistent with this plan, CIM is beginning the initial phase of the revitalization of The Lot's 11-acre site by removing two non-historic buildings and constructing a new 93,000-square-foot, state-of-the-art media office building designed for production and media companies. This new building is located on the southern portion of the property along the Formosa Avenue perimeter. At every stage of planning and construction, great consideration has been given to not disrupt the sensitive production operations on the property.
Subsequent development phases have not been specifically designed or scheduled.