WEST HOLLYWOOD, Calif.--(BUSINESS WIRE)--CIM Group announced today that it has begun demolition at two development sites on Sunset Boulevard at La Cienega Boulevard, marking the start of construction for its hotel development at 8490 Sunset Boulevard and its residential development at 8500 Sunset Boulevard. With a total square footage of approximately 500,000 square feet, both sites have an unparalleled location at the gateway to the Sunset Strip, a premier shopping, dining and entertainment district in West Hollywood.
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, comprised of approximately 190 residences in two eight-story towers with street-level retail, sits on the two-acre site across La Cienega Boulevard on the southwest corner of the intersection.
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, which will enhance the pedestrian experience on this two block section of Sunset Boulevard.
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 diligently with the surrounding community and is committed to an ongoing coordination and communication with the stakeholders in West Hollywood.
Headquartered in Hollywood, CIM is an investor in communities throughout North America, and the largest commercial real estate owner in Hollywood. CIM identified the nearby city of West Hollywood as an urban district that meets the firm’s strategic investment guidelines, and made its first investment in the city in 2005. Since then, it has acquired and developed a portfolio of properties in West Hollywood that include office, retail, studios, and multi-family residential uses.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com