LOS ANGELES--(BUSINESS WIRE)--CIM Group announced today that it has reached a significant construction milestone, topping out 888 S. Hope, its 34-story apartment tower with approximately 6,000 square feet of ground floor retail space and a public pocket park in downtown Los Angeles. The building located at the corner of 9th Street and Hope, adjacent to a seven-story, approximately 650-stall parking structure completed by CIM that includes a 5,000-square foot Petco, and is anticipated to be completed mid-2018.
The 525-unit apartment tower will offer contemporary residences ranging in sizes and floor plans, and will feature many large communal gathering spots. A 30,000-square foot rooftop deck atop the parking structure, accessed from the apartment building’s eighth floor, is designed with an outdoor pool, lounge, garden and other green spaces and recreation areas. In addition, the 34th floor of the building will include a lounge and a large outdoor terrace.
888 S. Hope is located in the heart of the popular South Park district, a walkable downtown neighborhood that provides many shopping, dining and entertainment options including the Ralphs supermarket and other retailers across the street in a property also developed by CIM.
CIM has a long history as an investor and developer in downtown Los Angeles when it identified the area as being underserved in residential and retail offerings. The company has renovated and repositioned numerous assets, including the Flower Street Lofts condominiums, which were the first condominiums developed under the city’s adaptive reuse ordinance, followed by the adaptive conversion of the former Gas Company office buildings into the Gas Company Lofts apartments, and Sky Lofts at 801 S. Grand. CIM also completed ground-up developments including the Market Lofts and retail that includes the Ralphs supermarket.
About CIM Group
Established in 1994, CIM is a leading partner for global institutional investors seeking to invest in real assets located in and serving urban communities with a principal focus on North America. CIM is a real assets manager offering investment strategies in opportunistic, stabilized, and value-add real estate, real estate debt, and infrastructure. CIM’s broad expertise includes in-house research, acquisition, investment, development, finance, leasing and property management capabilities. Headquartered in Los Angeles, CIM maintains regional offices in New York City, Oakland, CA, Bethesda, MD, and Dallas. For more information, please visit www.cimgroup.com.