Wed. May 18th, 2022

CIM Group co-founders Shaul Kuba, Avi Shemesh, Richard Ressler and reproduction of 2211 South Western Avenue (AC Martin, CIM)

CIM Group has several development plans in place for a single block in south Los Angeles.

The company wants to build an apartment complex of 364 units at 2211 South Western Avenue, which would rise next to another rental property, the one being built, and a hotel project it is planning.

The latest proposed construction is an eight-story development that would include 70,000 square feet of retail space, according to urban planning documents.

About 15 percent of the apartments — or just under 55 units — would be reserved for extremely low-income tenants. The development will also include 500 parking spaces.

CIM’s new development would add to the 60-unit complex next door at 2231 South Western Avenue. The plans for the site include an 81-key hotel with about 6,000 square feet of retail space, a project that was approved three years ago.

Since 2015, CIM has been slowly consolidating properties along this block. It paid $ 9.7 million for the land on which it built the project on 60 units. The company then purchased two more packages for about $ 2.5 million in 2018, records show.

Once completed, the combined development will be one of South LA’s larger mixed-use complexes.

CIM has other projects planned for LA In West Adams, wants to build a complex of 168 units for mixed use that leverages the city’s incentives for transit-oriented communities. And in August, it proposed converting another part of its Miracle Mile office campus into apartments.

CIM did not respond to a request for comment.

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