Earlier this year, CIM Group received approval from the Los Angeles City Planning Commission on a planned 109-unit residential project in Hollywood. Now, just weeks later, the development company has sold the site of the proposed project for $32.1 million. According to the public records, the property was sold to an entity affiliated with 6007 Sunset (LA) OZ, LLC.
Located at 6007 Sunset Boulevard on less than an acre of land, the planned project included a mix of studio, one-, and two-bedroom apartment options, with 14 residential units set aside for very low income households. As well as the residential space, the project also proposed 14,657 square feet of ground floor commercial space and 9,834 square feet of open space and parking for up to 196 vehicles.
Currently, the site is developed with a surface parking lot and a multifamily building with 15 vacant units, according to previous reporting from The Registry.
The project site is centrally located near various bus stops and the Hollywood/Vine LA Metro Red Line Station. The property is also within close proximity to Interstate 101 and is in walking distance to a number of music and television studios as well.
While it is unclear exactly why CIM Group is choosing to sell off the planned development, the company appears to have its hands full with several other planned developments in Los Angeles. One such project, which has been dubbed Wilshire Mullen, will redevelop a former Farmer Insurance building at 4622-4680 Wilshire Boulevard with an 81-unit residential project.
Additionally, the company is planning a 364-unit multifamily building in Los Angeles’ Jefferson Park neighborhood. Located at 2211 S. Western Avenue, the project would reach eight stories and include 70,220 square feet of ground floor retail space and provide 38 units for affordable housing.