Project Would Rise 34 Stories and Feature 30,000 Square Feet of Commercial Space
CIM Group wants a 34-story apartment building at 1000 N. La Brea Ave. in West Hollywood, California. (CIM Group)
By Jack Witthaus CoStar News
May 23, 2023 | 11:17 AM
A Los Angeles developer is in the early stages of planning a new apartment project on the site of a longtime cement plan.
CIM Group is proposing to build a 34-story building with 514 apartments at 1000 N. La Brea Ave. in West Hollywood, according to information provided by the company. Roughly a quarter of the apartments would be designated as affordable housing.
The property also would feature 30,000 square feet of commercial space and parking for 674 vehicles and 393 bicycles.
CIM Group bought the project site in June 2022 for roughly $46.5 million. The 1.6-acre property sits in the cities of both West Hollywood and Los Angeles. A cement plant has been operating on the property for roughly 60 years.
The neighborhood has attracted a bevy of new development in recent years.
In the nearby Sycamore District, Canadian developer Onni Group wants to build roughly 200,000 square feet of retail and office space at 7000 Romaine St. Around November, an entity related to Tesla, the Elon Musk-founded, Texas-based electric car maker, bought a roughly 24,500-square-foot lot at 7001 Santa Monica Blvd. nearby for $16.7 million. Tesla plans to redevelop the property into a drive-in theater, 9,300-square-foot restaurant and a fast-charging station for electric vehicles.
The West Hollywood apartment market is located in affluent city of West Hollywood. The market's vacancy is 4.3%, below the greater L.A. average of 4.5%, according to CoStar data. The market's average asking rent is $2,803, above the greater L.A. average of $2,217.