Nearly one year after acquiring the abandoned Sears Hollywood site at 5601 Santa Monica Boulevard, Los Angeles-based real estate firm CIM Group appears to be proceeding with long-delayed plans for a mixed-use complex on the property.
The so-called Paseo Plaza development would rehab the vacant Sears building - portions of which date back to 1928 - and build multifamily residential units and retail space on an adjoining parking lot. According to a 2006 filing with the Department of City Planning, the project would create 375 residential units and more than 260,000 square feet of retail and restaurant space.
A project page from architecture firm Gruen Associates describes the development as being broken up into "smaller modulating unit," seated above 1,600 below-grade parking spaces for residents and commercial users. Permits filed with the Department of Building and Safety indicate that the buildings would rise up to seven stories, with five floors of wood-frame construction over a two-level concrete base.
As of last week, a tipster reports that several buildings have been cleared from the site. CIM Group has begun the process of obtaining construction permits for the project, although a start of construction has not been announced.
The property sits a half-mile west of 5245 Santa Monica Boulevard, where construction is underway on two low-rise buildings featuring 49 apartments and 45,000 square feet of retail and office space.