|Joseph Youngerman Building; Image credib: Bob Safai|
One year after purchasing Mid City's Joseph Youngerman Building for $14 million, CIM Group is moving forward with plans to convert the mostly vacant structure into a mixed-use development. Located at 8436 West 3rd Street, the mid-rise office tower occupies a prominent location on the western end of the Third Street Shopping District, sitting within walking distance of the Beverly Center. Although standing just nine stories, the Joseph Youngerman Building is a well known landmark in Mid City, rising head and shoulders above nearly all surrounding commercial buildings. The 38,000 square foot edifice was built in 1983, and was reportedly just 30% occupied as of last summer. Given Los Angeles' continually sluggish office market, but resurgent residential and retail sectors, a mixed-use conversion seems like a no-brainer.
In recent years, several residential-retail developments have trickled into the surrounding neighborhood, including the NMS@La Cienega and Caruso Affiliated's luxury 8500 Burton Way complex. However, other mixed-use endeavors have proven less successful. One such development, proposed nearby at La Cienega and Beverly Boulevards, gradually attenuated its height profile in an attempt to compromise with neighboring property owners. Those efforts proved fruitless, as the Mid City West Community Council held steadfast to the development site's 45-foot height limit, thus forcing owner Beverly La Cienega, LLC to drop nine units from the project. As a result, the Park La Brea News reports that the residential-retail complex may no longer pencil out financially.
|Image credit: LoopNet|