|Image credit: Bob Safai|
Thanks to documents from the Mid City West Community Council's Planning and Land Use Committee, details have emerged for CIM Group's upcoming mixed-use conversion of the monolithic Joseph Youngerman Building. The nine-story office tower, currently vacant, is slated to become a 36-unit apartment complex featuring street-level commercial space. The mid-rise building occupies a prominent location along the Third Street shopping corridor, situated one block east of the Beverly Center and Cedars-Sinai Hospital. An above-grade, 107-stall parking garage will be maintained as part of the adaptive reuse project, nearly double what is required by code.
Built during the 1980s office boom, the Joseph Youngerman Building has stood head-and-shoulders above its low-rise surroundings for more than three decades. The 38,000 square foot edifice was previously home to the Director's Guild of America's pension and health fund, and is named for the union's longtime executive secretary. However, the DGA's decision to relocate to more expansive facilities along the Miracle Mile last year left the building without a primary tenant, opening the door for CIM Group to purchase the mostly vacant tower for $14 million.
|Image credit: Loopnet|
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