November 23, 2015
CIM Group is redeveloping Hollywood’s former Sears department store into a mixed-use project, encompassing 300,000 square feet of retail and 700 apartments.
The former Sears Hollywood building features 100,000 square feet on 5.3 acres at 5601-5667 Santa Monica Blvd., between North Wilton Place and North Saint Andrews Place. CIM reportedly bought the building for $43.5 million from Continental Development Group. The seller’s initial plans for redevelopment went south when it faced neighborhood opposition and lack of funding during the Great Recession.
Sears Hollywood has been vacant since 2008. If the project is completed as planned, it will be a major upgrade to this particular stretch of Santa Monica Boulevard.