CIM Real Estate Development

I researched and read an interesting article on CIM Group, a real estatedevelopment group targeting under-utilized, urban areas particularly ofCalifornia.I began by looking into private development groups generally anddevelopment efforts similar to those of Patrick Kennedy. I came acrossCIM Group a somewhat unique development group that has implementedcomprehensive development initiatives (similar to that envision by PatrickKennedy with regard to downtown Berkeley) in cities throughout California(Los Angeles, Orange County, Sacramento and San Diego), and Washington,D.C.The Group specializes in high-density urban communities and focuses on theacquisition and development of an array of investment properties (mixeduse, retail and residential), often targeting under-utilized, low-incomecommunities with the potential for economic, as well as development,growth. Specifically, CIM Group buys clusters of real estate in urban andoften stagnant areas (i.e. DC, Oakland, etc.) by bringing higher-endretailers to these communities.The LA Times article attached discusses the 2002 project to revitalizedowntown Los Angeles by building urban residential housing and, ashighlighted by the article, a super market.Of note, the article also highlights CIM Group's approach to the inclusionof low income housing in its development projects:"Twenty percent of the apartments in the CIM development will be offeredat reduced rent to low-income tenants. Half of those will be forhouseholds with an adjusted income that does not exceed 80% of thecounty's annual median, now estimated at $55,100 for a family of four. Theother half will be for households whose income does not exceed 50% of thecounty median".*Roger Vincent, More Pieces Falling Into Place for DowntownRevitalization: A residential and retail project at city's core adds aRalph's supermarket to its development plans, L.A. Times, December 19,2002; *http://www.cimgroup.com/, see specifically, Case Studies.

Hana Ivanhoe