[Meanwhile, 1800 N. Highland is being revamped by CIM; above is a rendering that appears on Loopnet]
Regardless of whether you like or dislike billboards and supergraphics, today’s Los Angeles Times story on Hollywood-based CIM, a developer that has received millions in subsidies from the city, is a pretty infuriating read. The developer has ignored requests to take down supergraphics at 1800 Highland, (the building has six, but is only approved for three), while the city is also investigating six other Hollywood buildings owned by CIM. Additionally, the developer got a property tax break at 7046 Hollywood after promising to preserve the building’s historical status. Instead, two months ago CIM allowed one of SkyTag owner Mike McNeilly’s Lady of Liberty supergraphics to be "bolted into the terra cotta walls,” according to the paper. But the real story here is the city's longstanding financial support of CIM. Via the paper:
"The situation has proved especially galling to some redevelopment officials, who point out that they have voted repeatedly to subsidize other CIM projects, approving $28 million in financial aid over the last six years. "It makes me feel taken," said Alejandro Ortiz, an appointee of Mayor Antonio Villaraigosa who serves on the Community Redevelopment Agency board. "Here we are working with these guys and . . . they've gone and completely disregarded what we agreed upon." Also, CIM wants permission to create a sign district in Mid-City, a move that has not gone over well with some members of the local neighborhood council.
· L.A. officials, firm at odds over supergraphics [LA Times]
· CIM's Sign District: Is Mid-City Being Steamrolled? [Curbed LA]
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