More setbacks for both local developer CIM and Reseda: Last year, news surfaced that CIM Group had agreed to renovate the abandoned Reseda Theater, a deal that involved a partnership with the Community Redevelopment Agency (CRA). But one market crash later, and CIM, which has numerous (and sometimes questionably dubious) partnerships with the city, is now saying that it cannot finance the deal, reports the San Fernando Valley Business Journal.
Via the Journal: "The developer, CIM Group, owner and operator of venues such as the Kodak Theater and the Hollywood and Highland Shopping Center, has said it wants to continue to partner with the CRA in this project nonetheless, and the parties are finalizing the details of a new agreement to try to move forward with construction in the tough economic climate, according to [CRA exec Jay] Virata." According to the Journal, CIM has committed $3.25 million towards the total $8.7 million renovation cost, while the CRA has committed $4.35 million. City Councilman Dennis Zine says he's frustrated by the fact that the theater, which was badly damaged in the Northridge earthquake, hasn't yet been renovated. As the paper notes, the community had hoped for a revival similar to the one seen in Canoga Park after the Madrid Theater was renovated.
· Reseda Theater Construction Stalled in Downturn [SFBJ]
· Reseda Gets a Revival Thanks to CIM [Curbed LA]