Your newest rental on Santa Monica Blvd; man in blue shirt is debating what direction to go
Did you happen to notice the red-colored "For Sale" signs recently came down from the windows at CIM Group's Hancock Lofts? A move that will hopefully fill the units at the Koning Eizenberg-designed building, Hancock Lofts is going rental, confirms CIM Group principal John Given, who says rental prices will be announced later this week.
A brief history of this Santa Monica Boulevard building: It opened for sales in 2008, just before the financial markets fell apart. But even as other developers chopped prices, CIM Group basically stuck to its original pricing (a move which, particularly after that auction, irked local real estate agents, who wanted to make some money themselves via commissions).
Believing in the value of the project, and apparently able to afford to ride out the market, CIM Group and its investors decided to watch and wait (and some ways they still are: CIM's Given says the building will be eventually be converted back to condominiums when the market improves).
In all, three units total sold (there were two buyers; one man bought two adjoining units). Those buyers will remain. As for renters, Given believes the architecture, pool, parking, and more all make for an exceptionally good value for renters (although, again, everyone won't know the rental prices till later this week).
And open wide: A dentist is moving into the second retail space, leaving just one retail space empty (there's also a Tender Greens, which is usually very busy-looking).
· Hancock Lofts Archives [Curbed LA]
· Hancock Lofts-Now Leasing [Official Site]