In the Mid-Wilshire area, a real estate investment trust run by CIM Group has commenced work on a project which will transform a component of the former headquarters campus of Farmers Insurance into housing.
CMCT, the Dallas-based entity led by CIM, has announced a partnership with Kanden Realty, Taisei Corporation and a third international institutional investor on the adaptive reuse of 4750 Wilshire Boulevard, which commenced work earlier this year. The three-story building, completed in the mid-1980s, will see its upper floors converted into 68 apartments, while 30,000 square feet of leased office space at the ground-floor will be retained. Likewise, the property's three-level basement garage will also remain in place.
Approved plans call for a mix of studio, one-, and two-bedroom floor plans, including six apartments which will be set aside as affordable housing at the very low-income level.
4750 Wilshire Boulevard. Image via Google Maps.
Plans revealed in August 2021 indicated that KFA Architecture is designing the adaptive reuse project, which will mostly maintain the building's 1980s concrete exterior. Plans also call for new landscaping on a patio space facing Keniston Avenue, designed by landscape architecture firm Agency Artifact.
In a news release, the company also indicates that the complex will include a co-working space, a lounge, a pool and courtyard, and fitness and yoga rooms.
CIM Group, which is headquartered out of another former Farmers building at 4700 Wilshire Boulevard, has packaged the other components of the campus as the Wilshire Mullen development. The historic Farmer building at Wilshire and Rimpau Boulevard is to be transformed into 65 condominiums, while parking lots to the east would be redeveloped with 16 residential units in the form of duplexes and townhomes.
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