CIM Group to Convert $75M South End Office into Residential

CIM Group, a real estate firm based in Los Angeles, has put forth a plan to transform a six-story office building in South End into a residential complex consisting of 91 apartments.

Vacancy and Expansion

The building, located at 95 Berkeley St., currently stands largely unoccupied. To accommodate the new residential units, an extra 20,000 square feet would be appended to the existing structure.

Financial Outlook

CIM estimates the total cost of this redevelopment project to be $75 million. Funding for this endeavor would come from a combination of debt, equity, and government grants.

Rental Range and Amenities

Once completed, the apartments would be available for rent, with prices ranging from $3,800 to $10,000 per month. Additionally, a parking garage with 36 spaces would be provided for the residents.

Ongoing Tenant and Property History

The sole current tenant of the building, MASS Design Group, is expected to remain in place. CIM Group acquired the property back in 2016 for $43 million. This proposal comes as CIM is already engaged in another project, involving the creation of over 400 residential units at 60 Kilmarnock St.

Community Impact and Approval

Arthur Jemison, the director of the Boston Planning and Development Agency (BPDA), expresses optimism about the proposed conversion. He sees it as part of a broader trend that aims to bring more residents to the Downtown neighborhood, fostering a vibrant, mixed-use community.