CIM Group, owners of the former Famers Insurance campus of 4622-4680 Wilshire Blvd., is proposing a redevelopment at the site for residential use, and the group is working with its neighbors to do so.

CIM Group has unveiled plans for the former Farmers Insurance main building that includes condominiums and office space. (photo by Jonathan Van Dyke)

“CIM Group has been working with the community for several months seeking input on its proposed redevelopment,” the group said in a statement. “CIM is committed to a plan that is compliant with the Park Mile Specific Plan, the planning document that has guided development in the Park Mile district for the last 35 years.”

CIM introduced the original plans in January. After hearing from the community, they addressed concerns and modified the plans for the project.

Brookside and Hancock Park Homeowners association invited CIM to a July 8 public forum at the Ebell Theatre to evaluate new plans for the property.

Greater Wilshire Neighbor Council representative Owen Smith said he supports the new concept plans.

“They’re well thought out,” he said “From my perspective, CIM was trying to connect with the neighborhood to do what the neighbors had asked.”

Smith said community member thought the original plans to have 119 units was too many, and that the public called for fewer, larger homes. The new revisions plan for 46 percent less new homes.

New plans also include adaptive reuse of the upper five floors of the existing building into approximately 52 residential condominiums, with the first three floors to remain as office space. According to the group, there will also be a development of 35 new residences on the adjacent surface parking lots, including 11 townhomes next to the tower, 15 single-family homes, nine units in three freestanding triplex buildings fronting Wilshire Boulevard, and subterranean parking beneath the townhome project.

“If they are able to sell the homes, it will be a tremendous improvement on property value in the area,” Smith said.

CIM said the July 8 forum was part of the group’s ongoing community outreach program.

“There will be many more opportunities for the community to review and comment on the proposal as the plans move through the city’s public review process,” the statement said.

Smith said there were other concerns about the impact on traffic in the area, but CIM has not revealed a traffic plan for the project yet.