LOS ANGELES—Balfour Beatty Construction has completed the construction of CIM Group's Sunset & Gordon, a 22-story luxury multifamily complex in Hollywood. The project was projected to cost $98 million, but Balfour Beatty was able to complete the project under budget at $76.2 million.

The construction company was able to save funds because of the re-design of the structure's mechanical, electrical and plumbing. The re-design will save the property an average of 500,000 gallons of water per year. The Balfour Beatty was also able to reduce construction costs because of the company's cast-in-place structure. The system reduced construction cycle times and helped to deliver the project months early.

“We're pleased to announce the completion of this unique, high-density residential project in which our design-assist team went to great lengths to preserve a piece of history in partnership with CIM Group,” Joe Martino, SVP and project executive for Balfour Beatty Construction, tells GlobeSt.com. “The project features a re-creation of the original 1920s Spanish-style architecture facades along Sunset Boulevard and a portion of its Gordon Street frontage. In addition to the tower's vintage design features, it was gratifying to leverage the latest technologies and innovative cast-in-place construction practices to dramatically lower costs and shorten the project delivery schedule.”

The 547,500-square-foot property sits on 1.2 acres at the corner of Sunset and Gordon in Los Angeles. It is a mixed-use property with 299 residential units on the fifth through 22 floors, 36,688-square-feet of office space located on the third and fourth floors and 12,299-square-feet of retail and restaurant space as well as a 523-stall parking lot. The project, which was designed by GBD Architects, also includes a pool, media room and fitness center, all of which will be located on the fifth floor.

The Hollywood market is ripe with development across sectors. Last year, GlobeSt.com reported several developments breaking ground, including a site that was purchased for a hotel development. R.D. Olson Development purchased the 23,659-square-foot development site from the Baird-Hogan Family Trust for $581 per square foot, a total of $13.8 million. It paid $750,000 over the initial asking price. It is the highest price ever paid for a development site in the Hollywood submarket.