The Saga of One Beverly Hills

The Saga of One Beverly Hills

JULY 18, 2018|JACQUELYN RYAN

imageWanda Group Seeks to Sell 9900 Wilshire in a Top U.S. Hotel Market Amid Competing Development

When Dalian Wanda Group Co. Ltd. bought an eight-acre property on a prime stretch of Beverly Hills’ Wilshire Boulevard, the Chinese commercial real estate and cinema conglomerate envisioned building a $1.2 billion, 5-Star hotel and condominium development that was ambitiously upscale, even by Beverly Hills standards.

But four years later, the site at 9900 Wilshire Blvd. remains a dirt hole between the Los Angeles Country Club and the iconic Beverly Hilton hotel in one of the country’s top hotel markets.

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ONE BEVERLY HILLS

ONE BEVERLY HILLS

After years of false starts, One Beverly Hills—formerly 9900 Wilshire—seems ready to break ground in early 2017

The project at the old Robinsons-May department store site in Beverly Hills, formerly known as 9900 Wilshire, has undergone some big changes since its new owners, China-based Wanda Group, bought it in 2014. (The department store building was demolished about two years ago, before Wanda bought the site.) Last year, Wanda announced plans to swap out some of the condos in the long-gestating plan—designed by starchitect Richard Meier—and throw in a five-star hotel instead.
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FRANK GEHRY WANTS TO BUILD A HUGE MIXED-USE CAMPUS IN THE HEART OF BEVERLY HILLS

FRANK GEHRY WANTS TO BUILD A HUGE MIXED-USE CAMPUS IN THE HEART OF BEVERLY HILLS

Gehry and a developer partner have presented an unsolicited plan that would include a hotel, offices, condos, a park, and more.

Earlier this month, developer Townscape Partners and the architecture firm Gehry Partners presented an unsolicited plan to the Beverly Hills City Council to build a huge mixed-use campus that would include hip office space, a five-star hotel, retail, and a three-acre public park on about seven acres of land that is, for the most part, owned by the city (a small portion is privately held). The Beverly Hills Courier reports that the council is expected to approve an agreement at their meeting tonight that should help this unexpected and enormous project take a big step forward.
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Beverly Hills Retail Rebounds

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Beverly Hills Golden Triangle

BEVERLY HILLS, CA-They’re coming to Beverly Hills.   Retailers, that is. And they’re helping to create a mini retail-boomlet in this city, which is on the rebound after some tough recessionary times.

Such high-end clothing retailers as Theory and Alice + Olivia have recently opened in Beverly Hills, joining fellow clothiers Scoop NYC, Intermix and AllSaints. Also opening are Fleming’s Steakhouse and Wine Bar, while Nespresso has opened a new outlet. They are nestled in the famed “Golden Triangle” shopping district, a tourist Mecca and the subject of numerous television and film examinations.

Just this week, 450 N. Camden Drive, a 5,500 square foot retail property occupied by the Gagosian Gallery, sold for a record $2,000 per square foot for $11,050,000.

450 N. Camden Drive
450 N. Camden Drive

What’s causing the boom? Beyond the end of the recession, “I think retailers want to be in proven retail locations in terms of their expansion,” says Greg Schott, managing principal of L3 Capital, which owns properties in the North Beverly Drive area of Beverly Hills. “They are foregoing those secondary and tertiary markets and going where, historically, there’s been strong retail shopping.”

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