June 30, 2020 Comments (0) Views: 764 California News, Los Angeles, Top California

New Plan Emerges for $2B One Beverly Hills MXU Development

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Los Angeles-based Alagem Capital Group and London-based Cain International revealed a $2-billion plan for One Beverly Hills, a mixed-use development on a long-vacant eight-acre site in Beverly Hills. The new vision encompasses two towers, one rising 32 stories, another 28, and containing 340 residences, as well as a 10-story ultra-luxury hotel building.

The land at 9900 Wilshire Blvd. near Wilshire and Santa Monica boulevards formerly housed a department store and has been combined into a 17.5-acre site joining the Beverly Hilton hotel, which Alagem also owns. The developers envision incorporating lush greenery into the design of the condominium towers and planting them amidst eight acres of botanical gardens featuring nine distinct gardens, native plants, water features and pathways.

Alagem Capital and Cain International purchased the land in 2018 from Beijing-based Dalian Wanda Group for $445 million.

The developers plan to file development plans with the city this week. They anticipate commencing construction by late 2021 and delivering the project by 2024.

Read more at LA Times

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