BEVERLY HILLS—A “tentative development agreement” between the city of Beverly Hills and a Chinese Development Firm called Wanda could possibly bring in $820 million over the next 30 years, according to a press release from the city.
The project, which was announced on Friday, October 28, proposes the development of a luxury condo-hotel near the corner of Wilshire and Santa Monica Boulevards called “One Beverly Hills” – designed to “balance the residential and commercial potential of the property” while creating new public spaces for the community to enjoy.
One Beverly Hills will come equipped with the following amenities:
- A 134-room luxury boutique hotel
- 194 luxury residences
- A publicly accessible restaurant and bar area with “panoramic views”
- Over four acres of gardens and green space
- Greywater recycling system for environmental sustainability
- An event space designed to accommodate 285 seated guests
The agreement “far surpasses” that of the original project, which was approved in 2008 and proposed the development of a mixed-use, retail/residential space designed by architecture firm Richard Meier & Partners, according to the press release.
The new project replaces the retail element with a hotel/restaurant complex and will bring in an additional estimated $560 million than the previously approved development.
The agreement includes $60 million in fees upfront, a quadrupling of the Environmental Mitigation Sustainability (EMS) fee, a Municipal Surcharge of 5 percent of the gross room revenue for the hotel and a Transient Occupancy Fee of 14 percent. Everyone involved in the negotiation has expressed satisfaction with its terms.
“This is by far the best development agreement ever negotiated for Beverly Hills, and possibly the richest development agreement per square foot negotiated anywhere by a municipality,” said Mayor John Mirisch.
The deal was negotiated by a City Council ad hoc committee comprised of Mayor John Mirisch and Councilmember Lili Bosse, with assistance from the law firm of Greenberg, Glusker.
The Beverly Hills City Council will take up the new agreement at its upcoming meetings, which begin on Monday, November 7. The agreement must be considered by the entire council along with the Specific Plan and the Supplemental Environmental Impact Report.