One Beverly Hills- $5B Mixed Use Development Coming to 90210
London-based investment firm Cain International and Miami-based developer OKO Group have initiated work on what will become the two tallest towers in the iconic 90210 zip code.
The $5 billion One Beverly Hills project in California will feature skyscrapers of 26 and 32 stories, housing around 200 ultra-luxury condominiums branded by the high-end resort and destination firm Aman Group of Switzerland. According to the Los Angeles Times, Aman’s properties are popular among wealthy and famous individuals such as George and Amal Clooney, Bill Gates, and Mark Zuckerberg.
Although prices for these residences remain undisclosed, the Times estimated they would fetch tens of millions of dollars, with top-end condos in the area recently listed between $20 million and $50 million. The project's groundbreaking earlier this year is one of the largest multifamily kickoffs of 2024, per Dodge Construction Network.
In March, One Beverly Hills secured an additional $2 billion in construction financing, including a $500 million senior loan from JP Morgan, and other private financing commitments, as stated in a Cain news release.
Turner Construction, based in New York City and the largest general contractor in the Country., is managing the overall site for the mixed-use development, according to Cain. The partners project that it will generate over 2,700 direct construction jobs locally.
The luxurious residences are just a part of the development. The 17.5-acre site at Wilshire and Santa Monica boulevards in Beverly Hills will also feature a new, 10-story luxury Aman Hotel with 78 guest suites and a standalone, 100,000-square-foot Aman Club with extensive wellness facilities. The Beverly Hilton, known for hosting Hollywood’s annual Golden Globes awards ceremony, will undergo a “considerate restoration and significant upgrades,” as per the release.
The master-planned “urban destination,” according to Cain’s news release, will connect the Beverly Hilton and Waldorf Astoria hotels with 10 acres of botanical gardens and open space, some accessible to the public.
The development was master planned by London-based architecture and engineering firm Foster + Partners, with Aman designs by Singapore and Australia-based Kerry Hill Architects (KHA). Landscape architect RIOS, with offices in Los Angeles and other global cities, curated over 200 species of California native and water-wise plants and trees, including palms, oaks, sycamores, succulents, and olives for integration throughout the gardens. Four acres of this greenspace will be exclusively accessible to Aman residents, club members, and hotel guests, while another 4.5 acres will be open to the public.
“This marks a pivotal moment as we, together with our esteemed partners, including the city of Beverly Hills, and Aman Group embark on a journey to shape the next chapter of this city’s iconic history,” said Jonathan Goldstein, CEO and co-founder of Cain International. “We are profoundly grateful for the unwavering support and collaboration that has brought this vision to life and look forward to delivering a landmark development that will stand as a testament to the spirit of progress and innovation in this community.”
Read full story on Construction Dive
Comments