"Smart Move To Get Approvals From City of Beverly Hills For One Beverly Hills $10B Project ....Will it get built??

Development of the massive $10 Billion mixed-use project, One Beverly Hills residential and hotel complex reached a milestone over the weekend as construction started going vertical.

Does it makes sense?

Who knows! But at $7,000 sqft, which is in excess of anything in the market today, I am anxious to see if this uber luxury mixed-use project goes vertical! Boasting 200 residential units, Aman Resort and luxury retail, it is slated to top off by 2027, and open before the 2028 Olympics. Is LA ready for this? With distress still evident and affordable housing still driving market, I am cautiously optimistic but HOPEFUL! It's definitely time Beverly Hills gets back to the development of luxury living.

Smart Move for the developer to get to approvals.

Cain International and OKO Group were approved to move forward from Beverly Hills City Council on Wednesday morning with a designated Community Facilities District that could allow One Beverly Hills to receive up to $550 million in bond financing.

“It’s a good deal for One Beverly Hills,” Vice Mayor John A. Mirisch, who voted against the project in 2021, said at the meeting. He added, “Now I do feel very comfortable that this is a good deal for the city.”  $550 million will be received, $390 million would be used to fund public improvements and $160 million would be allocated for the City Council to fund major repairs or enhancements to the public improvements decade from now without needing to revisit voter approvals.

Smart negotiations to get to approvals for this huge development or this could have dragged on forever. Special Taxes will be levied on all properties within the 17+ acre property. "The CFDs really act like takeout financing,” Larry Green, managing director at Cain, said at the meeting. “It is not a gift or a subsidy. There is no financial risk to the city, and there is no impact to the existing taxpayers outside of the CFD.”

$10-billion luxury playground for the rich goes vertical in Beverly Hills: ‘It makes no sense’

Story by Roger Vincent • LA Times

Forget the Hollywood sign — the newest landmark in Tinseltown is a $10 billion pile of dirt that’s about to become the one of the most exclusive addresses on the planet.

The massive One Beverly Hills project has officially gotten off the ground, promising to turn a 17.5-acre slice of prime real estate into an “urban resort” so opulent that it makes Rodeo Drive look cheap.

Over the weekend, 3,800 cubic yards of concrete were continuously poured, marking the foundation for the tallest towers in Beverly Hills. With a jaw-dropping $10 billion valuation, this isn’t just another condo complex; it’s a fortress of solitude for the super-rich. The development is set to feature the first Aman hotel on the West Coast, an ultra-lux hospitality brand beloved by the likes of Bill Gates and the Kardashian’s.

The project will include two glass towers of Aman-branded residences, where entry-level condos start at about $20 million, and a penthouse can cost you north of $40 million. The site will also boast a 100,000 square foot private club, plus dozens of designer stores and top-notch dining.

“I think it will be the nicest condo building in LA, if not the United States,” a real estate insider told The Post. “But it makes no sense. The pricing is estimated at $7,000 per foot. So a 4,000-square-foot condo will cost $28 million. I think people would be foolish (if solely looking at it as an investment) to spend more than $4,000 per foot.”

Foster + Partners and Kerry Hill Architects headline the design of One Beverly Hills, which will include 28- and 31-story towers similar in scale to the buildings of nearby Century City. Rios is responsible for the project's landscaped space, which consists of half of the overall site - with 4.5 acres of that to serve as a publicly-accessible botanical garden.

Turner Construction Company is leading the overall construction effort for the project, while Layton Construction and Suffolk are responsible for the two residential towers, and PCL is leading work on the Aman hotel.