Alagem, Cain Unveil $2B Beverly Hills Luxury Project
- Jul 14, 2021
Alagem Capital Group and Cain International are moving ahead on One Beverly Hills, a $2 billion, mixed-use development in Beverly Hills, Calif., that will include two residential towers with more than 300 luxury condominium units and a new hotel offering 37 shared-ownership condominiums on a 17.5-acre site that shares space with the existing Beverly Hilton and Waldorf Astoria Beverly Hills hotels.
The nearly 1.4 million-square-foot development between Wilshire and Santa Monica Boulevards is expected to be completed by 2026. A more specific construction timeline was not released by the partners.
The project, which is expected to generate nearly $1 billion a year in local spending, will be a significant source of jobs, taxes and revenue for Beverly Hills and Los Angeles County. The developers are also required to pay the city a $100 million Public Benefit Fee, which some city officials hope can be used to create affordable housing elsewhere in Beverly Hills since there will be no affordable units included at One Beverly Hills.
The residential towers will be the two tallest buildings in Beverly Hills and will offer unobstructed views from the Pacific Ocean to the Hollywood Hills. One tower will be 32 stories and 469 feet tall and the second will be 28 stories and 310 feet tall. The third new structure will be the 10-story building that will include 42 all-suite guest accommodations, a fine dining restaurant and the 37 shared-ownership condos.
All three new buildings will be environmentally sustainable. Designed by Foster + Partners with Gensler serving as executive architect and landscape architecture firm RIOS, the site is one of the largest and most environmentally advanced private real estate development projects underway in the United States. The development will feature eight acres of botanical gardens.
The greenery will continue up to and around the curving facades of the two residential towers and the smaller hotel-condo building. Oversized balconies, up to 15 feet deep, along with floor to ceiling glass windows will create an indoor and outdoor design in each of the residential units. They will range between 2,000 square feet and 16,000 square feet and feature 12- to 16-foot ceilings, designer kitchens with smart appliances and special technology for air, water, comfort, lighting and audio control. Some of the residences will have plunge pools on terraces and direct access from elevators. The residents will have access to luxury hotel services.
Jonathan Cain, CEO of Cain International, which has made investments in some of the most notable developments across the United States, called the project a landmark. He said in prepared remarks the development’s scale, architecture, public offerings and environmentally conscious design initiatives will set a new standard and shape the future of development for decades to come.
Cain International and Alagem Capital, led by CEO Beny Alagem, bought the land from Dalian Wanda Group in 2018 for $445 million. The Chinese conglomerate had owned the site at 9900 Wilshire Blvd. since August 2014 and had planned to build its own $1.2 billion mixed-use project before selling the property.
In addition to the residential towers and the new luxury hotel and condo building, One Beverly Hills will have more than 35,200 square feet of retail and restaurant space and nearly 2,200 subterranean parking spaces. The development will also include a private members club open to residents and some non-residents featuring resort-level services and amenities. The three-story, 130,000-square-foot clubhouse will be divided into retreat, clubhouse and fitness areas and include a spa, private restaurant, lounge, wine tasting room and cellar, screening rooms, and bowling alley. The fitness area will feature private training rooms, indoor lap pool, indoor basketball and pickleball courts as well as outdoor facilities.
The Beverly Hilton hotel will also get numerous upgrades including a new arrival drive and lobby, restyled pool and 36 new poolside cabana rooms. The ballroom will be updated and a new 38,000-square-foot, state-of-the-art conference center will be installed.
The developers are aiming to achieve both LEED Platinum and WELL certifications. The buildings at One Beverly Hills will be using a central geothermal system for heat, cooling and hot water without using gas. It will also reduce the number of cooling towers needed to reduce the amount of water needed.
The project will also save water by using collected rainwater and recycled greywater for the landscaping. Other sustainable features will include a centralized battery storage system, onsite solar array and chilled water thermal energy storage system. The buildings will be constructed from recycled, low embodied carbon and low toxicity materials. Electric vehicle charging stations will be included in the underground parking garage.