Chinese Developer Wanda Group Continues Large-Scale Development Involvement with Winning Bid at 9900 Wilshire Site
- Aug 15, 2014
Chinese developer Dalian Wanda Group recently announced that it will take charge of the coveted plot of land located at 9900 Wilshire Boulevard. The Beijing-based company beat out ten different competing entities from North America and Asia The company also announced plans for an investment amounting to approximately $1.2 billion for the site, with the company set to build a mixed-use development project.
Located in a luxury residential area of Los Angeles, the site is set just ten minutes away from Rodeo Drive, and minutes away from the University of California, Los Angeles, as well as Hollywood. The project will be located in the immediate vicinity of a sprawling private golf course, the 36-hole Los Angeles Country Club, one of the highest rated such venues in the city. The development site is also located in a great school district, with the famous El Rodeo School and the Beverly Hills High School also located nearby. The Peninsula hotel and the Waldorf Astoria are also located nearby as hospitality options.
Headed by Chinese billionaire Wang Jianlin, the Wanda Group operates in the real estate, tourism and entertainment industries. The entity is currently on a run of large-scale, very high-profile development projects in the United States of America, the CoStar Group noted. The company is pushing for projects in major cities, having only recently announced that it will invest $900 million in the construction of the Lakeshore East tower in Chicago, as well as the One Nine Elms development initiative in London.