One Beverly Hills—still not off the ground—might change ownership again

Posted · Add Comment
0 Flares Twitter 0 Facebook 0 Google+ 0 Filament.io Made with Flare More Info'> 0 Flares ×

Developer Dalian Wanda Group wants to unload its unbuilt One Beverly Hills condominium and hotel project, and there’s already a buyer sniffing around, the Real Deal LA reports.

The interested party is Athens Group, Wanda’s former partner on the project, and it wants to bring the complex to life. It has suffered years of delays and a host of changes, from leadership to design, in that time.

“Were interested in pursuing Beverly Hills and fulfilling our original development vision,” Jay Newman, chief operating officer at Athens, told the Real Deal.

Wanda listed the site at 9900 Wilshire for sale for $1.2 billion as part of a package deal with four other properties in Chicago, London, and two in Australia.

One Beverly Hills is slated to rise on the old May Company department store site near Wilshire and Santa Monica boulevards. Plans for the project were approved in 2008, when it was under different ownership. The May Company building was demolished about three years ago, and Wanda bought the site shortly after.

The latest version of the project includes 193 high-end condos, 134 hotel rooms, and assorted eateries in a Richard Meier-designed complex that will include 15-story tower, a 13-story tower, and public gardens. About a year ago, Wanda agreed to pay $60 million in permitting costs to the city of Beverly Hills.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

 
 
DMS
0 Flares Twitter 0 Facebook 0 Google+ 0 Filament.io 0 Flares ×