The yet-to-be approved development at 9900 Wilshire in Beverly Hills (the former Robinsons-May store) is inflating that bubble quickly. The British developer Candy & Candy (it sounds so regal, no?) purchased the property for $500 million. That is the second most expensive real estate transaction in Southern California ever. That’s also just a slight increase over the $33.5 million that the previous owner, New Pacific Realty, paid in 2004. We smell something fishy here. Candy & Candy still plan to proceed with the Richard Meier-designed condo and retail complex, though they are rebranding it as “super-premium” luxury, as opposed to crappy old luxury.
· In Beverly Hills, High End Indeed [LA Times]