The Los Angeles Times' Robert Vincent has an update on the Candy boys' 9900 Wilshire project, that Richard Meier-designed development: The Candys want to reduce the number of condos in the development and add a five-star hotel. As Vincent writes, this is obviously a strategic move to try and get construction financing in this terrible economy; additionally, "hotels are believed to produce a steadier flow of income than condominiums -- especially at a time when condominium sales have stalled." The project has already been approved for 252 condos, but the re-worked design would add 200-250 hotel rooms. The Beverly Hills City Council still has to approve the changes, but it'll be curious to see how residents react to the hotel news--some people fought that under-construction Montage Hotel, while the proposed Hilton/Waldorf-Astoria project, which will head to a ballot fall, has neighbors at (sign) war with one another. Are locals going to flip out over another proposed hotel? Also, we mistakenly wrote yesterday that both Candys are involved in the development group CPC Group, but it's only Christian (the dark haired one) that runs that company.
· Developers seek to revamp Beverly Hills condo project[LA Times]
· Candy Brothers Rescue: Boys Extend Stake in 9900 Wilshire [Curbed LA]