Perhaps not the best news for those Beverly Hills residents fighting all the development coming into their neighborhood: Globe St's Bob Howard reports that a $28.85 million financing loan has come through for 9200 Wilshire Blvd (between Palm and Maple), money that should help the mixed use development break ground next year. A 45-condominium development with ground floor retail (the land has been vacant for ten years), this project joins other planned (and in some cases, contentious) Beverly Hills projects like the Hilton project, the Robinsons May project, and, of course, the Montage Hotel. Michael R. Albrecht, Vice-President at developer HDS Group, tells us he expects the project to break ground in first quarter 2009. How about pricing? "The market analysis says pricing is currently at about $2,000 a square foot." Hizzuh! Albrecht says he expects a restaurant and high-end retail to enter the retail space.
· $29M Loan Funds Mixed Development [Globe St]