The Beverly Hills City Council is scheduled to vote today on a development agreement for a couple of towers that would hold a boutique hotel and luxury condos. The agreement would require the developer to pay the city at least $60 million.
The council approved the towers, called One Beverly Hills, earlier this month, reports the Los Angeles Business Journal, and the development agreement is the “final city planning hurdle.” The luxurious condo and hotel development will include a 134-room boutique hotel and nearly 200 condos in two towers (13 and 15 stories). The complex will also have public gardens and a restaurant.
The agreement would require developer Wanda Beverly Hills Properties LLC to pay the city $60 million “in upfront fees,” plus five percent of gross hotel revenue. Over the next 30 years, it’s estimated that the Wanda project will generate $820 million for Beverly Hills, according to a statement from the city released last month.
One Beverly Hills was approved in 2008, when it was under different ownership. It once included a retail component instead of a hotel.
Previous estimates expected construction to start in early 2017. The buildout was anticipated to last about 30 months, which would have One Beverly Hills complete in 2020.