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Beverly Hills City Council voted 4-1 Tuesday to approve a lucrative development deal with luxury hotel-condo project, One Beverly Hills. Owned by Dalian Wanda Group, the project will feature residences, a 134-room “luxury boutique hotel,” rooftop pool, and restaurant. In addition to the estimated $820 million in revenue the project is expected to bring in for Beverly Hills over the next 30 years, Wanda Group has signed a massive development agreement that provides the city with an immediate payoff. It is this agreement the council voted to approve last night.
In what is poised to be one of the most lucrative deals for any city in the country, Beverly Hills City Council will vote Tuesday on a development agreement with One Beverly Hills, a condo-hotel project by the Chinese conglomerate, Dalian Wanda Group. Unlike many municipalities that offer tax breaks and rebates to entice developers to build in the area, the proposed contract with One Beverly Hills dictates that Wanda Beverly Hills Properties LLC pay the city $60 million in upfront fees, a percentage of gross room revenue from the hotel, as well as a "municipal surcharge."
A Look Ahead: What’s on the agenda for Los Angeles business in the coming week
California real estate companies might need to start taking extra care when operating as agents for both the buyer and seller of a property after a state Supreme Court ruling last week.
A judge ruled Tuesday to sanction prominent Santa Monica developer Neil Shekhter after an eight-day hearing showed the real estate mogul forged documents, destroyed evidence, and committed perjury in connection to a dispute over a joint apartment complex venture.
Lincoln Property Co. and Rockwood Capital are diving into the South Bay office market with their purchase last week of a 355,000-square-foot office campus in El Segundo. The property - comprised of three office buildings and two retail properties - sold for $120 million, or roughly $338 a square foot, according to a source familiar with the deal. DivcoWest, the seller, declined to comment. Lincoln plans to spend millions on a year-long renovation, part of a plan to attract technology, media, and entertainment companies to fill the office space that is currently half empty, said Rob Kane, Lincoln’s senior vice president.
Software giant Oracle Corp. has purchased a Santa Monica office building for $368 million, according to a source familiar with the deal, the Business Journal reports. At roughly $1,165 a square foot, the transaction is one of the priciest ever per square foot for a large office complex in the market. The sellers were Invesco Ltd., based in Atlanta, and Worthe Real Estate Group, based in Santa Monica, the source said.
Cedars-Sinai snapped up a 24-story office tower on Wilshire Boulevard for $295 million this month, or nearly $646 a square foot. That makes it the priciest deal per square foot on Miracle Mile in at least the past decade, according to CoStar records. The seller was Morgan Stanley & Co., which had purchased the site in 2010 for $174 million, or about $380 a square foot. The seller was Morgan Stanley & Co., which had purchased the site in 2010 for $174 million, or about $380 a square foot.
Development struggles in part stoked by social media have Jerry Snyder strictly focused on entitled properties
Jerry Snyder talks L.A. development and why he’s no friend of social media.
ACQUISITION: Cherngs of Panda Express could be behind Pasadena pickup.
A Pasadena multifamily property has traded into local hands for $154 million.
Developers seeking to build in Santa Monica can take a sigh of relief after voters on Tuesday rejected the anti-growth Land Use Voter Empowerment initiative, also known as LUVE.
In a sign of boom times for Santa Monica, the Lantana office campus sold on Monday for $400 million, or about $825 a square foot.
DEVELOPMENT: China’s Dalian Wanda OK with additional taxes, fees.
Chinese developer Dalian Wanda Group is poised to pay megabucks to the city of Beverly Hills in an unprecedented development deal for the construction of its elite condo-hotel project, One Beverly Hills.
A Frank Gehry-designed project headed for Sunset Boulevard in Hollywood won Los Angeles City Council approval on Tuesday after a two-year planning process that dramatically reduced its scale.
Chinese developer Wanda Group is poised to pay mega-bucks to the City of Beverly Hills in an unprecedented development deal for the construction of its elite condo-hotel project, One Beverly Hills.
REAL ESTATE: Property value may lie in residences.
Donald Trump is still looking for the green from his 2002 acquisition of an L.A. golf course.