News Summary
One Beverly Hills is a monumental $10 billion mixed-use project set to redefine luxury living and retail experiences. Spanning 17.5 acres, this ambitious redevelopment includes residential skyscrapers, high-end retail, and a botanic garden. Slated for completion before the 2028 Olympics, it aims to attract the global elite with its exclusive offerings and architectural grandeur, generating significant revenue for the city’s public safety budget while fostering amenities that enhance community engagement.
Beverly Hills Set for $10 Billion Luxury Development Opening Before 2028 Olympics
One Beverly Hills is a $10 billion mixed-use project aimed at high-end living and exclusive retail experiences. Spanning 17.5 acres, the development is positioned to cater primarily to the global elite and has doubled its initial price estimate of $5 billion from last fall. The project is a redevelopment of a former shopping center located on Wilshire Boulevard, orchestrated by a partnership of Alagem Capital Group, OKO Group, and Cain International.
Set to open before the 2028 Olympics, One Beverly Hills will feature two skyscrapers standing at 28 and 31 stories tall. The project will include nearly 200 luxury condominiums with an expected average price of $7,000 per square foot. The developers anticipate generating $1 billion in condo sales and have signed retailers such as Dolce & Gabbana, alongside restaurants like Los Mochis and Casa Tua Cucina, to occupy the development’s 200,000 square feet of retail space.
At the heart of One Beverly Hills is a focus on exclusivity. The retail sections of the development aim to offer experiences that mirror the prestige of Rodeo Drive while maintaining a focus on privacy. The development has received approval for a $550 million bond from the city to fund utility and infrastructure improvements, facilitated through a Mello-Roos tax district tool.
Economic Impact and Community Benefits
This ambitious development is expected to generate $70 million in annual revenues for the city of Beverly Hills, crucial in the context of the city’s $175 million public safety budget. The bond includes a 4% sustainability fee on future condo sales, which will contribute to the city’s general budget.
The growing demand for luxury retail in Beverly Hills is characterized by extremely low vacancy rates and average leasing rates reaching $1,100 per square foot. Existing brands on Rodeo Drive are anticipated to occupy much of the One Beverly Hills retail space, creating high-end showrooms free from tourist congestion.
Luxury Living and Amenities
The project will include a 78-suite Aman hotel, the first of its kind on the West Coast, designed to meet the surging demand for ultra-luxury accommodations. Alongside this, the condo units are expected to be marketed at prices ranging from $20 million to over $40 million, offering opulent amenities including private pools in the larger units.
In comparison, the average second-quarter sales price of a Beverly Hills condo was reported at $12 million, indicating a trend towards increasingly expensive real estate listings. The project also promises stunning green spaces, featuring a 10-acre botanic garden. Of this area, 4.5 acres will be accessible to the public, designed by Rios to reflect Southern California’s diverse ecosystem with an assortment of drought-resistant native plants.
The gardens will showcase over 200 species of plants and trees and will include walking paths, sitting areas, and water features, creating a lush environment even atop a 1,800 vehicle underground parking garage.
Community Concerns and Expectations
City officials are hopeful that One Beverly Hills will draw significant foot traffic and emerge as a cultural hub in the region. Despite initial concerns, Councilmember John Mirisch reconsidered his opposition to the project after negotiating additional benefits for the city. Nevertheless, he and other officials worry about whether the exclusive nature of the project will yield enough visitors to make it a successful retail destination.
As the city prepares for this major development, the anticipation for luxury living and retail experiences at One Beverly Hills continues to grow, shaping the future of Beverly Hills as a premier destination for the affluent.
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Additional Resources
- Bisnow: One Beverly Hills Megadevelopment
- Wall Street Journal: Beverly Hills Luxury Development
- Vernon Proper: Beverly Hills Luxury Retail
- Los Angeles Times: Beverly Hills Public Gardens
- Wikipedia: Beverly Hills, California
Author: STAFF HERE BEVERLY HILLS WRITER
The Beverly Hills Staff Writer represents the experienced team at HEREBeverlyHills.com, your go-to source for actionable local news and information in Beverly Hills, Los Angeles County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Rodeo Drive Concours d'Elegance, the Beverly Hills artSHOW, Concerts on Canon, and holiday celebrations throughout the city. Our coverage extends to key organizations like the Beverly Hills Chamber of Commerce and Visit Beverly Hills, plus leading businesses in luxury fashion, hospitality, and entertainment that drive the local economy. As part of the broader HERE network, including HERELosAngeles.com, HERESantaAna.com, HEREHuntingtonBeach.com, and HERECostaMesa.com, we provide comprehensive, credible insights into Southern California's dynamic landscape.
