Construction on the $ 5-billion Beverly Hills development that will be the tallest skyscraper in the city finally began last week. This project will be a multipurpose building, including hotel suites, business spaces, and luxury condominiums.
(Photo : Urbanize/Foster + Partners )
Ground Breaking of One Beverly Hills Project
On Thursday, Feb. 8, Cain International broke ground on their 17.5-acre 'urban resort.' On the premises of the Beverly Hilton and the Waldorf Astoria Beverly Hills, this project features high-rise and mid-rise structures containing luxury condominium towers, a 78-suite hotel spanning ten stories, and an estimated 30,000 square feet of commercial space situated above underground parking for 1,900 vehicles. Accordingly, the completion of One Beverly Hills is expected to take place in the year 2028.
One Beverly Hills is being designed by a partnership that includes landscape architecture company Rios and Kerry Hill Architects, who are also responsible for building the Aman, led by architect Norman Foster. Once the structure is completed, it will have 26- and 32-story towers, making it the tallest in Beverly Hills. These towers will even be on a level with the scale of surrounding skyscrapers in Century City.
Moreover, aside from the ultra-luxurious apartments and hotel rooms, the plans call for establishing 8.5 acres of botanical gardens on the ground floor. These gardens will have 200 different kinds of plants and trees. The remaining portion of the open space will reportedly be reserved exclusively for hotel guests, club members, and residents, while more than half will be made available to the general area.
On the other hand, as per Jonathan Goldstein, CEO and co-founder of Cain International, One Beverly Hills is well positioned to become a landmark property seamlessly blended with the landscape and culture of the surrounding area. The project, including 10 acres of gardens and open space, will revolutionize urban living by establishing a massive sanctuary in this illustrious metropolis that has never been realized on such a massive scale.
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Possible Price of the Most Expensive Property in One Beverly Hills
Almost five billion dollars have been invested in constructing One Beverly Hills, a condominium and hotel complex expected to alter the appearance of the Beverly Hills skyline completely. As developers attempt to capitalize on the city's international image for luxury and fame, the complex scheduled to open by the beginning of 2028 is slated to hold some of the country's most expensive condominiums and hotel suites.
There will be fewer than 200 condominiums in the two buildings, which will be 26 and 32 floors tall, respectively. Goldstein noted that the number is subject to change because of the possibility that individuals will purchase many units and combine them.
Thus, although prices have yet to be determined, Beverly Hills is widely considered among the most expensive property markets in the United States, and it is reasonable to anticipate that individual units will cost tens of millions of dollars. Recent postings for top-tier luxury condos in the Los Angeles area vary from $20 million to $50 million.
Furthermore, Cain International asserted that approximately 2,700 direct construction jobs will be generated due to the development. One Beverly Hills is expected to create around $40 billion in total local expenditure over thirty years, with $9 billion being new spending.
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