TWIA Commercial Property & Casualty
Cain International, OKO Group start $5B mixed-use development in California
Jun
This summer, Construction Dive is taking a look at some of the largest multifamily projects to break ground in recent months. Click here for the previous article in this series.
London-based investment firm Cain International and Miami-based developer OKO Group have started work on what will be the two tallest towers in America’s most famous zip code, 90210.
The $5 billion One Beverly Hills project in California will include skyscrapers of 26 and 32 stories that will house approximately 200 uber-luxury condominiums branded by high-end resort and destination firm the Aman Group of Switzerland. The company’s properties around the globe are favorites of rich and famous celebrities such as George and Amal Clooney, Bill Gates and Mark Zuckerberg, according to the Los Angeles Times.
The development will provide a connection between the Beverly Hilton and Waldorf Astoria hotels.
Courtesy of Foster + Partners & Kerry Hill Architects
While prices for those residences are still under wraps, the Times estimated they would sell for tens of millions of dollars, with top-end condos in the region recently listing for between $20 million and $50 million. The property’s groundbreaking earlier this year is one of the largest multifamily kickoffs of 2024, according to Dodge Construction Network.
In March, One Beverly Hills secured an additional $2 billion in construction financing, including a $500 million senior loan from JP Morgan, among other private financing commitments, according to a Cain news release.
New York City-based Turner Construction, the largest general contractor in the country, is leading overall site management for the mixed-use development, according to Cain. The partners on the project estimate it will create more than 2,700 direct construction jobs in the area.
Described as “an urban oasis,” One Beverly Hills will include 10 acres of open space and botanical gardens.
Courtesy of Foster + Partners & Kerry Hill Architects
The luxe digs are only part of the development, however.
In total, the 17.5-acre development at Wilshire and Santa Monica boulevards in the heart of Beverly Hills will also include a new, 10-story luxury Aman Hotel with 78 guest suites and a standalone, 100,000-square-foot Aman Club with expansive wellness facilities. The Beverly Hilton, home to Hollywood’s annual Golden Globes awards ceremony, will also get a makeover, according to the release, with a “considerate restoration and significant upgrades.”
Gardens and open space
The master-planned “urban destination,” as Cain referred to the property in a news release, will link the Beverly Hilton and Waldorf Astoria hotels with 10 acres of botanical gardens and open space, some of which will be open to the public.
The enterprise was master planned by London-based architecture and engineering firm Foster + Partners with Aman designs created by Singapore and Australia-based Kerry Hill Architects, perhaps better known by the moniker KHA. Design collective RIOS, with offices in Los Angeles as well as several other global cities, is the landscape architect.
The Aman hotel at One Beverly Hills will feature private guestroom pools.
Courtesy of Foster + Partners & Kerry Hill Architects
The firm curated over 200 species of California native and water-wise plants and trees including palms, oaks, sycamores, succulents and olives to be integrated throughout the gardens. Four acres of that greenspace will be exclusively accessible to Aman residents, club members and hotel guests. Another 4.5 acres will be open to the public.
“This marks a pivotal moment as we, together with our esteemed partners, including the city of Beverly Hills, and Aman Group embark on a journey to shape the next chapter of this city’s iconic history,” said Jonathan Goldstein, CEO and co-founder of Cain International. “We are profoundly grateful for the unwavering support and collaboration that has brought this vision to life and look forward to delivering a landmark development that will stand as a testament to the spirit of progress and innovation in this community.”
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