BEVERLY HILLS, Calif., June 24, 2015 (GLOBE NEWSWIRE) -- The Wanda Group, China's largest commercial property company, tonight announced the launch of One Beverly Hills, a luxury hotel and residential project located at the western gateway of Beverly Hills. Previously entitled by the Beverly Hills City Council, the development of the former Robinsons-May property located at 9900 Wilshire Boulevard has been improved to include a 134-room luxury boutique hotel, 193 residences and new public gardens and open space.
"Beverly Hills is known worldwide as a city of sophistication and style. We believe that finally building this project will complete the western gateway to Beverly Hills," said David Shu, General Manager of Wanda Beverly Hills Properties, LLC. "We are excited to be working with the brilliant architects at Richard Meier & Partners and The Athens Group, our talented development partner. And most importantly, we are very excited to be joining this extraordinary Beverly Hills community."
The design by Richard Meier & Partners Architects improves upon the previously approved project while minimizing impacts. According to PKF Consulting, One Beverly Hills is projected to generate an estimated $6.9 million a year in direct revenues to the City at stabilization of the hotel and over $84 million over its first ten years of operation. This is a projected increase of more than $4.2 million per year of direct revenues from the previously approved project and an increase of more than $65.4 million of direct revenues over the first ten years of operation over the previously approved project.
One Beverly Hills will reduce the number of residences from the currently approved project by 42 residences and now complements them with a 134-room luxury boutique hotel in the South Building on Santa Monica Boulevard. There will be no change in the height or density of the entitled development.
"The Athens Group is very excited to be the development partner of The Wanda Group for One Beverly Hills," said Jay Newman, COO of The Athens Group. "Following the completion of the Montage Beverly Hills, its Residences and the Beverly Cañon Gardens, which have become an important gathering place for the community, we have spent the past few years looking for the right opportunity to develop another iconic property in Beverly Hills. One Beverly Hills is that project. Over the coming months, we look forward to hosting meetings and presentations with Beverly Hills residents to share with them our improved project."
"We are honored to create a state-of-the-art, elegantly crafted project, which will become an important addition to the built fabric of Beverly Hills," said Michael Palladino, Design Partner of Richard Meier & Partners Architects Los Angeles.
One Beverly Hills will feature public gardens, open space and green space designed by the world-renowned OLIN landscape architecture firm. There will be approximately three-quarters of an acre of public gardens accessible from Wilshire Boulevard and Merv Griffin Way. The entire project will be certified LEED Silver, as currently entitled.
"One Beverly Hills is a wonderful integration of design and functionality," said Rohan a`Beckett, Deputy General Manager of Wanda Beverly Hills Properties, LLC. "The combination of world-class residences with a luxury boutique hotel on this legendary property is a perfect fit for Beverly Hills. Not only will it allow increased public access to the property, it will generate significant amounts of new revenue for the City of Beverly Hills and our local schools."
To view a rendering of the project, click here
About The Wanda Group
The Wanda Group was founded in 1988 by Chairman Wang Jianlin and operates in the following major areas: luxury hotels, commercial property, entertainment and tourism, department stores and e-commerce. In 2014, the company's assets totaled $85.6 billion and annual income reached $38.8 billion.
Wanda Hotels and Resorts Co. Ltd, a subsidiary of The Wanda Group, has opened 71 luxury hotels through December 2014. The Wanda Group is currently expanding its global development activities, undertaking high profile projects in some of the world's most desirable locations, including Chicago, London, Madrid, Sydney, and the Gold Coast. Each of these developments will feature a Wanda luxury hotel at its core.
Wanda plans to open 80 luxury hotels by 2015, surpassing more than 32 million square feet in operating area while becoming the world's largest owner of luxury hotels.
For more information about The Wanda Group, please visit www.wanda-group.com
About The Athens Group
Founded in 1987 by Kim Richards, The Athens Group creates environmentally sensitive luxury hotels that become part of the fabric of their respective communities. During its 28-year history, the company has developed seven award winning luxury hotels and residences. Three were built in sensitive coastal areas, including the Montage Laguna Beach, the Ritz-Carlton Half Moon Bay, located south of San Francisco and the Four Seasons Hualalai in Kona, Hawaii. Athens' hotels have won numerous awards, including the ULI Award for Excellence and are the top-rated hotels in their respective markets.
As an environmentally responsible developer, Athens is committed to pursuing the highest possible LEED certification for each of its hotels. Montage Beverly Hills earned Gold LEED certification and Montage Deer Valley in Park City, Utah earned Silver LEED certification.
The One Beverly Hills team is being led by Athens' partner and COO Jay Newman. His success with the Montage Beverly Hills and the Beverly Cañon Gardens ensures that the public and private benefits of this extraordinary project will be maximized.
For more information on The Athens Group, please visit www.athensdevco.com
About Richard Meier & Partners Architects
The work of Richard Meier & Partners Architects is instantly recognizable and internationally respected. For over five decades, the firm has been appointed to create important public and private buildings. Their offices in Los Angeles and New York employ a multicultural staff of talented professionals practicing architecture, urbanism, product design and exhibition design. They create thoughtful, elegant contemporary architecture that exceeds their clients' expectations and elevates the built environment.
The firm is well known for The Getty Center in Los Angeles, federal courthouses in New York, Phoenix and San Diego, the Jubilee Church in Rome, and the iconic Charles and Perry Street Residential Towers in New York City. They have produced important museums, city halls, office buildings and headquarters in the United States and across Europe in Germany, France, Switzerland and the Netherlands for clients including Canal+, Siemens, KNP, Daimler Benz, Renault and SwissAir.
Recent award-winning projects include the United States Courthouse in San Diego, California and the Edie & Lew Wasserman Eye Research Center Building at the University of California, Los Angeles.
Richard Meier & Partners Architects is led by Richard Meier and six partners – Michael Palladino and James R. Crawford in Los Angeles, and Bernhard Karpf, Vivian Lee, Reynolds Logan and Dukho Yeon in New York.
For more information on the work of Richard Meier & Partners, please visit www.richardmeier.com.
CONTACT: Eric Rose (805) 624-0572 or firstname.lastname@example.orgSource:Wanda Beverly Hills Properties