Mr. C Beverly Hills developers bring high-priced branded condos to site next door
The development firm behind the Mr. C Beverly Hills, a glamorous Hollywood-style hotel that debuted in 2011, plans to bring a small collection of five uber-luxe Mr C-branded private residences to a building next door, The Real Deal has exclusively learned.
The boutique townhouse-style homes, at 1251-1259 Edris Drive, are slated to be some of the priciest apartments to hit the market in Beverly Hills since the Montage launched its hotel condo collection in 2009. Condos at the Montage sell for as much as $3,000 a foot.
The ground-up development, designed by famed Los Angeles architect Ray Kappe in glass, concrete and red wood, will comprise just five apartments across five levels, including a subterranean parking garage, ranging in size from 2,000 square feet to 3,500 square feet. Italian design guru Marcello Pozzi is doing the interiors.
“There hasn’t been anything in the area like this,” said Bob Ghassemieh, whose firm, an affiliate of family real estate company Atlantic Pearl, is developing the units.
The affiliate of Atlantic pearl, run by Ghassemieh and his uncle Alex Ghassemieh, nabbed the site of the condos in 2006, shortly after it acquired the former Tower Beverly Hills at Beverwil Drive and Pico Boulevard as the site of the first Mr. C branded hotel.
The hotel, which is operated in partnership with brothers Ignazio and Maggio Cipriani of the famed Cipriani hospitality family, opened in 2011 and quickly became known for its slick yacht-like interiors.
The Ciprianis own a majority stake in the Mr C. brand and a minority stake in the real estate, Ghassemieh said.
The homes, which will be branded the Mr. C Residences, have been under construction since the summer of 2014 and will debut this spring. The Agency is slated to handle sales. Ghassemieh declined to comment on official pricing.
Buyers will be able to participate in a rental program where the hotel can lease their units when they’re not using them subject to a revenue sharing agreement. They will also have full access to the amenities of the hotel.