City Council approves Wanda’s $1.2B Beverly Hills project
The results of one of Beverly Hills’ most contentious development battles are in: Wanda 1, Beny Alagem 0.
The Beverly Hills City Council voted 4 to 1 in favor of Chinese giant Wanda Group’s $1.2 billion One Beverly Hills project Tuesday, paving the way for it to move forward.
But there’s no guarantee that the council approval will permanently wrap up a two-year feud between the Chinese developer and the man behind the Beverly Hilton, both of whom had vehemently opposed each other’s projects.
Alagem very well may challenge the city’s decision on the basis of access, his spokesperson Marie Garvel suggested to the Hollywood Reporter.
“We continue to have serious concerns about this severely flawed access plan on Santa Monica Boulevard and the location of the loading dock across from the entrance of the Beverly Hilton,” she said. “Now that the project is approved we will continue to weigh our options.”
As part of an amended development agreement hammered out last month, Wanda will pay the city upfront fees of $60 million as well as an additional 5 percent surcharge of gross room revenue for the right to build its condo and hotel tower. [THR] — Cathaleen Chen