Wanda’s One Beverly Hills gets six-month permit extension

Wanda Group recently parted from its local partner, Athens Group

TRD LOS ANGELES /
Nov.November 15, 2017 08:00 AM
Rendering of One Beverly Hills, Wang Jianlin (Wanda Group/Getty Images)

The city of Beverly Hills isn’t quite ready to give up on One Beverly Hills just yet.

The Beverly Hills City Council granted permit application extensions for 33 projects – Wanda’s OBH included – that have either already expired or will expire before Dec. 31, the Beverly Hills Courier reported. OBH, at 9900 Wilshire Boulevard, last filed for building permits on Dec. 13, 2016. They were due to expire on Dec. 13, 2017 before the city extended them.

Wanda and other developers in the pipeline have a 120-day period, starting Nov. 7, to complete the building permit application process.

Council member Les Friedman led the motion for a six-month permit extension, arguing that the City staff failed to warn the projects of their upcoming expiration date.

Wanda cut a deal with the city last year, agreeing to pay a fee greater than $60 million to Beverly Hills in order to build the project. If the permits expired, the fate of the hefty sum could have been in jeopardy.

The $1.2 billion condo and hotel project, spearheaded by the American arm of China-based Wanda Group, has been having trouble getting its feet off the ground. Just last month, its development partner, Athens Group, who walked the project through the entitlement process, exited the partnership for reasons that remain unclear. Wanda is facing larger issues, as China buckles down on overseas investment. It has been forced to shutter many of its assets. Jack Gao, who oversaw Wanda’s international investments and served as interim CEO of the Hollywood production company Legendary Entertainment, stepped down last month. [BHC] Natalie Hoberman


Related Articles

arrow_forward_ios
Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Malibu spec mansion lists amid softening luxury market
Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion
CoreLogic's Andrew LePage and Orange County (Credit: Wikipedia)

SoCal housing market shows signs of life, with a caveat: report

SoCal housing market shows signs of life, with a caveat: report
Bridge Housing CEO Cynthia Parker and a rendering of the view from Walnut and Anaheim (Credit: SVA Architects)

Fully affordable complex set to rise in vacant Long Beach lot

Fully affordable complex set to rise in vacant Long Beach lot
Tracy Tutor and her Brentwood home

Tracy Tutor of “Million Dollar Listing ” asking a lot more for Brentwood home

Tracy Tutor of “Million Dollar Listing ” asking a lot more for Brentwood home
Anton Lessine and 321 South Bristol Avenue, and Behati Prinsloo and Adam Levine with their home (Credit: Getty Images and Zillow)

This week in celeb real estate: Adam Levine unloads $45M home, a Hollywood film producer sells in Brentwood…and more

This week in celeb real estate: Adam Levine unloads $45M home, a Hollywood film producer sells in Brentwood…and more
Anton Lessine and 321 South Bristol Avenue (Credit: Getty Images)

Hollywood producer Anton Lessine sells Brentwood Park mansion for $17M

Hollywood producer Anton Lessine sells Brentwood Park mansion for $17M
Andy Reid, the President of MetroStudy

The great SoCal slowdown: Homebuilding drops 18%

The great SoCal slowdown: Homebuilding drops 18%
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...