Shvo signs Mandarin Oriental to Beverly Hills residential project
Shvo, Deutsche Finance developing 323K sf, 54-unit property
Shvo Group’s residential project in Beverly Hills finally has a brand attached.
The developer’s 54-unit project at 9200 Wilshire Boulevard will be branded as a Mandarin Oriental Residences, according to an announcement on Thursday. The project will be Mandarin Oriental’s first residential development on the West Coast. Prices for the units will start at $3.6 million, while Shvo expects the two penthouses to sell for more than $40 million each. First residents are expected to move in during the second quarter of next year.
The property at 9200 Wilshire has been under development since 2019, when Michael Shvo bought the site for $130 million, records show. Shvo and partner Deutsche Finance then scored a $190 million construction loan for the project from ACORE Capital.
The 323,000-square-foot development will also include a pool and fitness center, other hotel amenities, as well as a restaurant from Daniel Boulud.
Shvo has also tapped The Agency’s Mauricio Umansky to market the units, according to the announcement. The first sales are expected to close next year.
Shvo previously teamed up with Mandarin Oriental on its 69-unit residential project at 685 Fifth Avenue in New York, which is currently under construction.