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Wanda Group and the City of Beverly Hills have negotiated a huge development deal for the $1.2B One Beverly Hills.
As part of the agreement, Wanda Group would shell out $60M up front, it was announced Friday. This would be instead of $30M approved eight years ago.
The Wanda Group would also pay an additional 5% surcharge of gross room revenue in addition to the 14% transit occupancy tax. The deal includes a quadrupling of the environmental mitigation and sustainability fee.
Beverly Hills Mayor John Mirisch stresses the deal is tentative and still needs to go through the process, but tells Bisnow "$820M for a city over 30 years is a very beneficial deal, to say the least."
The mayor negotiated the agreement along with Beverly Hills City Council member Lili Bosse with help from Greenberg Glusker.
Beny Alagem's competing condo project next door to One Beverly Hills at 9900 Wilshire Blvd is seeking approval from voters as part of ballot Measure HH, The Real Deal reports.
Wanda Group's agreement with Beverly Hills still needs city council approval. It is scheduled to go before the council Nov. 7. [TRD]
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