One Beverly Hills, a more than $2B hotel and residential development from developer Cain International, received the green light from the Beverly Hills City Council to create a tax district for the 17.5-acre property, allowing it to potentially raise up to $550M from municipal bonds.

The city council voted unanimously in favor of the district after "extracting concessions" from Cain International valued at $140M, Vice Mayor John Mirisch told Bloomberg.

The bonds are tax-exempt, which translates to lower borrowing costs.

The new district, which includes only properties in the proposed project, would fund public infrastructure, including streets and parks.

One Beverly Hills will include the luxury hotel chain Aman, which will operate a 42-room, all-suite hotel, approximately 40 branded residences and a private club.

The project has been approved for up to 340 residences in two towers reaching 28 and 32 stories. The new development will be integrated into two existing hotels, the Beverly Hilton and the Waldorf Astoria, which are next to the development site.

The development is slated to open in 2028.