Alagem Capital, Cain International Break Ground on $2B Mixed-Use Project in Beverly Hills

by Taylor Williams

BEVERLY HILLS, CALIF. — Alagem Capital Group and Cain International have broken ground on One Beverly Hills, a $2 billion mixed-use project in the Los Angeles suburb of Beverly Hills, according to Foster + Partners, the project’s master architecture and planning firm.

One Beverly Hills will be a 17.5-acre “urban resort” that will feature two new condominium towers, an eight-acre botanical garden and a 10-story tower comprising 42 luxury hotel rooms, 37 shared-ownership condos and a fine dining restaurant. One Beverly Hills also includes the revitalization of the adjacent Beverly Hilton and Waldorf Astoria Beverly Hills, two luxury hotels that Alagem Capital and Cain purchased in 2018.

In June 2021, the Beverly Hills City Council approved a historic development agreement in which the developers would pay the City of Beverly Hills a $100 million public benefit fee in lieu of including an affordable housing component in the project. Alagem Capital and Cain will pay the fee over the course of eight years, according to the Beverly Hills Courier. Specific plans for One Beverly Hills were unveiled shortly thereafter, at which time the development team said it was targeting a 2026 delivery.

One Beverly Hills’ hotel-condo tower will include a private members club for residents and a select number of non-residents. Members will have access to 130,000 square feet of amenity space over three levels that will be divided into separate categories: retreat, clubhouse and fitness.

The retreat will feature a wellness spa, while the clubhouse will house various entertainment venues, including a private restaurant, lounge, wine tasting room and cellar, screening rooms and a bowling alley. The fitness level will include private training rooms, open cardio spaces, an indoor lap pool and indoor basketball and pickleball courts, as well as an outdoor fitness facility.

Individual condominiums will range in size from 2,000 to 16,000 square feet and will feature 12- to 16-foot ceilings, kitchens with smart appliances, and custom technology regulating air, water, temperature, lighting and audio components. Units will also feature floor-to-ceiling glass windows and oversized balconies up to 15 feet deep, with some residences including plunge pools on terraces and direct access from elevators.

Lastly, One Beverly Hills will feature roughly 10 acres of open green space and gardens. Landscape architect RIOS has procured more than 200 species of California native plants and trees to be integrated throughout the gardens, including palms, oaks, sycamores and succulents. Four acres will be exclusively for residents, club members and hotel guests, while the remaining acreage will be open to the public. The development team has planned infrastructural upgrades, such as walking trails, bike lanes and staircases to connect the gardens to shops and restaurants adjoining the Beverly Hilton hotel.

Additional project partners include global architecture firm Gensler and MEP engineer Glumac, which will seek achieve LEED Platinum and WELL certifications for the project.

“One Beverly Hills is poised to become a landmark development, seamlessly integrated with the local culture and environment,” says Jonathan Goldstein, CEO and founder of Cain International. “The project, and its 10 acres of gardens and open space, will redefine urban living, creating a sanctuary that has never been realized to such a grand scale in this legendary city.”

Alagem Capital is based in Beverly Hills and focuses on the ownership and development of commercial real estate and hotels. Cain International is a privately held real estate investment firm operating in Europe and the United States.

— Taylor Williams and John Nelson

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