Alagem Capital, Cain International Unveil Plans for $2B One Beverly Hills Project
BEVERLY HILLS, CALIF. — Alagem Capital Group and Cain International have unveiled plans for One Beverly Hills, a 17.5-acre “urban resort” that the developers estimate will value $2 billion upon completion. The project will include two new condominium towers, an eight-acre botanical garden and a new 10-story tower comprising 42 luxury hotel rooms, 37 shared-ownership condominiums 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, the Beverly Hills City Council approved the project by a vote of 4 to 1. The historic development agreement between the developers and the City of Beverly Hills guarantees a $100 million public benefit fee, which Alagem Capital and Cain will pay over the course of eight years, according to the Beverly Hills Courier. None of the condominiums will be reserved for affordable housing, according to local and national media outlets.
One Beverly Hills’ hotel-condo tower will include a private members club open to residents and a select number of non-residents. Members will have access to 130,000 square feet of amenities space over three levels that will be divided into separate categories: retreat, clubhouse and fitness.
The retreat will feature a wellness spa, and the clubhouse will house various entertainment opportunities, 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.
The two condominium towers will be the two tallest buildings in Beverly Hills, according to Alagem Capital and Cain. The towers will merge with the gardens and Los Angeles Country Club landscapes by continuing the greenery up their facades. Residents will have unobstructed views of the Pacific Ocean, the famous Hollywood sign and the San Gabriel Mountains, according to the developers.
Individual condominiums will range between 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, AC, 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.
The project team includes architectural firm Foster + Partners, which will handle the master plan of the development; landscape architect RIOS; executive architectural firm Gensler; and MEP engineer Glumac, which will coordinate the HVAC systems to achieve LEED Platinum and WELL certifications. Alagem Capital and Cain plan to fully deliver One Beverly Hills in 2026.
Alagem Capital is based in Beverly Hills and focuses on the ownership and development of commercial real estate and hotels. Beny Alagem is the chairman and CEO of the firm.
Cain International is a privately held real estate investment firm operating in Europe and the United States. Since 2014, the London-based company has invested over $5.9 billion in real estate debt and equity. The company is a partnership between its CEO Jonathan Goldstein and Greenwich, Conn.-based Eldridge Industries.
— John Nelson