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One Beverly Hills is still in its early construction phases, but developer Cain International secured some notable tenants for its retail portion.
Fashion giant Dolce & Gabbana, Italian restaurant Casa Tua and Mexican-Japanese fusion restaurant Los Mochis have signed lease deals for space at One Beverly Hills, Commercial Observer reported.
One Beverly Hills’ retail component will spread across 200,000 square feet, though exact square footage for the Dolce & Gabbana store hasn’t been disclosed. Casa Tua leased about 20,000 square feet for its first West Coast outpost of Casa Tua Cucina. London-based Los Mochis is making its U.S. debut with a 12,000-square-foot space and 2,000-square-foot “secret garden” at One Beverly Hills.
Cain and its development partners OKO Group and Eldridge Industries have been recruiting a growing lineup of luxury tenants and projects at One Beverly Hills.
Part of the $10 billion project includes the renovation of the historic 570-room Beverly Hilton hotel next door, at 9876 Wilshire Boulevard. A 10-story Aman-branded hotel and residential tower with 78 hotel rooms and approximately 200 residences is also set to rise at the site.
The Aman residences are priced from $20 million to more than $40 million, and Cain has already secured $1 billion in contracted sales and commitments.
The first phase of One Beverly Hills is slated for completion in 2027. The overall project is predicted to generate $40 billion in the local economy over the next three decades. The project will also create thousands of construction jobs and provide the public with 4.5 acres of accessible green space at the 17.5-acre property.
Last month, the Beverly Hills City Council approved up to $550 million in bonds for the project, which would go to Cain for public infrastructure improvements and to pay for any future repairs and enhancements. In February, real estate giant and Las Vegas casino owner Vici Properties invested $300 million in the development.
— Chris Malone Méndez
