Beverly Hills With Help of Greenberg Glusker Negotiates Unmatched Agreement with Wanda GroupNovember 7, 2016 – Media Mention
The City of Beverly Hills ad hoc committee concerning the One Beverly Hills site has negotiated a tentative Development Agreement with the Wanda Group. The amendment to the Development Agreement provides for lucrative public benefits in exchange for vesting Wanda’s development rights at the One Beverly Hills site, which is located at the intersection of Santa Monica and Wilshire Boulevards.
The agreement far surpasses the original agreement that was approved in 2008, and includes an additional $30 million dollars in upfront fees for a total of $60 million dollars; a quadrupling of the Environmental Mitigation and Sustainability (EMS) Fee; and a Municipal Surcharge of 5% of the gross room revenue of the Hotel, in addition to the Transient Occupancy Tax of 14%.
The agreement now must be considered by the entire Council along with the Specific Plan and the Supplemental Environmental Impact Report. If the Project is approved by the City Council, the entire development will bring in an estimated $820 million dollars in total revenue to the City over the next 30 years, in which is in excess of $560 million over the previously approved development.
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