Beverly Hills With Help of Greenberg Glusker Negotiates Unmatched Agreement with Wanda GroupNovember 7, 2006 – Article
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%.
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