Wanda Group and the City of Beverly Hills have negotiated a huge development deal for the $1.2B One Beverly Hills. As part of the agreement, Wanda Group would shell out $60M up front, it was announced Friday. This would be instead of $30M approved eight years ago. 

The Wanda Group would also pay an additional 5% surcharge of gross room revenue in addition to the 14% transit occupancy tax. The deal includes a quadrupling of the environmental mitigation and sustainability fee.

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Resources

• Greenberg Glusker represents City of Beverly Hills in Lucrative Deal with Wanda Group