A team of investors has purchased a prominent development site in Beverly Hills and with the intention of building a luxury condominium complex.
New York-based development firm SHVO, in partnership with Bilgili Group of Turkey and Deutsche Finance of Germany, has purchased the parking lot at 9200 Wilshire Boulevard for $130 million. The nearly one-acre site, empty since the early 1990s, was entitled by prior owner New Pacific Realty Corp. for the construction of a seven-story, 54-unit condominium building featuring 6,640 square feet of ground-floor retail space.
“We are thrilled to add 9200 Wilshire to our portfolio of luxury assets in prime locations," said Michael Shvo, Chairman of SHVO in a statement. "Our new residential concept will offer the highest quality of living and amenities, providing extreme value for those seeking something truly extraordinary in Beverly Hills.”
The acquisition - the third made by the partnership of SHVO, Bilgili, and Deutsche Finance - was financed by a $51-million loan from Acore Capital.
The property at 9200 Wilshire has been slated for development for over a decade, dating back to an earlier proposal for the site designed by architect Richard Meier.
After acquiring the lot, New Pacific Realty tapped MVE + Partners to redesign the project as a 90-unit apartment building, but ultimately chose to pursue condominiums after the rental project was faced with opposition from neighboring property owners.
Completion of 9200 Wilshire is anticipated in the third quarter of 2021.
- 9200 Wilshire (Urbanize LA)