Alagem Capital Group JV Plans Massive Beverly Hills Mixed-Use Projects

Alagem Capital Group and Cain International have formed a joint venture to develop a 17.5-acre premier site in Beverly Hills. One Beverly Hills will be a mixed-use urban resort adjacent to the Beverly Hilton and Waldorf Astoria Beverly Hills. The three-building property will include condos and a hotel, along with 8 acres of botanical gardens on the property. The joint venture has tapped Foster + Partners, Lord Norman Foster and RIOS for design, architecture and landscape design.

The property will aim to set the bar in sustainability, targeting both LEED Platinum and WELL certifications. To achieve its high goals, the property will leverage technology to “aggressively lower emissions and energy consumption,” according to a statement from the company. The sustainable features include a central geothermal system, which will harness the earth’s constant soil temperature to efficiently create heat and reduce the number of cooling towers needed, ultimately saving millions of gallons of water annually; use of collected rainwater and recycled greywater for landscaping; centralized battery storage system, onsite photovoltaic array, and a chilled water thermal energy storage system; and recycled, low embodied carbon and low toxicity building materials.

The property will have views of the Pacific Ocean. The condo units range from 2,000 to 16,000 square feet, and each features 12-to-16-foot ceilings, designer kitchens with smart appliances and 15-foot-deep balconies. Some residences will also feature plunge pools on the terraces and direct elevator access. Residents will have access to a private members club, which includes a restaurant, lounge, wine tasting room and cellar, screening rooms, bowling alley and fitness areas.

Beverly Hills has been buzzing with investment activity this year, showing rapid recovery following the pandemic. In March, LaSalle Investment Management purchased a 49,721-square-foot, class-A medical office building for $74.4 million from UBS Realty Investors. In June, George Chamoun acquired a 4,900-square-foot retail property at 9549-9551 Wilshire Boulevard in Beverly Hills’ Golden Triangle for $8.2 million. Chamoun is an owner-occupier and plans to house his jewelry business in the store. Also in June, Braemar Hotels & Resorts entered into an agreement to acquire Mr. C Hotel, a 138-room luxury hotels in Beverly Hills. The sale transaction is expected to close in July for $77.8 million.

One Beverly Hills is scheduled to open in 2026.