Developer Plans $500M Condo Project at Retail Site

BEVERLY HILLS, CA-New Pacific Realty of Los Angeles plans a $500-million, 252-unit condominium project at 9900 Wilshire Blvd. at the site of a Robinson's-May department store that is due to be closed. The project will be designed by Richard Meier and will be built to environmental standards required for a LEED Gold rating from the US Green Building Council.The development site consists of eight-acres at the western gateway of Beverly Hills at Wilshire Boulevard and Santa Monica Boulevard, adjacent to the Beverly Hilton Hotel. The project will comprise two 12-story buildings and two four-story building housing units that will range from 1,200 sf to 6,500 sf, including 35 lofts and townhouses.New Pacific plans to use about a third of the land for the buildings, with the rest to be dedicated to landscaped gardens designed by Laurie D. Olin & Associates, whose projects include the National Gallery Sculpture Garden in Washington, DC and the re-design of the Washington Monument. The site also will include retail stores and restaurants, primarily to serve the residents.David Margulies, New Pacific Realty's CEO, says the development will employ some of the most advanced technology available for saving energy and water. The combination of building and landscape design on this site will mean that residents will use 25% less electricity and 50% less water than comparable sized homes in Beverly Hills, he says.New Pacific Realty Corp. and its principals have owned and developed more than five million sf of Southern California properties. Its most recent major project was the re-development of the Transamerica Center in the South Park area of Downtown Los Angeles.