BEVERLY HILLS, CA-British developer and investor CPC Group has acquired 9900 Wilshire, an eight-acre site that is planned for a 252-unit LEED-certified condominium tower, from locally based New Pacific Realty Corp. for $500 million. A spokesperson for CPC tells GlobeSt.com that the developer is hopeful that the EIR for the project will be released by the City of Beverly Hills "before the end of May."
The project, which will take the place of a Robinson's-May department store site, will be designed by architect Richard Meier and will be built to environmental standards required for a LEED Gold rating from the US Green Building Council. It will comprise two 12-story towers, townhouses and two four-story loft buildings that will cover one-third of the eight acres, with the remaining two-thirds of the property to be dedicated to open greenspace designed by the Olin Partnership Ltd., whose projects include the National Gallery Sculpture Garden in Washington, DC and the redesign of the Washington Monument.
The condominium portion of the development will total approximately 830,000 sf, with about 20,000 sf of service retail space. The new owners have named Candy & Candy, an interior design and development firm that is affiliated with CPC Group, to oversee the development and execution of the project.
Christian Candy, owner of the CPC Group, notes that the project marks CPC's first foray into the US market. CPC's other projects include One Hyde Park in Knightsbridge, London; 21 Chesham Place in Belgravia, London and Le Porto Bello, Monaco.
The 9900 Wilshire project is believed to be the first of its kind in the Western US to qualify for the US Green Building Council's LEED Gold rating. The buildings will offer extensive upscale amenities including concierge service, valet parking, fitness and spa facilities while still meeting the LEED requirements.
With their LEED design, the buildings will consume 25% less energy and 50% less water while emitting a lower volume of greenhouse gases than comparable residential buildings. The project site is at the western gateway of Beverly Hills at Wilshire Boulevard and Santa Monica Boulevard, adjacent to the Beverly Hilton Hotel.
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