BEVERLY HILLS, CA-A joint venture of Ireland's Dublin-based First Equity Group and locally based HDS Group is planning $300 million of mixed-use condominium and retail development at two sites that the venture has acquired here. The properties, which include some of the last remaining undeveloped sites in Downtown Beverly Hills, are at 9200 Wilshire Blvd. and 450-460 N. Palm Dr.
The 9200 Wilshire Blvd. project will comprise 54 condominiums and 14,000 sf of retail space within walking distance of the Beverly Hills Golden Triangle. The project site involves three parcels and includes the entire south side of the 9200 block on Wilshire Boulevard between Maple Drive and Palm Drive.
The 450-460 N. Palm Dr. development, at the southeast corner of Civic Center Drive and North Palm Drive, will include 35 condominiums close to other Beverly Hills developments and retail outlets. The current design plan approved by the City of Beverly Hills calls for two buildings and will feature subterranean parking.
First Equity Group is now raising $60 million in mezzanine financing from its investor group to underwrite the development with the support of John J. Brennan & Co. Accountants. According to Alan Barry, managing director of First Equity, the Irish firm will be expanding its presence on the West Coast, where it is involved in $600 million of development.
HDS founder and principal Hagop Sargisian says that the sites represent a rare opportunity to develop in an area where new construction is limited not only by lack of development sites but also by local restrictions on density and building height. Both of the sites that the First Equity-HDS venture has acquired "have full planning permission," Sargisian says.
HDS Group LLC, which specializes in projects that revitalize urban areas, has a number of commercial and mixed-use developments either completed or in the works in Southern California. Among these are the Toy Warehouse Lofts in Downtown L.A., the NoHo Warehouse Lofts in North Hollywood and the Whittier Villas in Whittier.
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