Several multifamily projects moving forward despite legal challenges
For the first time in more than two decades new apartments are being planned for the city of Beverly Hills.
Despite achieving the formidable task of receiving the approval of city officials, some of these projects continue to face more challenges.
The area known as the "Golden Triangle," encompassing the premier shopping and dining streets in Beverly Hills, is the site of the J.H. Snyder Co.'s recently approved mixed-use development that includes a 40,000-square-foot office building and 88 luxury apartments.
The Los Angeles developer is set to begin construction on the $40 million complex at Wilshire Boulevard and Crescent Drive in May and be ready for occupancy by fall 2004. Lexington Commercial Holdings, a Beverly Hills-based real estate investment firm, is the Snyder Company's partner in the development.
"At Wilshire and Crescent we will offer the epitome of a great urban lifestyle," said Jerry Snyder, founding partner. "You can walk out your door and find a wide range of dining and shopping options along with all the daily needs services in the heart of Beverly Hills. For these same reasons it also is a premier location for businesses."
Tailored to fit the existing character of the area, the office building will face the more commercial Wilshire Boulevard with the residences sited along Crescent Drive across from existing neighborhoods.
The residential building is designed in a contemporary style with large patios and terraces. Each unit is positioned to capture light and air while maintaining the resident's privacy. The one-, two- and three-bedroom units feature a fireplace, washer and dryer, and are fully wired for Internet and media access. Residents also will have access to a private gymnasium.
Designed by Van Tilburg, Banvard & Soderbergh of Santa Monica, an urban mixed-use architectural firm, 12 two-story town homes with a brownstone appearance and front-yard gardens will line Crescent Drive. Set on top and behind are 76 apartments built around landscaped courtyards and the central motor court entrance.
The modern office building features a bright lobby on Wilshire Boulevard and large floor plates to accommodate any user. Sitting on a triangular shaped parcel, the building is glass on two sides with a solid wall along the back towards the residences.
Designed to accommodate the differing needs of office tenants and residents, the buildings have no common walls and are separated by a landscaped courtyard. The complex is served by a total of 534 parking spots with 307 designated for commercial use serving the office building and replacing existing parking and 227 for residents, each with its own entrance.
"This is an ideal project for our company as we have expertise in both office and residential development to ensure that this is a quality addition to the Beverly Hills community," Snyder said.
Challenges Remain
The population of Beverly Hills has remained static for more than a decade, according to U.S. Census figures, due to high land costs exacerbated by a restrictive development environment in the exclusive city.
But with 11,000 residential-unit permits approved in Los Angeles County last year for developers attempting to meet the region's housing demands, Beverly Hills is beginning to share the load.
Nonetheless, residents are fighting some of these new projects.
A lawsuit was filed earlier this month against the city to overturn the Synder project's approval. In the lawsuit, residents accuse the city of cover-up over alleged California Environmental Quality Act violations with the conversion plan, and that residents were presented with a "sanitized" public memo downplaying the issue.
City officials deny the charge.
Another two residential developers are planning projects in the city.
Beverly Hills recently approved a plan by local developer Raffi Cohen to convert an 11-story office tower at Wilshire and Stanley drives to 37 apartment units.
This project also faces opposition by local residents who filed a lawsuit last month to overturn the city's approval.
The region's largest apartment builder, Casden Propertiescolor>, intends to build a mixed-use project between the Saks Fifth Avenue and Barney's department stores on Wilshire Boulevard. Casden's plan calls for 15,000 square feet of retail space and 60 to 64 residential units.
The residential portion of the project, also designed by Van Tilburg, may either be condominiums or apartments.
Permit applications are expected to be filed shortly and construction will take more than a year.
Rents haven't been set for these projects, but expect them to be high. Countywide, apartment rents are projected to rise 12 percent through the third quarter of this year, according to the University of Southern California's Lusk Center for Real Estatecolor>.