LOS ANGELES — A $100 million boutique condominium complex growing in the Golden Triangle district of Beverly Hills is bucking Southern California’s luxury vertical-living rivalries with the likes of potential five-star restaurants, private pools and pampering that attract elite downsizers to its Could be huge wealth.
The stately 17-unit building where a home could sell for more than $40 million – a price not yet seen in the area’s condo market – will be managed by Rosewood Hotels & Resorts, a Hong Kong hospitality company Which is known for operating luxurious residential-style hotels. , the developers said on Tuesday.
Rosewood was founded in Dallas and was sold in 2011 to Hong Kong-based New World Hospitality, now known as Rosewood Hotels & Resorts.
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The announcement from Rosewood Residences Beverly Hills comes as top-esque condominiums are hitting new peaks in Los Angeles County, topping the record price of $35 million in 2010 by Candy Spelling, producer Aaron Spelling’s widow. when he bought a penthouse. Century City. In the new 8899 Beverly luxury building in West Hollywood, the owners are seeking $50 million for a penthouse.
The Rosewood Residence at 9900 S Santa Monica Blvd is under construction. On a site last occupied by the Friars Club, a well-known private club was started in 1947 by comedians Milton Berle and other show biz veterans of the post-war era, including Ronald Reagan. The Friars building was demolished in 2011.
The site is next to the Peninsula Beverly Hills Hotel and across from Santa Monica from the Beverly Hilton and Waldorf Astoria Beverly Hills Hotel. Next to the Waldorf and Hilton is planned One Beverly Hills, a $2 billion garden complex with more than 300 condos and a boutique Aman Hotel and Residences. Hundreds more upscale condos were recently completed in nearby Century City.
The Rosewood Residence, set to open in 2024, will be “at the center of this newly growing corridor that is going to be the future of residential real estate” around Beverly Hills, said Genghis Hadi, developer at Nahla Capital. “This site is irreplaceable.”
Developers expect to order $4,000 per square foot for the units, which will put it at the top end of the market.
Last month a penthouse at Pendry Residences West Hollywood changed hands in the most precious condo sale of the year to date, for $21.5 million, or $3,412 per foot. Pendry’s two other units sold for over $4,000 a foot last year.
Economist Richard Green, director of the USC Lusk Center for Real Estate, said the market for such high-priced housing is so rare that it is difficult to do statistical analysis.
“It’s almost like clocks and art,” Green said. “They clearly have significance to a small number of people who are all bidding against each other, but beyond that it’s hard to explain why they deserve what they deserve.”
Starting with the unit size, Hadi said Rosewood Residences will be loaded with amenities intended to make it stand out in the premium market. The average residence will be 4,100 square feet, which is easily larger than a typical home in the Los Angeles area, but probably smaller than the homes buyers can give up on.
“We are focusing on Beverly Hills and Los Angeles homeowners who are moving out of larger homes and need a lot of the amenities that a larger home gives them but want the safety and security of a residential building, Where there is a doorman, valet parking and people looking after the landscaping, pool maintenance and other tasks, he said.
The kitchens will have double islands, a prominent feature in homes in Beverly Hills and Bel-Air, he said. “One for practical cooking and one for entertaining.”
Each residence will also have private elevator access, a large entrance foyer, outdoor living areas, and a mudroom/laundry room accessed by a discrete service elevator. Six units will have private pools on their terraces and some will have fully equipped outdoor kitchens, wet bars and fire pits.
A rendering shows the rooftop pool for the homeowners at Rosewood Residence Beverly Hills. Six of the 17 units will also have private pools. (Courtesy Rosewood Hotel Group / TNS)
There will also be a shared rooftop pool, fitness center and outdoor relaxation area with spaces for dining.
The largest unit, at 7,300 square feet, will include a spacious entertaining great room with two interior fireplaces, a butler’s pantry, and a full bar. Outside there will be a private pool with a full kitchen on the 2,500-square-foot terrace.
Developers expect it to sell for about $40 million, or more than $5,000 per square foot of interior space.
The building and interiors were designed by Thomas Jul-Hansen, a Danish architect known for designing some priceless apartments in New York.
Hadi said the building will have an intimate restaurant open to the public that will also serve residents in their homes or in private lounges on the roof. He expects the restaurant to be worthy of a top industry ranking for fine dining.
It will be the first stand-alone condo development in California operated by Rosewood, which also has stand-alone residential projects in the pipeline for Florida and Phuket, Thailand.
The closest hotel in the Rosewood chain is Rosewood Miramar Beach near Santa Barbara, where guests have been known to stay for a week, even though typical daily rates start at $2,000.
“Our guests used to actually ask us, ‘Why don’t you build accommodation? I want to stay at one of your properties,’” said Radha Arora, president of Rosewood Hotels & Resorts.
In Beverly Hills, Rosewood will bring in experienced personnel to provide services, including a team of butlers, to “make sure every need is met” for homeowners, such as when you have a large property. If yes, then having a house manager at home.”
Tasks may include bringing in a private chef for a party or arranging for the care of a resident’s private jet — “all the things a thriving Rosewood customer would expect,” Arora said.
Nahla Capital, based in New York, is owned by GPI Cos. of Los Angeles. Developing property with The units are set to go on sale next year through Compass Development Marketing Group.
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