One Beverly Hills $10B Luxury Project Breaks Ground

A new ultra-luxury landmark is rising in Beverly Hills as the One Beverly Hills development formally enters its major construction phase. According to Realtor.com, the project recently completed a seven-hour concrete pour using 3,800 cubic yards of material on the 17.5-acre site.

Valued at $10 billion, the development is planned as a large urban resort aimed at the ultra-high-end market. A Aman hotel, expected to be the brand’s largest location on the West Coast, will anchor the property, while two residential towers will house Aman-branded residences.

When finished, the Aman hotel will stand 10 stories tall with 78 suites, and an underground garage will provide parking for about 1,900 vehicles. The project also includes roughly 200,000 square feet of commercial space and up to 200 luxury residential units. The two residential towers, at 28 stories and 31 stories, will sit alongside the skyscrapers of nearby Century City.

Green space is a core part of the plan. Half of the site will be landscaped, and 4.5 acres will become a public botanical garden, offering a rare large open space in central Los Angeles.

Pricing places the residences among the most expensive in the country. Base condominium units are expected to start at $20 million, while penthouses are priced above $40 million. The site will also feature a private club of about 100,000 square feet, ultra-luxury retail, and fine-dining venues. Project representatives expect club membership to require a $200,000 initiation fee and $20,000 in annual dues.

Industry figures say the development is designed as a highly exclusive residential enclave for global high-net-worth buyers. One real estate professional commented that it “may become the most luxurious condo building in the country,” while noting that an expected price of $7,000 per square foot could make it challenging as a pure investment property.

The One Beverly Hills project is being led by Cain International, OKO Group, and Alagem Capital Group. Alagem Capital Group, based in Beverly Hills, spent years overcoming administrative hurdles to secure approvals for the prime site at the junction of Wilshire Boulevard and Santa Monica Boulevard.

Developers plan to open the residential and commercial spaces in phases beginning in 2027, with retail and restaurant tenants such as Dolce & Gabbana and Casa Tua Cucina already confirmed. The full complex is scheduled for completion ahead of the 2028 Los Angeles Olympics.

BY HOONSIK WOO [woo.hoonsik@koreadaily.com]