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Record Breaking Land Site Headed Back to Bank

February 19, 2010

Back at the top of the market in 2007, Candy & Candy acquired an 8-acre development site in Beverly Hills. The price? $500,000,000 – or some $1400 per square foot!

Just three years earlier, the seller, New Pacific Realty, had acquired the site for $33.5M. It was encumbered with a long-term lease to the Robinson-May department store at the time.

CPC and Iceland’s Kaupthing Bank hf acquired the property in May 2007 from New Pacific Realty Corp. for $500 million, a record at the time for a development site with no approval for zoning variances. The price was 15 times more than what New Pacific paid three years earlier. Under architect Richard Meier’s plans, 235 luxury condominiums, shops and restaurants were due to be built on land containing a vacant department store and parking lot opposite the Beverly Hilton hotel.

The site at 9900 Wilshire Blvd. is now headed back to lenders, which includes Mexico’s Banco Inbursa.

[via Bloomberg]

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Categories: Commercial Development | Miscellaneous
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joshua February 20, 2010

best available land in LA. too bad BH is so averse to development. i LOVE the meier bldg proposed and think that the location is perfect for a monument to capitalism.

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