A 20,800 square-foot redevelopment site in Beverly Hills has been put on the market, offering potential investors the chance to construct new condominiums at the site. According to an offering memorandum, the redevelopment site is being sold for $13.5 million, or approximately $649 per square foot.
Located at 211 South Hamilton Drive, the property is currently owned by an entity associated with Luis J. and Carol C. Fondavila, which acquired the property in 2010 for an undisclosed amount. According to the offering memorandum, zoning at the project site will allow a potential buyer to construct 24 to 33 condominiums at the site, including low-income units. Currently, the site is developed with three 1930s-era duplexes and a single-family home totaling 11,697 square feet.
The site is just south of Wilshire Boulevard as well as the Metro Purple Line, which is currently undergoing an extension to offer seven additional stops. The property is also located within walking distance to many popular Beverly Hills sites, including the Beverly Center, The Grove and RestaurantRow and shopping on Rodeo Drive. A large variety of luxury hotels are also located within close vicinity of the property, including the Beverly Hills Hotel & Bungalows, The Beverly Hilton, Beverly Wilshire, L’Ermitage, The Peninsula, Sunset Marquis Hotels and Villas, Waldorf Astoria Beverly Hills and several others.
“With immediate access to Wilshire, San Vicente, and La Cienega Boulevards and world-famous restaurants and walkable retail, this is a premier location for new luxury housing development,” the offering memorandum states.
In general, Beverly Hills has seen a significant amount of growth in the past several years. According to the offering memorandum, 126 projects are currently proposed or under construction within a two-mile radius of the property, including 4,926 apartment units. In addition, Beverly Hills is home to approximately 5,000 residents and a workday population of more than 200,000 and an annual influx of more than six million visitors. According to the offering memorandum, more than 40 percent of Beverly Hills families have an annual income of $150,000 or greater.
“Beverly Hills has seen steady development consistently throughout the last 50 years. It was one of the few markets in the world that continues to see major capital infusion throughout every real estate cycle. The past ten years and the coming years are no different,” the offering memorandum states. “Beverly Hills has an influx of investors and developers who continue to seek out the generational trophy real estate, with the area’s critical demand for luxury housing, creative office, and high profile retail.”
The site is being listed by Marcus & Millichap, which did not respond in time to comment on this story.