Turner Construction has significantly expanded its involvement in the monumental One Beverly Hills mixed-use development in California. Having previously overseen site management, the firm has now been selected as the lead contractor for the initial phase of this prestigious project. This multi-billion dollar undertaking, which is revitalizing a prime Beverly Hills location, is not only poised to redefine luxury living but also serves as a major economic catalyst, creating thousands of employment opportunities within the construction sector.
This ambitious development stands as a testament to modern architectural vision and luxurious living, integrating high-end residential, hospitality, and exclusive club facilities. The comprehensive scope of work also extends to a historic landmark, ensuring a blend of contemporary design with existing heritage. With construction already underway, the project is moving steadily towards its anticipated completion, promising to deliver a transformative impact on the renowned Beverly Hills landscape.
Turner's Enhanced Leadership in One Beverly Hills
Turner Construction, a prominent New York City-based general contracting and construction management firm, has been appointed as the lead contractor for the initial phase of the One Beverly Hills project. This expanded responsibility follows their previous engagement in overall site management since the development's groundbreaking. While the specific financial terms of this new phase have not been publicly disclosed, the total estimated value of the entire One Beverly Hills development is approximately $5 billion, underscoring the sheer scale and economic significance of this undertaking in California.
This substantial project, situated on a sprawling 17.5-acre site at the prominent intersection of Wilshire and Santa Monica boulevards, aims to establish a new benchmark for luxury and urban sophistication. The development plan encompasses the construction of two 28-story residential towers, which are envisioned to become the tallest structures in Beverly Hills, housing fewer than 200 ultra-luxurious condominiums. These exclusive residences will be meticulously branded and serviced by the prestigious Aman Group, a Swiss-based luxury resort and destination firm known for its opulent properties worldwide. Beyond the residential component, the project also features a new 10-story luxury Aman Hotel, offering 78 exquisite guest suites, alongside a dedicated 100,000-square-foot Aman Club providing extensive wellness and recreational facilities. Additionally, the iconic Beverly Hilton, famous for hosting the Golden Globes, is slated for a complete redesign, led by London-based David Collins Studio. The entire complex will be seamlessly integrated by ten acres of lush botanical gardens, connecting it with the Waldorf Astoria Hotel, further enhancing the area's aesthetic appeal and environmental sustainability. This comprehensive plan highlights the project's ambition to create a cohesive and world-class luxury destination.
Economic Impact and Future Outlook
The One Beverly Hills project represents a significant investment in the region, securing an additional $2 billion in construction financing as of March 2024. This substantial financial backing includes a $500 million senior loan from JP Morgan, complemented by various other private financing commitments. This robust financial structure underscores the confidence of investors and lenders in the project's viability and its potential for substantial returns. The development is being spearheaded by Miami-based OKO Group, renowned for its innovative and high-profile real estate ventures, while the architectural vision is being brought to life by a collaboration of leading international firms. Toronto-based Adamson Associates Architects is serving as the executive architect, overseeing the practical implementation of the designs. Singapore and Australia-based Kerry Hill Architects are responsible for the detailed design of the exclusive Aman-branded properties, ensuring a distinct and luxurious aesthetic. Furthermore, the master planning for the entire property was meticulously crafted by the London-based architecture and engineering powerhouse, Foster + Partners, known for their iconic global projects. This collective expertise ensures a development of unparalleled quality and design integrity.
The economic benefits of this project extend far beyond its immediate financial value. Turner Vice President and General Manager Reed McMains expressed considerable enthusiasm for the initiative, stating that it will inaugurate an exciting new chapter in Beverly Hills' illustrious history. The construction phase alone is projected to generate more than 2,500 jobs, providing significant employment opportunities and stimulating the local economy. This influx of labor will not only boost local income but also support related industries and services, creating a ripple effect throughout the community. The overall construction timeline anticipates completion by late 2027, indicating a sustained period of economic activity and job creation. Beyond construction, the completed project is expected to create numerous permanent jobs in hospitality, retail, and service sectors, further contributing to the long-term economic prosperity of Beverly Hills. This comprehensive development, therefore, promises to be a landmark not just in its physical presence, but also in its enduring positive impact on the regional economy and employment landscape.