Blog Post

Luxury Beverly Hills Development Site Sold, Condominium Complex To Be Constructed

A five-story, 35 unit luxury residential condominium complex is coming to Beverly Hills following the sale of a prominent development site last Tuesday.

Laurus Corporation announced its one-acre property, located at the corner of N. Palm Ave. and Civic Center Dr., sold to a “highly sophisticated development company”.

John Harounian, VP Business Development of Laurus Corporation, said buyer requested to not disclose its name or purchase price at this point in time.

“They are very pleased with the acquisition,” Harounian said.

The development comprises of three contiguous parcels that gained the approval to be combined in order to form a larger once acre site.

The development comprises of three contiguous parcels that gained the approval to be combined in order to form a larger once acre site.

“The entitlements took quite a bit of time to complete, as the City of Beverly Hills has a lengthy entitlement process,” he said.

“It (is) a very rare piece of land within the city of Beverly Hills where land is at a premium.”

Negotiations on the sale were relatively short taking only about four months.

Harounian said construction would take about two years to complete.

“The condominiums will come to market for sale at approximately the same time the market has stabilized and absorption has increased significantly,” he said.

The internal rate of return for Laurus Corporation was just above 30 percent.

http://www.bhcourier.com/article/Local_News/Local_News/Luxury_Beverly_Hills_Development_Site_Sold_Condominium_Complex_To_Be_Constructed/73867

Posted 24th January 2011 by Sally Forster Jones

Labels: beverly hills Beverly Hills Planning Commission luxury condo project luxury real estate property listings real estate