Construction on One Beverly Hills, the $10 billion ultralux hospitality, residential and mixed-use development in the Los Angeles enclave targeted at individuals with a stratospheric net worth, has begun its climb skyward.
London-based Cain International, the investment management firm spearheading the project, said the build’s first concrete mat pour was completed the weekend before Thanksgiving. Approximately 150 workers installed over 3,800 yards of material in about 7 hours, according to an email sent to Construction Dive.
The milestone marked the transition from foundational work to buildings actually rising from the ground in what is perhaps America’s best-known zip code. The team broke ground in 2024, and work has included demolition, drilling geothermal wells, utility installation and infrastructure and site preparation, according to a Nov. 25 news release from Cain.
The 17.5-acre project, located at Wilshire and Santa Monica boulevards, was previously valued at $5 billion. But Cain CEO Jonathan Goldstein has now doubled that projection to $10 billion, according to the Los Angeles Times.
Targeted at ultra high-net worth individuals, the development will include two residential towers with fewer than 200 uber-luxury condominiums branded by the Aman Group of Switzerland, as well as an Aman-branded hotel. Aman is a favorite of the rich and famous, according to the Times, including Bill Gates, Mark Zuckerberg and George and Amal Clooney.
New York City-based Turner Construction is leading onsite construction and will oversee the contracting process for construction-related work, according to Cain. Turner will also manage outreach, education and support to include diverse and local businesses and workers on the job. Cain said the project will create more than 2,700 direct construction jobs.
In addition, Boston-based Suffolk Construction will build one of the Aman-branded residential towers, with Salt Lake City-based Layton helming the other. Edmonton, Canada-based PCL Construction, whose U.S. headquarters are in Denver, will lead construction on the Aman hotel.
In addition to the residential towers and hotels, Cain announced the addition of retailer Dolce&Gabbana, as well as restaurants Casa Tua and Los Mochis to its partners on the project, an aspect it said will heighten Beverly Hill’s celebrated culture of shopping and dining.
Ten acres of botanical gardens will link the Waldorf Astoria and the Beverly Hilton — site of the Golden Globes — which will also get a redesign.
“Reaching vertical construction is a powerful moment for everyone involved in One Beverly Hills,” said Goldstein in the release. “It reflects years of collaboration, planning, and belief in what this site can become.”
Cain slated phased delivery of the project for 2027, beginning with the Aman residential towers and commercial spaces.
