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| City of Beverly Hills Monitors Status of 9900 Wilshire Project |
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For Immediate Release October 15, 2008 Contact: Cheryl Burnett (310) 285-2454 City of Beverly Hills Monitors Status of 9900 Wilshire Project Beverly Hills, CA – The City of Beverly Hills continues to follow the status of the 9900 Wilshire development project, with City executives expressing concerns about financing and emphasizing the process required for project re-submittals. The 9900 Wilshire project has come under scrutiny, following speculation regarding the project’s viability. “There are a lot of unanswered questions right now about the financing of this project,” said Scott Miller, Chief Financial Officer for the City of Beverly Hills. “In an uncertain economy, new realities are impacting the status of projects. The original funding for this project relied on complex economic models, multiple equity sources and financial institutions that have been guaranteed by other banks as part of a bail-out for a country that was on the verge of bankruptcy,” he continued. The 9900 Wilshire project was originally approved as a residential condominium and retail mixed-use project on the eight-acre site of the vacant Robinsons-May building in Beverly Hills. The original project was approved by the Beverly Hills City Council on April 9, 2008. Eight public hearings were held at the City’s Planning Commission before it was reviewed by the City Council. “The City has not received any formal request for changes to the project so we are in a wait-and-see position,” said Noah Furie, Chair of the Planning Commission. “Significant changes to any project in Beverly Hills require a comprehensive proposal including an Environmental Impact Report analyses, which evaluates traffic and community impacts. A re-submittal would also be subject to the City’s standard project review process of community input, and evaluation by City staff, the Planning Commission and the City Council. It’s back to square one,” he continued. ### |
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