LOS ANGELES — A $100-million boutique condominium complex rising in the vaunted Golden Triangle district of Beverly Hills is escalating Southern California's luxury vertical-living rivalry with a potential five-star restaurant, private pools and the kind of pampering that might lure elite downsizers from their sprawling estates.
The swanky 17-unit building where a home could sell for more than $40 million — a price not yet seen in the region's condo market — will be managed by Rosewood Hotels & Resorts, a Hong Kong hospitality company known for operating luxurious residential-style hotels, developers said Tuesday.
The announcement of Rosewood Residences Beverly Hills comes as top-echelon condominiums are hitting new peaks in Los Angeles County with potential to top the record price of $35 million set in 2010 by Candy Spelling, widow of producer Aaron Spelling, when she bought a penthouse in Century City. At the new 8899 Beverly luxury building in West Hollywood, owners want $50 million for a penthouse.
Rosewood Residences is under construction at 9900 S. Santa Monica Blvd. on a site last occupied by the Friars Club, a legendary private club started in 1947 by comedian Milton Berle and other show biz luminaries of the postwar era, including Ronald Reagan. The Friars building was demolished in 2011.
The site is adjacent to the Peninsula Beverly Hills hotel and across Santa Monica from the Beverly Hilton and Waldorf Astoria Beverly Hills hotels. Planned next to the Waldorf and Hilton is One Beverly Hills, a $2-billion garden complex with more than 300 condos and a boutique Aman hotel and residences. Hundreds more upscale condos were recently completed in nearby Century City.
Rosewood Residences, set to open in 2024, will be at "the center of this new burgeoning corridor that is going to be the future of residential real estate" around Beverly Hills, developer Genghis Hadi of Nahla Capital said. "This site is irreplaceable."
The developers hope to command $4,000 per square foot for units, which would put it at the top end of the market.
Last month a penthouse at the Pendry Residences West Hollywood changed hands for $21.5 million, or $3,412 a foot, in the priciest condo sale of the year so far. Two other units at the Pendry sold for well more than $4,000 a foot last year.
The market for such high-priced housing is so rarified that it's hard to analyze statistically, said economist Richard Green, director of the USC Lusk Center for Real Estate.
"It's almost like watches and art," Green said. "They clearly have value to a small number of people who are all bidding against each other, but beyond that it's hard to explain why they're worth what they're worth."