In a further entry into Beverly Hills’ famed Rodeo Drive, the property division of S&W Berisford have bought the northeast corner site on the street, with a return to Wilshire Boulevard.
The site has been acquired in partnership with the Stitzell Co and L J Hooker Developments.
A $110m development is planned to create a 120,000-sq ft luxury retail scheme. According to Berisfords: “The project will be comprised of multiple buildings of individual character, yet complementary architecture.”
The design of the development will have a European flavour and has been planned to create the impression that it has been long established on what is regarded as one of the most up-market shopping streets in the USA.
Bonwit Teller, the luxury department store chain owned by L J Hooker, are planning to open a store in the project, which will take the form of a central pedestrian street lined with fashionable shop fronts.
Completion of the development is scheduled for autumn next year.
Berisfords’ first venture on Rodeo Drive, in partnership with Stitzel, was opposite the latest development at no 1, the site of the old Brown Derby restaurant.
This was a 12,500-sq ft project in which Alfred Dunhill were the principal tenants. It was fully prelet and then forward sold to the Arai Corporation of America, a subsidiary of the Arai Corporation of Japan.
