A long-planned residential and retail development at 55 North La Cienega Boulevard in Beverly Hills has received $85 million in construction financing. The loan was announced by Marcus & Millichap Capital for a project from Westland Development Group. Kevin Tsai Architecture is responsible for the design.
The six-story development is planned for the property once occupied by The Stinking Rose restaurant. The site sits north of Wilshire Boulevard, near the Wilshire/La Cienega subway station.
55 North La Cienega Boulevard via Kevin Tsai Architecture
Plans call for 140 residential units above approximately 13,000 square feet of ground-floor commercial space. The project also includes a three-level underground garage with 177 parking spaces. The project uses density bonus provisions to allow a larger building than standard zoning would permit. As part of the approvals, 22 apartments will be reserved for very-low-income and moderate-income households. Renderings show a contemporary mid-rise building with broad street-facing windows, commercial frontage at the ground level, recessed balconies, rooftop landscaping, and a light-toned exterior palette. Residential amenities planned for the building include a rooftop deck, fitness rooms, and a swimming pool. The financing package is structured as a four-year construction loan at 65 percent loan-to-cost.
55 North La Cienega Boulevard Night View via Kevin Tsai Architecture
The project has changed over time as land use rules in Beverly Hills and statewide housing law have evolved. Westland Development Group acquired the property in 2014 and had previously pursued a hotel concept for the site before shifting to a housing and retail proposal. The development was first advanced as a 105-unit apartment project, then revised to its current 140-unit version through AB 1287. That state law allows additional density for qualifying projects that include moderate-income housing along with lower-income affordable units.
The project would add new housing and commercial space to a corridor now served by Metro’s D Line extension. An estimated construction start date has not been announced.
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