The development team for One Beverly Hills reports that construction on the $10-billion luxury mixed-use project is running ahead of schedule, with key components of the scheme surpassing previously established milestones. The expansion structure for The Beverly Hilton, which forms part of the broader One Beverly Hills plan, has topped out approximately 10 weeks earlier than anticipated. In addition, one of the project’s residential towers is advancing about six weeks ahead of its original construction timeline.
According to an update issued by Eldridge, together with lead developer Cain and finance partner Security Benefit, these schedule gains have been achieved while substantial operations at The Beverly Hilton have remained ongoing. The ability to maintain hotel activity while accelerating construction underscores the complexity of the project and the coordination required among the development and financing parties involved.
Todd Boehly, chairman and CEO of Eldridge, described One Beverly Hills as an extraordinary project and highlighted the level of progress that Cain and the broader partnership team, including Aman, have delivered to date. He noted that the development group viewed this as an appropriate stage to brief interested parties on construction and capital progress at the site, given the scale of the project and the structure of its financing.
Boehly stated that financing for One Beverly Hills is being provided by Eldridge and Security Benefit, including capital extended through Security Benefit’s collateral loan program. The capital stack also incorporates substantial third-party financing, though specific terms and providers beyond Eldridge and Security Benefit were not disclosed in the update. The description of the financing structure underscores the involvement of multiple institutional participants across the project’s funding sources.
On the local regulatory front, Boehly pointed out that the Beverly Hills City Council has recently advanced a proposal that would permit One Beverly Hills residences to be rented for short-term stays. While no final outcome or operating framework was detailed, the step indicates that the city is actively considering how short-term rental use could be integrated into the project’s residential component. Taken together, the ahead-of-schedule construction milestones, the layered financing support from Eldridge, Security Benefit and other third parties, and the movement on a potential short-term rental policy illustrate how One Beverly Hills continues to evolve on both the development and regulatory fronts.
