Sterling Organization has plans for a new three-story, approximately 15,000-square-foot mixed-use retail building in Beverly Hills, according to a presentation seen by the city’s planning commission this week.
The project would rise in the Beverly Hills Business Triangle at 315 – 319 N. Beverly Dr., replacing a two-story, multi-tenant structure with a new retail and office building reaching a maximum height of about 60 feet. Plans call for two stories of retail and third-floor office space.
A national real estate private equity firm, Sterling Organization is joined in its plans by Los Angeles-based firm Nadel Architects, the project architect. Sterling Organization acquired the site’s existing building, which was built in 1940, through an affiliate in 2016 for $23.5 million, Los Angeles County property data show.
The new building would include 12 automobile parking spaces (plus one surface ADA space) in an automated, valet-operated parking facility accessible from the rear of the site and primarily serving the third-floor office use, plans show. The developer would pay fees through the city’s in-lieu parking program to account for the additional 27 spaces otherwise allowed.
The site’s western portion currently holds a surface parking lot with space for 10 vehicles.
While this week’s presentation was for planning commissioners to provide comments to staff, a noticed public hearing for the development will be held at a future date, according to the planning commission’s agenda materials.
Will this be another Sterling building that will never be rented to anyone? Sit empty?