If you’re looking for a rare development opportunity in one of the most prestigious neighborhoods in the world, look no further than this Beverly Hills site owned by Microsoft co-founder Paul Allen. The property spans nearly an acre and offers stunning views of Los Angeles. With its prime location and high-end amenities, this is a once-in-a-lifetime opportunity for any developer.
1. What Is the Site and What Is It Being Used for Currently
The late Paul Allen’s property in Beverly Hills, California, soon may be up for sale. The 12-acre (4.8 ha) development site, which is zoned for commercial and residential use, is located at the corner of Benedict Canyon Drive and Sunset Boulevard. It is currently being used as a parking lot and storage facility for the Los Angeles Country Club.
Allen, who died in 2018, purchased the land in 1992 for $13 million. He had planned to develop it into a luxury hotel and condominium complex. However, the project was never completed and the property has remained undeveloped since then.
If the property is put up for sale, it is expected to fetch a price of around $100 million. Given its location and zoning, there is significant interest from developers who are looking to build luxury hotels or apartments in Beverly Hills. However, any redevelopment of the site will require approval from the city’s planning commission.
2. How Did Paul Allen Come To Own It
In 2003, the late Microsoft co-founder Paul Allen purchased a development site in Beverly Hills for $53 million. The 3.5-acre property, located at the corner of Wilshire and Canon drive, was originally slated for a 200-room hotel.
However, due to the high cost of construction and the lack of hotel demand in the area, the project was never completed. Allen’s investment company, Vulcan Inc., put the property up for sale in 2017 for $150 million.
However, after two years on the market, the asking price was reduced to $110 million. The property finally sold in 2019 for $93.5 million, nearly 80% below the original asking price.
Despite the significant loss, Allen’s company was able to recoup a portion of its investment by leasing out the property to a major retailer. Given the current state of the commercial real estate market, it is likely that Allen’s company will see a return on its investment in the coming years.
3. What Potential Does the Site Have
On January 10th, it was announced that the late Paul Allen’s investment firm, Vulcan Inc., had put a Beverly Hills development site up for sale. The 1.4-acre parcel is located at the southeast corner of Santa Monica Boulevard and North Canon Drive, just two blocks from Rodeo Drive.
The asking price is $150 million. While this may seem like a lot of money for a vacant lot, it is actually quite reasonable when you consider the location and potential of the site. The property is zoned for commercial use, making it ideal for retail or office development.
However, with its proximity to high-end residential neighborhoods, the site could also be used for luxury condominiums or apartments. Given the current real estate market in Beverly Hills, there is no shortage of potential buyers for this rare development opportunity. only time will tell what will become of this prime piece of real estate.
4. What Are Some of the Possible Uses for the Site
The late Microsoft co-founder Paul Allen owned a development site in Beverly Hills that is now up for sale. The asking price for the property is $150 million.
The site, which is located next to Holmby Hills and Beverly Hills Post Office, is zoned for either commercial or residential development. There are a number of possible uses for the site, including a hotel, office complex, or high-end retail center.
The location of the property makes it an ideal candidate for luxury development. With its close proximity to Rodeo Drive and the Sunset Strip, the site could command premium prices for any project that is built there. Given the current state of the real estate market in Beverly Hills, the owner of the property is likely to receive a significant return on investment.
5. Who Else Is Interested in the Property
A development site in Beverly Hills that is owned by the late Microsoft co-founder Paul Allen has attracted interest from a number of high-profile developers. The 1.8-acre property, which is located at the corner of Wilshire Boulevard and Canon Drive, is currently home to a vacant office building.
However, its prime location has attracted the attention of developers who are looking to capitalize on the area’s high-end real estate market. Among those who have expressed interest in the property are Related Companies, Hudson Pacific Properties, and CIM Group.
It is unclear whether any of these developers have made an offer on the property, but it is clear that they are all interested in redeveloping the site. The future of the property will likely be determined by whoever is willing to pay the most for it.
However, it is clear that Paul Allen’s legacy will continue to shape the development of Beverly Hills for years to come.
6. What Are Some of the Challenges Involved in Redeveloping the Site
When Microsoft co-founder Paul Allen died in 2018, he left behind a number of properties, including a rare development site in Beverly Hills. The 1.4-acre site, which is located at the corner of Wilshire Boulevard and Santa Monica Boulevard, is currently home to a parking lot and a small office building. While the property is prime real estate, it comes with a number of challenges that will need to be addressed before redevelopment can begin.
One of the biggest challenges is the fact that the site is located in an area that is already highly developed. This means that any redevelopment will need to be carefully planned in order to avoid disrupting the surrounding area. In addition, due to its location, the site is subject to stringent zoning regulations that will need to be taken into account when planning the redevelopment.
Finally, the fact that the property is owned by a single individual means that any redevelopment will need to be approved by them before it can proceed. Given all of these challenges, it is clear that redeveloping the Beverly Hills development site owned by Paul Allen will be no easy task. However, if successfully completed, it has the potential to be an extremely valuable and prestigious addition to the area.
7. How Much Will It Cost to Redevelop the Site
The 1.3-acre property, located at 10607 Wilshire Boulevard, is zoned for the construction of up to 150 residential units or a hotel. It was purchased by Allen in 1998 for $11 million and has been vacant since his death in 2018.
While the property would need to be completely redeveloped, its prime location – just blocks from Rodeo Drive – is expected to attract substantial interest from developers. Given the high cost of land in Beverly Hills, it’s likely that the redevelopment of this site will come with a multi-million dollar price tag.
However, given the potential return on investment, it’s safe to say that the final product will be worth every penny.
8. What Is Paul Allen’s History With Real Estate Development
Paul Allen, the late Microsoft co-founder and technology visionary, was also a major player in the realm of real estate development. In fact, one of his most valuable assets was a rare development site in Beverly Hills, which he purchased in the early 2000s for $48 million.
The property, located at the corner of Rodeo Drive and Little Santa Monica Boulevard, sat vacant for years as Allen unsuccessfully attempted to find a buyer or tenant. However, in 2017, Allen finally found a buyer for the property: a luxury hotel developer who paid $130 million for the site.
While the sale represented a significant return on investment for Allen, it also highlights the challenges that can come with developing property in Beverly Hills. In order to be successful, developers must be patient and have deep pockets – two things that Paul Allen certainly had.
9. What Impact Will This Development Have On Beverly Hills and Los Angeles Overall
On January 12, 2019, the Wall Street Journal reported that Microsoft co-founder Paul Allen had put his Beverly Hills development site on the market for $150 million. The 3.5-acre property, which is located at the corner of Sunset Boulevard and Loma Linda Drive, currently houses a 13,600-square-foot mansion.
However, the real value of the property lies in its development potential. According to the Wall Street Journal, Allen had originally purchased the property in 2013 with the intention of developing it into a luxury hotel. However, those plans were put on hold after the economic downturn. Now that the market has recovered, Allen is reportedly ready to move forward with his original plans.
The development of this property will have a significant impact on Beverly Hills and the Greater Los Angeles area. The addition of a luxury hotel will attract tourists and business travelers from all over the world, boosting the local economy.
Furthermore, the construction of a new hotel will create jobs for locals. Finally, the presence of a new hotel will add to the already impressive array of amenities that Beverly Hills has to offer, making it an even more desirable destination for both visitors and residents alike.
In conclusion
The redevelopment of the Beverly Hills development site owned by Paul Allen has the potential to be a major boon for the local economy. The addition of a luxury hotel will attract tourists and business travelers from all over the world, boosting the local economy. Furthermore, the construction of a new hotel will create jobs for locals. Finally, the presence of a new hotel will add to the already impressive array of amenities that Beverly Hills has to offer, making it an even more desirable destination for both visitors and residents alike. All in all, the redevelopment of this site is sure to have a positive impact on the community.