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Work begins on transformative condo and hotel development in Beverly Hills

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Work begins on transformative condo and hotel development in Beverly Hills

Construction has begun on One Beverly Hills, a nearly $5-billion condominium and hotel complex that promises to transform the Beverly Hills skyline and be a commanding presence on its western edge.

With tall greenery-laden towers standing over a sprawling garden, the complex set to open by early 2028 is expected to house some of the priciest condos and hotel suites in the country, as developers seek to capitalize on the city’s international reputation for luxury and celebrity.

Owners of the property at Wilshire and Santa Monica boulevards ceremonially broke ground Thursday on what they call a 17.5-acre “urban resort” that will unify the neighboring Beverly Hilton and Waldorf Astoria hotels with condo high-rises, 8.5 acres of botanical gardens and the first ultra-deluxe Aman hotel on the West Coast.

A rendering of an entrance to One Beverly Hills on Santa Monica Boulevard near the retail portion of the complex.

(Foster + Partners)

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The scope of the complex, which will have by far the two tallest towers in Beverly Hills, marks a departure from years past when the city made a point of keeping its commercial buildings small scale compared with next-door neighbors Los Angeles and West Hollywood.

“Candidly, I think it marks a new generation of Beverly Hills,” Mayor Julian Gold said. “Cities need to grow just like people grow. They can’t be stagnant, they cannot stay only the way they were.”

One Beverly Hills will be “new and fresh in a big way,” he said. “The investment is enormous. It will redefine luxury in Beverly Hills.”

The Beverly Hills City Council approved the project in 2021 over the objection of Councilmember John Mirisch, who called the proposed development “elitist, exclusive and exclusionary.”

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“Without affordable housing, the project has turned into a castle-fortress of exclusion,” Mirisch told the other four council members.

Gold said tax revenue from One Beverly Hills will be used to fund affordable housing in other parts of the city. He estimated that the complex will generate tens of millions of dollars in annual taxes for the city.

The two towers — 26 and 32 stories — will have a combined total of fewer than 200 condos. The number is variable because people may buy more than one unit and combine them, developer Jonathan Goldstein, chief executive of Cain International, said.

Prices have not yet been set, but Beverly Hills is one of the most expensive housing markets in the country and units can be expected to cost tens of millions of dollars. Recent top-tier luxury condo listings in the Los Angeles area range from $20 million to $50 million.

The tower residences will be branded and serviced by Aman, a Swiss company owned by Russian-born real estate developer Vlad Doronin that was described by Forbes as “the world’s most preeminent resort brand” and attracts such affluent guests as Bill Gates, Mark Zuckerberg and George and Amal Clooney.

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Aman is best known for its small resorts in tropical locales or historically significant properties such as a 16th century palazzo in Venice, but also has urban outposts in Tokyo and New York, where suites start at about $1,800 a night.

The Aman in Beverly Hills will have 75 suites in a 10-story building. It will also have a club that people can join for a price. Its New York club made news in 2022 by charging an initiation fee of as much as $200,000 while receiving mixed reviews in local publications. Residents of the Beverly Hills condos may receive Aman services such as housekeeping and room service.

The most public aspect of One Beverly Hills will be the gardens designed by Los Angeles architecture firm Rios, which also designed the 12-acre Gloria Molina Grand Park in downtown Los Angeles and created a new master plan for Descanso Gardens in La Cañada Flintridge.

Rios’ plan for One Beverly Hills calls for distinct sets of botanical gardens intended to reflect the diverse landscape of Southern California with mostly drought-resistant native plants living on recycled water. The gardens will have more than 200 species of plants and trees, including palms, oaks, sycamores, succulents and olives.

The Beverly Hilton hotel will receive renovations as part of the project.

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(Foster + Partners)

“I am really interested in pursuing what a botanical environment is for the 21st century,” firm founder Mark Rios said when the project was first announced. It will consume tons of carbon dioxide while “teaching people that drought-quality planting doesn’t mean cactus.”

About half the gardens will be for the exclusive use of residents, Aman club members and hotel guests. The rest of the gardens will be open to the public.

One Beverly Hills is “one of the biggest projects in North America,” with a total cost of $4 billion to $5 billion, Goldstein said. The London investment firm is overseeing the development with OKO Group, an international real estate development firm created by Doronin, who called Beverly Hills “the natural next step for Aman as we continue our strategic growth into the world’s finest urban centers.”

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The development will produce more than 2,700 direct construction jobs, Cain International said. It estimated that One Beverly Hills will generate about $40 billion in total local spending over 30 years, $9 billion of which will be new.

One Beverly Hills was master planned by Foster + Partners, with Aman designs by KHA (Kerry Hill Architects) of Australia and Singapore. London-based Foster + Partners is led by Norman Foster, an English lord perhaps best known for designing a landmark lipstick-like skyscraper in London known as the Gherkin and the hoop-shaped Apple Inc. headquarters in Cupertino, Calif.

Significant upgrades and restorations to the historic Beverly Hilton will also take place as part of the project, Cain International said. The Beverly Hilton was hotelier Conrad Hilton’s most luxurious property when it opened in 1955 and has been the home of the annual Golden Globe Awards since 1961.

One Beverly Hills will include shops and restaurants intended to complement the city’s upscale retail areas, Goldstein said.

Most of the early interest in buying condos is from local residents looking to leave their large homes, he said, along with international buyers familiar with Aman hotels.

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Although the neighborhood is dominated by single-family homes, Beverly Hills real estate agent Bret Parsons of Compass said interest in condos has grown in recent years.

“We have an aging population in Southern California who need to downsize, and we don’t have enough one-level homes for this affluent population to move to,” Parsons said. “Condos are very appealing for an older person because they can be very, very luxurious, on one level, and you get all the services you can imagine.”

The One Beverly Hills property includes vacant land formerly occupied by a famed Robinsons-May department store that sits west of the hotels. The site was considered one of the most desirable real estate development sites in the country but has lain fallow for years as previous plans to develop it failed to materialize. Cain International was able to secure control of the vacant land and existing hotel property and unite them in the new project designed by Foster.

A guest suite with a private pool at the Aman.

(Kerry Hill Architects)

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Merv Griffin Way, which cuts between the two parcels, will be covered by a new level that supports the gardens but remain a pass-through between Santa Monica and Wilshire boulevards. The garden will also cover an underground garage for 1,800 vehicles.

“This is our western gateway,” the mayor said. “As you enter Beverly hills, it will be amazing.”

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Read Nick Bilton’s Letter to Scott Pelley

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Read Nick Bilton’s Letter to Scott Pelley

Dear Mr. Pelley:

I meant what I said in my letter last week to the 60 Minutes team: joining 60 Minutes is the honor of my career and I am grateful to be working alongside the people who have contributed to the most important television journalism brand this country has ever produced. While I’m new to 60 Minutes, I’ve devoted my career to investigative journalism and storytelling. I started this job excited to collaborate and to benefit from the wisdom and experience of the 60 Minutes veterans, with you among them. For that reason, one of the first things I did in my new role was call you to talk and invite you to dinner. It is a profound disappointment that you rejected that overture and chose ambush instead. Yesterday, you hijacked my first meeting with staff to disparage me, my qualifications, and my intentions with remarkable incivility and contempt. I welcome a diversity of viewpoints and respectful debate among the team, but this was nothing of the sort. Yesterday’s performative display of hostility enacted in front of the staff instead of in a civil, private conversation-demonstrated that you have no interest in contributing to the future success of the show, or approaching my new tenure with a mind open to collaboration and progress. I am here to deliver first-in-class news programming, not to make headlines about newsroom drama. I am eager to work alongside those who share this goal.

Despite yesterday’s misconduct, I had hoped that in sitting down with you today we could find a path forward together. You made clear that you are not interested in such a path.

Your antipathy to the future of the show has come through loud and clear. And I have heard you. I therefore write on behalf of CBS News, Inc. (“CBS”) to inform you that your employment with CBS is terminated for cause effective immediately. Enclosed is your formal termination letter.

Sincerely,

Nick Bilton

Executive Producer, 60 Minutes

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Aspiration co-founder sentenced to 14 years for fraud

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Aspiration co-founder sentenced to 14 years for fraud

The co-founder of Aspiration, Joseph Sanberg, was sentenced to 14 years in prison on Monday after defrauding investors and lenders of over $248 million.

The startup, an eco-friendly digital banking company boasting fossil fuel-free investments, carbon offsets for gas purchases, and a debit card with cash-back benefits for shopping at clean companies, was founded by Sanberg and Andrei Cherny. Cherny left the company in 2022 and has not been charged.

Sanberg, an Orange County native, pleaded guilty to wire fraud in October after being arrested in March last year. Aspiration subsequently filed for bankruptcy and liquidated all of its assets by July.

Sanberg and venture capitalist Ibrahim AlHusseini, who also faces charges, together forged a series of bank statements in order to obtain loans. From 2020 to 2021, the pair forged AlHusseini’s bank statements to show millions of dollars in assets in order to obtain millions of dollars from lenders.

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Additionally, they forged a letter from their audit committee stating that $250 million in funds were available, when in reality Aspiration had less than $1 million. The amount of loans defrauded exceeded $248 million.

In 2021, Sanberg artificially inflated Aspiration’s 2021 revenue by $44 million by recruiting 27 fake customers to sign letters of intent pledging tens of thousands of dollars per month for tree planting services. Sanberg himself funded the contracts and used the inflated revenue numbers to obtain more loans.

The charges sparked an NBA investigation into salary cap allegations due to Aspiration’s connections with Clippers owner Steve Ballmer.

Ballmer personally invested $60 million in Aspiration, all of which was lost. He is now the target of a civil lawsuit alleging his participation in the scheme. Ballmer denies the allegations.

The team announced a $300-million sponsorship deal with Aspiration, and Clippers player Kawhi Leonard signed a four-year, $28-million marketing contract with the company, which reportedly performed no duties. The issue has raised concerns about how players are circumventing the NBA’s salary cap.

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The team lost the $300-million sponsorship deal and an additional $20 million paid for carbon offset purchases.

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Monterey Park takes landmark vote on banning data centers

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Monterey Park takes landmark vote on banning data centers

Residents in the city of Monterey Park will be the first in the nation to vote on a permanent ban on data centers Tuesday.

If approved, Measure NDC would prohibit data centers within the city limits and could only be overturned by another vote.

Yard signs saying “No Data Center” in English and Chinese with images of dragons line sidewalks in the San Gabriel Valley city.

As a wave of data center opposition sweeps the country, numerous towns and counties across the U.S. have instituted temporary moratoria and other restrictions on the facilities. But only a handful have instituted indefinite bans, and just four other towns have sent related matters to the ballot.

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Supporters are hoping the vote will set a precedent for the rest of the region, where residents are fighting proposals in Vernon and City of Industry.

“This is about as permanent a ban as we can get,” said Steven Kung, co-founder of the group No Data Center Monterey Park. “Winning Measure NDC would send a huge message to the rest of the San Gabriel Valley about how residents don’t want data centers.”

The ballot measure emerged from the fight against a 247,000-square-foot center proposed in 2024 by the Australian-owned investment firm HMC StratCap for a residential area in Monterey Park.

The facility would have sat less than 500 feet away from the nearest home and used three times the electricity of the 60,000-person, predominantly Asian American city.

While the developer touted the potential for jobs and tax revenue, residents expressed concerns about noise and air pollution, rising electricity rates and a potential to lower property values.

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The company pulled its plans in late March following public outcry and a March 4 city council vote to extend a temporary data center moratorium and place a ban on Tuesday’s ballot.

In a letter to the city council, HMC StratCap said it would pursue a different use for the land and would not engage in a ballot measure fight.

The city council later banned data centers indefinitely, the first in California to do so, said Mayor Elizabeth Yang. But she’s still been out campaigning for the measure with all four other council members.

“If a council puts in an ordinance, a future council can reverse it too,” said Yang. “With the ballot measure, unbanning it is a lot harder because you need the entire city to vote on it.”

The measure proposes the ban “to protect air quality, drinking water resources, and public health” and “prevent impacts to electricity and water rates.”

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While California places third in the country for existing data centers with about 300 facilities, it hasn’t been a hot spot in the recent AI-driven data center boom. High electricity rates, expensive land and regulatory hurdles mean that fewer, and smaller, facilities are currently planned than in Virginia, Texas, Georgia, Illinois or Arizona.

“Most of California’s data centers are small by today’s standards,” said Shaolei Ren, an engineering professor at UC Riverside who studies how to reduce the environmental impacts of data centers. “Ten years ago, they would be medium-sized, but the power demand for new AI data centers has increased a lot.”

The average operating data center demands 45 megawatts, according to the Washington Post, while the average planned one would draw 430 MW. The one proposed for Monterey Park would have required about 50 MW at peak demand.

As proposals crop up in SoCal, they’re met with fierce opposition. Montebello, El Monte and Baldwin Park have all enacted temporary moratoria, and Alhambra recently banned data centers as part of a zoning code update. City of Industry, Vernon, City of Commerce and Santa Fe Springs are moving in the other direction, trying to court developers and streamline data center approvals. Community groups are fighting that.

Outside the San Gabriel Valley, residents of Coachella and Imperial County are showing up in droves to protest local proposals.

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Matthew Shaw, a volunteer with the Coalition for Responsible Data Center Development, who recently published a report on opposition to AI data centers, said a vote to ban them in Monterey Park “would lead to copycats, partially because so many groups are just opposed to any data center development at all.”

While there is no formal opposition to Measure NDC, some building trades like Ironworker Local 433 supported the Monterey Park data center when it was still live before city council. Those in the data center industry are lamenting the state of public opinion.

“These are multi-billion-dollar assets that are built by multi-trillion-dollar companies. These things will get done,” said Mehdi Paryavi, chairman of the International Data Center Authority. “My biggest problem is that our industry does not invest enough in community engagement.”

Paryavi said towns that seek to limit data centers are missing out on thousands of jobs generated by data center construction, operations and customers, as well as faster artificial intelligence speeds and better performance.

Kung said local community organizers are “looking at the empirical evidence” and seeing a ban as a win.

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“We’ve never seen a city that embraces a data center and is like, ‘Look how our quality of life has increased, look how all the revenue has gone into citywide improvements,’” he said. “That just doesn’t exist.”

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