Business
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)
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.”
“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.
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.
(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.”
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.
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)
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.”
Business
How the FIFA World Cup is providing a boost for L.A. businesses
Johnny Beig may have played in a semi professional cricket league in Australia, but this summer he’s a big fan of soccer in the United States.
It’s not just because he’s rooting for the World Cup team, though.
FIFA emblems are featured on jerseys that were created by the Dioz Group and distributed for all employees at the 16 FIFA World Cup venues this summer.
(Genaro Molina / Los Angeles Times)
Last year, Beig’s Beverly Hills-based company, Dioz Group, won a $2.5 million contract with On Location, FIFA’s hospitality partner, to design, manufacture and distribute uniforms for all employees working at FIFA World Cup venues this summer.
These include the people welcoming attendees into stadiums, VIP lounge chefs, waiters and the flagbearers during the opening ceremony.
After a multi-step application process, including presentations of its planning and strategy, Dioz says it produced more than 50,000 clothing garments including suits, jackets, shirts and hats and delivered them to the 16 World Cup venues around the U.S., Canada and Mexico in June.
Thanks in part to the World Cup contract, the company’s revenue has reached $15 million so far this year, compared with $20 million last year, Beig said. He declined to disclose the company’s net income but said the business was profitable.
“We are working with larger names that we would have never imagined we would,” he said. “The FIFA World Cup is the pinnacle. Working with the largest sporting event in the world is what we’re very proud of. I don’t think it gets any bigger than that.”
Volunteers line up to prepare to display the Canadian flag before a World Cup round of 32 knock-out match between Canada and South Africa at SoFi Stadium on Sunday.
(Kelvin Kuo / Los Angeles Times)
Dioz is among the many small businesses across Los Angeles that are getting a boost from the global sporting event, said Kevin Klowden, a senior fellow at the Milken Institute.
The influx of hundreds of thousands of fans into the city has been a boon to hotels, transportation services and restaurants, in addition to those in the special events and logistics economy, Klowden said, calling the event the “equivalent of multiple Super Bowls.”
“The number of contracts that are there, it’s a big deal,” he said. “Given the fact that L.A.’s filming is only slowly recovering, having something like the World Cup is definitely a boost.”
Dioz was co-founded by Johnny, 44, and his brother Tony in 2006. The brothers were born in India and raised in Australia, where Johnny enjoyed a brief career as a semi professional cricket player.
He realized his future wasn’t as a professional athlete, but he wanted to stay connected to the sports world, so he began making uniforms for his cricket team in 2006.
He then got a referral to make uniforms for multiple teams in the area before starting an apparel company.
“I wanted to stick with something I was passionate about, which is sports,” he said.
Volunteers unravel the center field display before a World Cup round of 32 knock-out match between Canada and South Africa at SoFi Stadium on Sunday.
(Ronaldo Bolanos / Los Angeles Times)
In 2012, Beig moved to Los Angeles and established Dioz‘s Los Angeles headquarters to tap into the U.S. market. During the pandemic, the company started supplying medical apparel to hospitals and schools, and the business took off, with revenue doubling in 2020, Beig said.
Dioz now has over 150 employees, including 15 in L.A., and manufactures its apparel at factories in China, India, Bangladesh, Turkey and the Philippines. Tony runs an office in Dubai.
Before the World Cup, Dioz provided employee uniforms for events including Super Bowl LIX and Copa America, which may have given it a leg up on the FIFA contact.
Now, with a World Cup contract on their resume, Beig said he’s setting his sights on even bigger events.
“This gives us an edge over the next FIFA events worldwide as well, where we can showcase our skills and we can handle it,” Beig said. “So it gives us a good opportunity to work with sporting events like the UEFA Championship and Premier League.”
As companies get new business from the World Cup, Klowden said it’s important that they leverage their new position to continue that growth.
Companies that benefited from the World Cup might be in a position to bid on even bigger contracts, especially with the Olympics coming up in 2028, Klowden said.
“The really important part in any of these deals is that if a company ran something like this, then they are able to build off of that success,” Klowden said. “Let’s say you’re a company that did a big uniform order or a big food order, and the World Cup goes, and you invested in new manufacturing capacity, or you invested in new clothing machines, or whatever you do; suddenly you don’t have that market anymore, then you’ve just wasted all that money ramping up.”
Business
Home insurer surcharges for wildfires is legal, judge rules
Surcharges that California homeowners have been hit with statewide by insurers defraying the costs of Los Angeles County’s wildfires were ruled legal in a decision released late Tuesday.
L.A. County Superior Court Judge Tiana Murillo turned down a petition by advocacy group Consumer Watchdog to halt the charges, which insurers began levying last year after the state’s insurer of last resort couldn’t pay all its January 2025 fire claims.
The California FAIR Plan, financially backed and operated by the state’s licensed home insurers, needed a $1-billion bailout from the insurers after it was hit with some $4 billion in claims.
Under a deal Insurance Commissioner Ricardo Lara worked out with the FAIR Plan in 2024, the insurers could seek state approval to surcharge their residential policyholders for up to half of any assessment totaling $1 billion in case the plan needed a bailout in an “extreme worst case scenario” — as it turned out it did.
A total of 105 insurers, including State Farm General — California’s largest home insurer — Farmers and Mercury sought and received approval for the surcharges.
Because the FAIR Plan assessed its member insurers based on their share of the state’s home insurance market, the policyholder surcharges were in the same ballpark. The median fee for homeowners was $28, according to the department of insurance.
The fee can be more or less according to the size of a homeowner’s premium and is split into monthly payments that insurers can spread over one or two years. Condo owners and renters on average were surcharged less.
In a court filing, Consumer Watchdog said $420 million in surcharges were approved.
In its April 2025 lawsuit filed against Lara, the Los Angeles group made a series of arguments in seeking to overturn the residential surcharges, which it deemed an industry bailout. It did not sue over related commercial surcharges.
Consumer Watchdog contended in its lawsuit that the surcharges violated Proposition 103 — the 1988 measure that governs insurer rate hikes — because the proposition does not allow for them.
It also claimed Lara did not follow regulatory protocol in promulgating the new policy.
The group further alleged that the FAIR Plan’s governing statutes do not give Lara the authority to permit the surcharges — and that the statutes require insurers to share in the plan’s profits and losses, and not shift losses to policyholders.
Murillo, and another judge who previously heard the case, turned down all of the consumer group’s arguments in separate rulings, the last of which Murillo issued Tuesday night.
Lara celebrated his legal victory over Consumer Watchdog, which has accused Lara of having close ties to insurers and sought to oust him from office. His terms ends in January.
“This victory sends a loud and clear message: The era of allowing special interests to derail consumer choice is over. We have the momentum, we have the authority, and we will continue to fight until every Californian has access to the coverage they deserve,” Lara said in a statement.
Attorney Will Pletcher, litigation director of Consumer Watchdog, said the group disagreed with the decision and would “consider all options to move this forward.”
“It’s important to try to protect California consumers from these surcharges that we think are in pretty clear conflict with both Proposition 103 and the FAIR Plan,” he said.
Hilary McLean, a spokesperson for the plan, said in a statement it did not have any position on the ruling, given the plan “does not have a role in determining how insurers manage costs associated with assessment.”
Denni Ritter, vice president of state government relations for the American Property Casualty Insurance Assn., a major industry trade group, said the decision rejected “the reckless lawsuit brought by the self-interested group Consumer Watchdog…”
“This ruling preserves a vital tool to protect the stability of the California insurance market. Blocking cost recovery would have undermined the state’s last-resort coverage option,” she said in a statement.
The 2024 policy was issued in response to the rapid growth of the plan due to a series of wildfires over the last decade that prompted multiple insurers to retreat from the state’s home insurance market.
The plan had 264,000 homeowners on its rolls in September 2022, a figure that rose to 452,0000 in the months before the fires — and its residential policyholders have since increased to 663,000 as of March.
The FAIR Plan offers policies that typically cost more than those issued by regular insurers while offering less coverage.
A Times analysis last year found that in the Palisades and Eaton fire zones, the plan’s rolls nearly doubled to 28,440 from 2020 to 2024.
That concentration of policyholders led to the plan’s large losses during the Jan. 7 wildfires, which damaged or destroyed more than 18,000 structures, killing at least 31 people.
It’s been estimated that the insured losses for the wildfires could ultimately total as much as $40 billion, exceeding any past wildfires worldwide. Ritter said that so far insurers have paid $23.7 billion in claims.
The 2025 wildfires were not the only time the FAIR Plan has needed a bailout, though it is the first time its member insurers surcharged policyholders.
In 1993, it assessed carriers after fires in Altadena and Malibu, and in 1994 it did so after the Northridge earthquake. The assessments totaled $260 million.
The plan received approval this year from the insurance department for a 29% rate increase for its homeowner dwelling policy that will take effect in October.
Business
First recorded Tesla Semi crash kills two people in Nevada
An electric Tesla Semi truck crashed into two vehicles in Dayton, Nev., over the weekend, killing two people and raising questions about the truck’s safety features.
The Lyon County Sheriff’s Office responded to a major collision around 7 a.m. on Sunday at the intersection of Highway 50 and Traditions Parkway about 40 miles east of Reno, the office said.
The office confirmed a semi-truck was involved in the accident, and footage of the scene shows it was a Tesla Semi.
It is the first known crash involving a Tesla Semi, an electric Class 8 truck that Tesla is building in Nevada and plans to ramp up production of. As interest in Tesla’s electric passenger vehicles wanes, the company is betting on the truck to give it a needed boost.
The trucks do not have the Full Self-Driving mode available in Tesla cars, but Tesla’s website says they come standard “with active safety features that pair with advanced motor and brake controls to deliver traction and stability in all conditions.”
According to the Lyon County Sheriff’s Office, preliminary statements obtained at the scene suggest the truck driver may have fallen asleep behind the wheel.
The crash is under investigation by the Nevada State Police Highway Patrol, which said additional information may be released next week.
The Record-Courier identified the victims as Sergio and Jennifer Villanueva, a couple who got married in 2022.
Tesla has not clarified if its semitruck has an automatic emergency braking system. Federal regulators are currently weighing a mandate for emergency braking systems in vehicles more than 10,000 pounds.
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