Construction is advancing at One Beverly Hills, where the Beverly Hilton expansion has topped out approximately 10 weeks ahead of schedule and one of the development’s residential towers is progressing six weeks ahead of schedule. The developer’s November 2 update also confirms the completion of 335 geothermal wells as work continues across the 17.5-acre site.
The latest figures provide a clearer picture of the scale of construction at the Beverly Hills development, which combines a new Aman hotel, two Aman-branded residential towers, an Aman Club, an expanded and renovated Beverly Hilton, retail space and landscaped gardens. The update also reveals $3.024 billion in outstanding project debt as the development moves through its construction and leasing programme.
Construction reaches major milestones
Cain International, an affiliate of Eldridge, is leading development of One Beverly Hills. Construction began in February 2024, with vertical construction starting in November 2025.
The November update reports that crews have excavated more than 834,000 cubic yards of earth, poured over 105,000 cubic yards of concrete and installed approximately 30 million pounds of reinforcing steel.
A major infrastructure milestone is the completion of 335 geothermal wells, each extending approximately 600 feet underground. The developer identifies the wells as part of the development’s renewable energy infrastructure, although it has not disclosed their expected energy output or the savings they could deliver.
Construction is progressing across several major buildings, with the Beverly Hilton expansion structure reaching its topping-out milestone around 10 weeks ahead of schedule. One of the residential towers is also reported to be approximately six weeks ahead of schedule.
Five independent major contractors are working on the development, according to the update. However, the company has not identified them or provided a building-by-building construction schedule.
The City of Beverly Hills anticipates overall project completion in 2028, with some portions expected to be completed earlier. That broader schedule provides a useful reference point for assessing the developer’s reported progress on individual structures.
Outstanding project debt reaches $3.024 billion
The update provides a detailed breakdown of One Beverly Hills’ outstanding debt as of September 30, 2026, putting the total at approximately $3.024 billion based on principal.
Third-party lenders and Founder Bond purchasers held approximately $1.597 billion, while Security Benefit Life Insurance Company (SBLIC), an Eldridge affiliate, held approximately $1.427 billion.
The SBLIC exposure included approximately $98.2 million in senior construction debt and $1.329 billion in junior mezzanine financing.
These figures should be distinguished from the $4.3 billion financing package announced in March 2026. That package comprised a $2.8 billion senior construction loan led by JPMorgan and a $1.5 billion senior mezzanine loan led by VICI Properties. It refinanced an earlier construction bridge loan and provided financing for the development’s completion.
The March financing announcement describes the size of the financing package, while the November update reports the outstanding project debt at a later reporting date. They are different measures and should not be treated as interchangeable.
The update also discusses changes to the capital requirements applied to certain collateral loans held by insurance companies. New rules adopted by the National Association of Insurance Commissioners are expected to affect risk-based capital reporting from December 31, 2027.
Eldridge says potential reductions in SBLIC’s collateral-loan exposure will not affect the completion of One Beverly Hills, citing the insurer’s flexibility and access to other capital sources. That is the company’s assessment; the update does not provide an independent assessment of the potential impact.
Retail leasing moves forward, but most space remains available
Retail leasing is another important part of the development’s commercial progress.
Approximately 25% of the available retail space is fully leased, according to the update. The developer also reports around 200 letters of intent covering approximately 40 remaining locations.
Those letters represent roughly three times the floor area still available for leasing, according to the company. However, letters of intent are not completed leases, so the figures should not be interpreted as evidence that the remaining space has already been secured by tenants.
The developer says its retail offering is being positioned against the established Beverly Hills luxury shopping market. It cites comparable Rodeo Drive rents of approximately $1,500 per square foot and says its current rates are more competitive, although it does not disclose the actual rental rates being offered at One Beverly Hills.
The distinction between expressions of interest and signed leases will be important as the development moves closer to opening. The latest update indicates substantial leasing interest, but does not establish how much of the remaining retail space will ultimately be occupied.
Residential demand and buyer financing
The developer describes demand for the residential component as exceptionally strong, reporting transactions that it says have established new pricing benchmarks for Los Angeles.
The update also highlights the use of Founder Bonds issued to buyers, which provide preferential access to residences. However, it does not disclose the number of units sold or reserved, the total value of residential transactions, or the amount raised through the bond programme.
Those missing figures make it difficult to independently assess the pace of sales or how much buyer-linked financing contributes to the project’s capital structure.
Short-term rental proposal awaits public hearing
One Beverly Hills is also seeking a change to the rules governing the use of some of its residences.
On October 20, the Beverly Hills City Council voted 4–0 to advance a proposal that would allow up to 44 residences to be offered for short-term stays through an Aman-managed programme. The proposed stays could be as short as one night.
The council’s vote advanced the proposal for further consideration; it did not grant final approval. A public hearing is scheduled for November 10, 2026.
The proposal is significant because previous approvals required these residences to be rented for a minimum of 180 days. The change would create a different rental arrangement for a limited number of units within the development.
The issue has also drawn opposition and concern from nearby hospitality interests, including the Peninsula Beverly Hills. The outcome of the November hearing will determine whether the proposed arrangement advances further.
Beverly Hilton continues operating during construction
The Beverly Hilton remains open while its expansion and renovation proceed, allowing the hotel to continue hosting events during the wider development programme.
The update says the hotel hosts more than 200 events annually and highlights the Golden Globe Awards, the Milken Institute Global Conference and the CAIS Alternative Investment Summit among recent events.
It also reports multi-year commitments for the Golden Globes and Milken Institute events, reinforcing the importance of keeping the hotel operational while construction continues.
The ability to carry out the expansion alongside ongoing hotel operations adds another layer of complexity to the construction programme.
The financing activity also reflects continued investment in large-scale luxury residential development in other U.S. markets. In Fort Lauderdale, Florida, JVP Management has provided a $140.2 million senior construction loan to Alta Developers for Alta New River, a planned 35-story tower with 400 luxury rental residences. Construction is expected to begin in November 2026, with completion targeted for the fourth quarter of 2028. Unlike One Beverly Hills’ branded residences, the Florida development is designed to bring condominium-quality amenities to the rental market.
One Beverly Hills project factsheet
- Location: Beverly Hills, California
- Site area: More than 17.5 acres
- Developer: Cain International, an Eldridge affiliate
- Hotel: New Aman Hotel and renovated Beverly Hilton
- Residential: Two Aman-branded residential towers
- Other amenities: Aman Club, approximately 200,000 square feet of retail, and approximately 10 acres of gardens and open space
- Construction start: February 2024
- Vertical construction start: November 2025
- Geothermal infrastructure: 335 wells, each approximately 600 feet deep
- Outstanding project debt: $3.024 billion as of September 30, 2026
- Retail leasing: Approximately 25% of available space fully leased
- Overall completion: Anticipated in 2028, according to the City of Beverly Hills
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