Not only did demolition work not commence earlier this month, now the long-vacant Robinsons store in Beverly Hills is back on the market. The site at 9900 Wilshire Boulevard, just west of the Beverly Hilton hotel, would come fully approved for construction of a luxury condo project, says Roger Vincent in the LA Times. He calls the parcel "one of the most desirable pieces of real estate in the country."
Joint Treasure International, a Hong Kong private equity firm, bought the 8-acre parcel near the intersection of Wilshire and Santa Monica boulevards in 2010 for $148 million. The firm had said it would complete an existing plan to build 235 condos on the property at 9900 Wilshire Blvd.
The 62-year-old building, which stands across Merv Griffin Way from the Beverly Hilton Hotel, has been unoccupied for nearly a decade. In a separate development, the owner of the hotel announced this month that he will start work soon on a Waldorf Astoria hotel that will rise next to the Hilton.
Representatives of Joint Treasure could not be reached to explain why they want to sell the Robinsons-May property or how much they hope to get for it. Real estate experts familiar with the Beverly Hills market think that the property is worth more than twice what Joint Treasure paid for it, perhaps in the mid-$300-million range.
The store became Robinsons-May after two old-time Los Angeles department store chains — Robinsons and May Co. — combined.