AGENDA REPORT
Meeting Date: February 19, 2025
Item Number:
To: Honorable Mayor & City Council
From: Andre Sahakian, Project Manager
Josephina Lee, Management Analyst
Attachments: 1. Agreement
RECOMMENDATION
Staff recommends that City Council:
1. Approve an agreement with Keyser Marston Associates, Inc. (KMA) for financial consulting services related to the proposed Development Agreement for the 9600 Wilshire Specific Plan Project (also referred to as the ‘Saks Project’) in the not-toexceed amount of $112,000; and
2. Approve a corresponding purchase order in the not-to-exceed amount of $112,000. The cost of the services provided will be borne by the project applicant.
INTRODUCTION
The City has received applications from Streetworks Development, the real estate development division of Hudson’s Bay Company Properties & Investments Company (‘the Developer’), for a Specific Plan to allow a proposed mixed-use development project on a
3.9 acre-site in the area bounded by Wilshire Boulevard to the north, S. Bedford Drive to the west, S. Camden Drive to the east, and public alleys to the south. The project site would be bisected by S. Peck Drive, which would be included in the proposed Specific Plan area. The exact addresses associated with the proposed project include 9570, 9588- Subject: AGREEMENT BETWEEN THE CITY OF BEVERLY HILLS AND KEYSER MARSTON ASSOCIATES, INC. FOR FINANCIAL
CONSULTING SERVICES RELATED TO THE PROPOSED SAKS
PROJECTS LOCATED AT 9600 WILSHIRE BLVD.; AND
APPROVAL OF A CORRESPONDING PURCHASE ORDER IN THE
NOT-TO-EXCEED AMOUNT OF $112,000 FOR THESE
PROFESSIONAL SERVICES
Meeting date: February 19, 2025
9596, 9600-9610, and 9620 Wilshire Boulevard; 128 S. Bedford Drive; 133 S. Camden Drive; and 120 and 121 S. Peck Drive.
The application for entitlements includes a request to establish a Development Agreement between the City and the Developer pursuant to California Government Code section 65864 et seq. The Specific Plan will be divided into two districts: the "Wilshire Boulevard District," comprising parcels fronting Wilshire Boulevard currently occupied by commercial structures, and the "Neighborhood District," consisting of parcels south of the Wilshire Boulevard District currently used primarily as surface parking lots. The Wilshire Boulevard District is proposed to allow a range of commercial and residential uses, while the Neighborhood District would accommodate a more limited selection of residential uses.
The project involves comprehensive redevelopment of the site area, implemented through a Conceptual Plan, which includes rehabilitation and conversion of the historic Saks Women’s Building into a mixed commercial facility, featuring retail spaces, a boutique hotel with up to 50 hospitality suites, a social club, and a spa totaling approximately 127,000 square feet of floor area; a new 7-story mixed commercial building with up to 86,000 square feet of floor area and 20 residential units; a new 6-story office mixed commercial building with up to 80,000 square feet of floor area; two new 6-story multifamily residential buildings with a combined total of up to 70 units; four levels of subterranean parking; and various pedestrian and public right-of-way improvements on the surrounding streets and alleys within the Specific Plan area. If adopted, the proposed 9600 Wilshire Specific Plan would authorize development of the proposed project and set forth related development and operational standards that would be applicable to the project site.
DISCUSSION
The scope of work on KMA’s contract includes the City’s request for KMA to prepare a value enhancement analysis and a general fund revenue analysis to assist in the entitlement process and in the negotiation of the requested Development Agreement. The value enhancement analysis will estimate the amount of value enhancement that would be created by the proposed project. The scope of work also includes for KMA to prepare comparative fiscal analyses that will evaluate property tax revenue, sales revenues, transient occupancy tax revenue, and other taxes and fees to be generated by the proposed development. KMA will prepare a memorandum for both analyses that will summarize the fiscal impact that the project will have on the City.
All costs with this contract are borne by the Project Applicant. The budget for the proposed agreement is $112,000.00 and includes a 10% contingency allowance.
FISCAL IMPACT
The applicant team will fund the contract amount before any services are provided, without using general fund reserves.
Michael Forbes, AICP
Director of Community Development
Approved By
ATTACHMENT 1
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@< =A@E>= IIT
UVWXYZ[\]\^_`Va_bUcdeeUfghijikddjlmngjggggjggofnlmenh]p Certificate Of Completion
Envelope Id: 2FFD5BA7-7C22-493B-BBBB-BB05349F3AE6 Status: Sent Subject: Complete with Docusign: CLEAN - Agreement - KEYSER MARSTON ASSOCIATES, INC. (9600 Wilshire) (2).pdf Source Envelope:
Document Pages: 15 Signatures: 6 Envelope Originator:
Certificate Pages: 3 Initials: 0 Evelin Welch
AutoNav: Enabled
EnvelopeId Stamping: Enabled
Time Zone: (UTC-08:00) Pacific Time (US & Canada)
455 N. Rexford Drive
Beverly Hills, CA 90210
[email protected]
IP Address: 198.245.189.166
Record Tracking
Status: Original
2/12/2025 4:34:43 PM
Holder: Evelin Welch
[email protected]
Location: DocuSign
Signer Events Signature Timestamp
Kathleen H. Head
[email protected]
President
Security Level: Email, Account Authentication
(None) Signature Adoption: Pre-selected Style
Using IP Address: 75.12.17.251
Sent: 2/12/2025 5:22:04 PM
Viewed: 2/12/2025 5:22:34 PM
Signed: 2/12/2025 5:22:48 PM
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
Tim Bretz
[email protected]
Assistant Secretary
Security Level: Email, Account Authentication
(None) Signature Adoption: Pre-selected Style
Using IP Address: 104.173.188.10
Sent: 2/12/2025 5:22:49 PM
Viewed: 2/12/2025 5:24:55 PM
Signed: 2/12/2025 5:25:21 PM
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
Anthony Rodstein
[email protected]
Purchasing Services Manager
City of Beverly Hills (Finance Department)
Security Level: Email, Account Authentication
(None)
Signature Adoption: Pre-selected Style
Using IP Address: 198.245.189.181
Sent: 2/12/2025 5:25:22 PM
Viewed: 2/12/2025 5:32:36 PM
Signed: 2/12/2025 5:32:40 PM
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
Deborah R. Hakman
[email protected]
Security Level: Email, Account Authentication
(None)
Signature Adoption: Pre-selected Style
Using IP Address: 208.87.233.201
Sent: 2/12/2025 5:32:42 PM
Viewed: 2/12/2025 5:40:29 PM
Signed: 2/12/2025 5:40:46 PM
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
Signer Events Signature Timestamp
Michael Forbes
[email protected]
Security Level: Email, Account Authentication
(None)
Signature Adoption: Pre-selected Style
Using IP Address: 198.245.189.181
Sent: 2/12/2025 5:40:48 PM
Viewed: 2/13/2025 6:52:55 AM
Signed: 2/13/2025 6:53:14 AM
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
Sharon L'Heureux Dressel
[email protected]
Risk Manager
Sharon Dressel
Security Level: Email, Account Authentication
(None)
Signature Adoption: Pre-selected Style
Using IP Address: 198.245.189.166
Sent: 2/13/2025 6:53:16 AM
Viewed: 2/13/2025 7:26:04 AM
Signed: 2/13/2025 7:26:19 AM
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
Anthony Rodstein
[email protected]
Purchasing Services Manager
City of Beverly Hills (Finance Department)
Security Level: Email, Account Authentication
(None)
Sent: 2/13/2025 7:26:21 AM
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
Nancy Hunt-Coffey
[email protected]
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
Lester J. Friedman
[email protected]
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
Huma Ahmed
[email protected]
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
In Person Signer Events Signature Timestamp
Editor Delivery Events Status Timestamp
Agent Delivery Events Status Timestamp
Intermediary Delivery Events Status Timestamp
Certified Delivery Events Status Timestamp
Carbon Copy Events Status Timestamp
Carbon Copy Events Status Timestamp
Keith Sterling
[email protected]
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
Adrianne Tarazon
[email protected]
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
Witness Events Signature Timestamp
Notary Events Signature Timestamp
Envelope Summary Events Status Timestamps
Envelope Sent Hashed/Encrypted 2/12/2025 5:22:04 PM
Payment Events Status Timestamps