HBC Properties and Investments has announced a 5-year plan to restore, develop and revitalize properties affiliated with Saks Fifth Avenue in Beverly Hills, CA. The 9600 Wilshire redevelopment plan is part of an overall strategy by HBC, Sak’s Fifth Avenue and Hudson’s Bay stores to operate at the intersection of technology, retail and real estate.
The six parcels, spanning two blocks and 3.4 acres, contain the Saks Beverly Hills building built in 1938, the attached shoe department, a vacant retail location that was formerly Barneys New York, and three surface parking lots. The real estate development project will include the restoration of the historic Saks building facade, an adaptive reuse of the Barneys building, the construction of two office buildings, and the development of a multifamily property.
“This project is an exciting step on our journey to build a future-facing holding company of luxury online and brick and mortar retail, high-end real estate and an intellectual property incubator that launches new businesses such as our office offering,” said HBC CEO Richard Baker.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.