The former Saks Fifth Avenue and Barneys New York locations in Beverly Hills will rise again—and not just with retail. HBC, the parent company of Saks Fifth Avenue, has announced plans to redevelop the 3.4 acres into six different projects, according to Urbanize.
Aside from relocating the Saks Women’s store, while the current Saks shoe building and a neighboring parking lot will be redeveloped into office buildings. The parking lots south of Wilshire Boulevard are set to become apartment buildings with plans for 68 units.
Additionally, other plans for the redevelopment project include new retail and restaurants, membership clubs, underground parking and public open space.
“Drawing on HBC’s rich 350-year history of entrepreneurship and reinvention, the 9600 Wilshire project is an exciting and important 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 growing, global flexible office offering,” said HBC executive chairman and chief executive officer Richard Baker in a statement.
The project is expected to take five years to complete.