HBC Properties and Investments has proposed a five-year revitalization project at 9600 Wilshire Blvd. (rendering courtesy of HBC Properties)

HBC Properties and Investments on June 24 announced a five-year plan to redevelop the Saks Fifth Avenue building, an adjacent one-story building, a vacant retail location and two surface parking lots at 9600 Wilshire Blvd.

According to a press release, the project will result in the restoration of the Saks Fifth Avenue façade, the reuse of the Barneys building, the construction of two office buildings, the development of residential apartments, new commercial spaces and underground parking garages.

Beverly Hills Chamber of Commerce president and CEO Todd Johnson said he had an opportunity to preview the project in New York four years ago, and it has improved since then.

“It’s all for the better,” he said. “I think the bottom line is, it’s great. [The company’s] goal was to extend Rodeo Drive west on Wilshire, and I think the luxury that they’re putting in and … what they’re going to do with this space, it makes sense for that section of town to have this type of project.”

Johnson said it will require a “fine balance” to make sure the project is palatable for residents south of the proposed construction area.

“But, I think it’ll be one more world-class project that’s going into our city that’s going to help maintain and even take the city to a higher level of luxury,” he added.

Johnson referenced the LVMH Cheval Blanc proposal and the approved One Beverly Hills project, both of which could be under construction in the next few years.

“It’s pretty spectacular,” he said. “So many cities would do anything to have these types of projects in their city, and we’re fortunate that these folks are investing major dollars into the city and, obviously, have long-term visions and long-term plans [for Beverly Hills].”

According to a press release, the announcement stems from a “strategic shift” by HBC, which owns Saks Fifth Avenue and Hudson Bay, to “operate at the intersection of technology, retail and real estate.”

“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,” HBC governor, executive chairman and CEO Richard Baker said.

The release states that the Barney’s building will be used to house the Saks Fifth Avenue Women’s store, but the men’s store will remain in its current location at Wilshire Boulevard and Bedford Drive. The developers also have plans to add retail, dining, membership club and other related commercial uses to the area.

“Beverly Hills is home to some of the world’s most glamorous and exciting luxury shopping destinations, though as a community, the city has the charm of a close-knit village,” HBC Properties and Investments president and CEO Ian Putnam said. “The 9600 Wilshire plan will unite underutilized properties surrounding Saks in a way that maintains Beverly Hills’ village-like character, while creating value for the city and reactivating Wilshire Boulevard – bringing the commercial core of Beverly Hills into the 21st century.”

The proposal includes four commercial buildings, two of which will be revitalized and two of which will be new. They will all face Wilshire Boulevard and retain the character of the city’s commercial area, according to the release.

“This plan provides for a complementary mix of commercial uses that will restore the Saks building and allow for the adaptive reuse of the interior to position it for an exciting future,” said Douglas Adams, senior vice president at Streetworks Development, the real estate development division of HBC Properties and Investments. “Creating new, thoughtfully designed spaces that respect and enhance the historic character and integrity offers a unique opportunity to capture unmet demand for new services and tenants.”