Saks Fifth Avenue owner HBC plans to develop a hotel and 56 private residences in Beverly Hills as well as town homes in the parking lot of a former Lord & Taylor department store in New Jersey.
The company, which recently acquired Neiman Marcus in a $2.65 billion deal, is applying for permits in Beverly Hills to build dozens of luxury residences on Wilshire Boulevard as well as a hotel in the former Saks store which will also comprise a private club, spa and restaurant.
In Westfield, New Jersey, HBC has also secured permission to redevelop 14 acres on both sides of the train station in the Union County township. The site includes a defunct Lord & Taylor store and multiple parking lots that will be converted into public spaces and town homes.
Why it matters
The company’s significant expansion into hotels and the living sector comes as the retail sector continues to suffer, and the hotel sector continues to attract investor interest due to its positive performance in relation to other real estate sectors.