BEVERLY HILLS, CA—Caruso Affiliated has filed entitlements for its latest mixed-use development, 333 La Cienega. Located on the border of Los Angeles and Beverly Hills, the 154-unit project is adjacent to Caruso's recent development 8500 Burton Way, which is collecting some of the highest multifamily rents in the nation. According to industry sources unrelated to the deal, the development will cost an estimated $155 million. It is expected to open in late 2017.

“This is a terrific neighborhood,” Matt Middlebrook, EVP of development at Caruso Affiliated, tells GlobeSt.com. “We have been successful down the street with our most recent project, 8500 Burton Way, which has been a tremendous success for us. The neighborhood has great access to shopping and dining. We think that it will be a wonderful place for residents to live on the border of Los Angeles and Beverly Hills. Plus, we own the land, and this is a great time to build.”

Building off of the success of 8500 Burton Way, the property will offer top-level customer service and amenities to attract high-end tenants. The property's luxury amenities will feature 24-hour attendant and call center, five-star lobby concierge, onsite valet, room service and pantry service and VIP valet parking at the Grove and Americana as well as a fitness center, sky pool deck and a full-service spa. The property will also include ground-floor retail space, and the developer is hoping to secure an upscale grocer as well as a restaurant and café at the property.

“What really sets our brand apart is that we offer the highest level of customer service. Customers are looking for an overall experience, not price and convenience,” says Middlebrook. “That has proven true for us in retail, and now at 8500 Burton, it has proven true for us in residential. We have been able to drive the rents at 8500 Burton because of that level of service and amenities. We are going to take that up a notch at 333, and provide a landmark product with incredible views, an incredible location and the very best in amenities and customer service to bring the very best in hotel service to apartment living in a way that no one else is doing in the market.”

The property is located on the former Loehmann's department store site. Caruso owned the land underneath the department store, and due to the closing of Loehmann's, was able to get it back earlier than expected for the development.

Architects MVE & Partners are designing the property, while Hetzel Design will design the building exterior. The development's sister property 8500 Burton Way, which broke ground in 2011 and opened in 2012, is currently 100% leased. Middlebrook expects to encounter similar success with this property when it opens in 2017.