Owners of the property at Wilshire and Santa Monica boulevards broke ground on what they call a 17.5-acre 'urban resort'.
'Candidly, I think it marks a new generation of Beverly Hills,' said Mayor Julian Gold. 'They can't be stagnant, they cannot stay only the way they were.'
Current Mayor Gold stated that tax revenue from the project will be used to fund affordable housing in other parts of the city.
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