The last remaining evidence of the Robinsons-May’s existence in Southern California has finally come down, with one of China’s largest commercial property developers announcing last week it has acquired the site of the former retail chain’s Beverly Hills location and plans to infuse $1.2 billion into a new mixed-use development near the corner of Wilshire and Santa Monica boulevards.
About two years after doling out $2.6 billion to purchase the AMC theater chain, the Wanda Group reportedly acquired the site of the former Robinsons-May location by The Beverly Wilshire and a stone’s throw from the Century City high-rises.
The site was reportedly owned by another investment group from Hong Kong, which, according to multiple sources and news reports, had plans of its own to build a multi-use development with condos, restaurants, shops, and parking in place of the old Robinsons-May building.
It remains a mystery what the Wanda Group’s exact plans with the site are, as the company has not announced whether it would carry the torch from its predecessor or execute a completely different plan.
Interestingly enough, in July the Wanda Group officially opened the “Wanda Plaza” in the Chinese city of Changzhou – a city of about 4.5 million people. The plaza reportedly includes a luxury hotel, an IMAX cinema, office space, a “commercial boulevard,” and a “large shopping mall.”
According to the Wanda Group, the plaza is the largest commercial development in Changzhou. Whether the plaza would inspire what the Wanda Group ultimately plans to do with the Robinsons-May site remains to be seen.
Also a mystery: how much the Wanda Group paid for the property.
While the Hong Kong investment firm reportedly purchased the Robinsons-May property for an nearly $150 million, there are some news reports that estimated the Wanda Group paid more than double that amount. However, there are no confirmations of the exact or estimated purchase price.
What is known is that the Wanda Group beat out nearly a dozen bidders to acquire the highly sought property adjacent to one of the busiest intersections in Southern California.
“Wanda successfully beat out more than ten bidders from Asia and North America for the project,” the Beijing-based company said in a statement on its website. “The Los Angeles project will serve as the Wanda Group’s first important step into Hollywood.The Los Angeles project is expected to aid China’s entry into Hollywood’s film industry and generally promote Chinese culture abroad.”
The company added it would establish a Los Angeles office to oversee and handle its entertainment investments.
Though driving from the Robinsons-May site to Hollywood could be a bit of a chore – especially during daylight hours – just about everyday of the week, the Wanda Group’s acquisition of the property near the intersection of Wilshire and Santa Monica boulevards could still keep the company close to the world’s largest film industry. Currently, the Hollywood Foreign Press Assoc. hosts the annual Golden Globe Awards event at the Beverly Wilshire, which is adjacent to the Robinsons-May site.
Finally in demolition stage, the former Robinsons-May building was erected in the 1950s but has not been used since the retailer went dark in 2005.
Last week’s purchase of the Robinsons-May site was not the first significant financial investment it made in the Los Angeles area.
In 2013, the Wanda Group reportedly made a $20 million donation a few miles northeast of the Robinsons-May site to establish a film museum at the Los Angeles County Museum of Art (LACMA). The donation was made to the Academy of Motion Picture Arts and Sciences – the group who puts on the Oscars and will operate the film museum.
The Wanda Group also hinted at investing nearly $1 billion to build the newest high-rise in Chicago, according to multiple news reports.
Wang Jianlan, a Chinese billionaire who reportedly served in the People’s Liberation Army and was a member of his country’s Communist Party, helms the Wanda Group. According to Forbes, he became chairman of the Wanda Group in 1989, when he was just 35 years old. At that time, the Wanda Group was reportedly state-owned.
Also according to Forbes, Jianlan is the richest man in Mainland China and owns 51 luxury hotels, 75 department stores, and 85 shopping plazas.
His current net worth, Forbes stated, is $15.7 billion.
