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Beverly Hills Courier – New Electric Vehicle Company Set to Open in Beverly Hills — Beverly Hills Courier

BY Matthew Blake September 4, 2022

Reading time: 3 minutes

The Planning Commission voted 5-0 on Aug. 25 to let Faraday Future occupy the ground floor of 464 North Beverly Drive to show and sell luxury electric vehicles. Faraday, a Delaware-incorporated company headquartered in Gardena, has already signed a downstairs lease with building owner Danny Soroudi.

Leaving yet another luxury retailer in Beverly Hills would seem routine business, even by the Planning Commission’s standards of meticulous deliberation. Additionally, as Planning Chair Myra Demeter noted at the meeting, Faraday’s article was consistent with the California Air Resource Board’s historic announcement banning gas-powered car sales in California, starting in 2035. .

But there’s a catch: Faraday’s eight-year company history hasn’t included manufacturing a single car for public consumption.

In a filing with Securities and Exchange Commission regulators earlier this month, Faraday acknowledged that he may not stay in business for a very long time.

“Based on its recurring operating losses since inception and continued cash outflows from operating activities,” according to the filing, “the company has concluded that there is substantial doubt about its ability to continue as a going concern. for a period of one year.”

Brian Cuyler, senior executive at Faraday, gave the commission the half-full version of the glass. Cuyler said that while no cars were made, they could very well be made and sold by the end of 2022.

“The first vehicles will be delivered in the fourth quarter of this year,” Cuyler said.

Asked by commissioner Jeff Wolfe if the cars were in “pre-production” at the time, Cuyler said the information was “confidential”.

“I want you to succeed. We need this space to be filled,” said Commissioner Peter Ostroff. “But there seem to be a lot of hurdles and not the least.”

Ostroff and Wolfe asked David Snow, assistant city attorney for Beverly Hills, what relevance Faraday’s shaky future might have to showroom approval.

“If, unfortunately, they weren’t successful, it would probably become an issue with the rental agreement,” Snow replied. “I don’t think that’s really relevant to the discovery you have to make.”

Snow’s response ultimately reassured the commissioners.

“The situation is between landlord and tenant,” Demeter said. “I don’t really think it’s within our purview.”

Other news and notes from Thursday’s hearing:

Commissioners have cleared some variant zoning for a mansion at 910 Alpine Drive owned by real estate investor Alon Abady. The changes include the removal of two trees and the addition of a tennis court and lights on a property of more than 15,000 square feet.

Abady’s pre-hearing preparation included the commissioners’ visit to the scene. The owner also sought written approval from several neighbors, including former music mogul David Geffen.

Stewards questioned the property’s arborist, Lisa Smith of Tree Resource, at length about the removal and addition of various trees. Part of the variance included the ability to cut down a Weeping Fig and Evergreen Pear tree.

“Trees are wonderful,” Ostroff said. “But only if they are the right trees in the right place.”

A permit has been granted for a cosmetic spa at 421 North Rodeo Drive, titled Spa by Med Wellness Institute. The boutique will provide Beverly Hills residents and visitors with plastic surgery, facials and intravenous vitamin infusions, among other treatments.

The owner of the project is Daryoush Mahboubi-Fardi, a real estate investor and merchant in Beverly Hills since the 1970s.

The Planning Department briefed the Commissioners on revisions to Housing Element 2021-29, the eight-year plan to meet all housing needs of members of its community which must be approved by the Housing Department and of California State Community Development.

Beverly Hills meets “most legal requirements,” according to the state. Instructions for changes included the addition of Affordable Housing Advisors. A revised version says the city will partner with Bet Tzedek Legal Services, a Los Angeles-based nonprofit, for housing assistance.

Commission members did not delve too deeply into the voluminous document during the meeting.

But they offered observations.

“I don’t have a lot of questions but I have a lot of comments,” Ostroff said. “We are not responsible for this.”

Ostroff was referring to the housing shortage in California, which prompted the state to impose new affordable housing requirements on local governments.

“We don’t have restrictive zoning that anyone could rationally point out,” Ostroff continued. “Again, I would emphasize that it is not our fault.”

Demeter, on the other hand, mentioned the city’s restricted racial alliances, in place as Beverly Hills was built in the early to mid-20th century.

The president also noted that, in negotiations with the state, Beverly Hills has some unusual aspects to its housing layout.

“We don’t have pockets of poverty,” Demeter said. “We couldn’t identify an area that wasn’t rich.”

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