Developers want to build a Waldorf-Astoria Hotel and Condominiums. The new hotel would be 12 stories high. The condos would be six to eight stories.
If council members sign off on the plan, it's estimated the property could generate nearly $730 million in revenue for the city over the next 30 years.
Opponents complain new buildings will cause even more traffic problems in the area.
A Beverly Hills Homeowners Association plans to gather signatures to put a referendum on the November ballot to block the building.
