The Project proposes the creation of the Cheval Blanc Beverly Hills Specific Plan, which would facilitate the orderly and efficient development of the Project Site by, among other things, establishing appropriate size, height, and density limits. Under the Cheval Blanc Beverly Hills Specific Plan, proposed development could include up to 220,950 SF and up to 115 hotel guest rooms in a single building that includes hotel, restaurant, private club, and retail uses. To allow for development of the Project, the existing commercial and institutional uses on the Project Site comprising approximately 56,787 SF of floor area would be removed. A portion of the existing public alley bisecting the Project Site would be relocated to the southern portion of the Project Site. Overall, the Project could result in a net floor area increase of up to 164,163 SF (under the Specific Plan maximums) on the Project Site. The submitted conceptual plan (212,034 SF building) identifies an increase of approximately 155,247 SF of floor area over existing conditions. The proposed Specific Plan identifies a total floor area ratio (FAR) maximum of 4.2:1 and an above ground maximum of 3.91:1. The total FAR calculation for the submitted conceptual plan is 4.03:1 and the above ground maximum is 3.75:1.