Joint Venture To Develop Angels Landing Site In Los Angeles
By 2024, if the project goes according to plan, Angels Landing in downtown Los Angeles will feature the tallest building in the western United States, a new pair of hotels, a charter elementary school, apartments and condominiums.
In what will shape downtown Los Angeles in the next decade, the Los Angeles City Council last month chose Angels Landing Partners, a joint venture composed of The Peebles Corp., MacFarlane Partners and Claridge Properties, to manage the development of Angels Landing, a 2.24-acre site in Bunker Hill at Fourth and Hill streets.
Handel Architects will oversee the design. OLIN will handle the landscaping.
The joint venture beat out other finalists headed by Lowe Enterprises and Onni and Natoma Architects, respectively, for the development of the much-coveted land.
“Our team is inspired by the great opportunity to transform the Los Angeles skyline with our iconic building, enhance residential life downtown and forever change how large buildings are built in Los Angeles by ensuring that all residents and businesses receive equal access to career and business opportunities,” Peebles Corp. Chairman and CEO Don Peebles said in a statement.
Angels Landing Partners estimates the project will cost $1.2B, including the estimated $50M purchase of the site from the city.
The developers are unsure when the 1.27M SF mixed-use project will break ground but expect the completion date in late 2024.
“By overseeing the development of Angel’s Landing, the City of Los Angeles is doing all we can to maximize this development and make sure some of Downtown Los Angeles’ greatest needs, such as hotels, schools and open space, are included in this project,” Los Angeles City Council member Jose Huizar, whose district is downtown, said in a statement.
Developers say the billion-dollar project will consist of:
- The tallest residential building in the western U.S., standing at 1,000 feet and 88 stories high;
- Two hotels operated by SBE, a 192-key SLS hotel and a 289-key Mondrian hotel;
- 425 apartments, including affordable housing units;
- 250 condominiums;
- Nearly 45K SF of restaurant and retail space;
- A kindergarten to fifth-grade elementary charter school;
- 50K SF of open space, including a 25K SF outdoor gathering area called Angels Terrace for year-round events; and
- A mini food hall.
The Peebles Corp. Chief Administrative Officer Dikla Carmel said the project will change the face of downtown Los Angeles in partnership with the city.
"We will transform how buildings are built by setting a new standard by providing economic, career and contracting opportunities, which are much more reflective of the population demographics of Los Angeles," Carmel said in an email.
She said the JV plans to include minority- and women-owned business in every phase of development.
"We accept the responsibility and challenge to create a symbol of equal economic opportunity," she said.