Transactions - DECEMBER 15, 2017

Angels Landing Partners to spearhead $1.2b L.A. development

by Released

Angels Landing Partners, a 100 percent minority-owned team comprised of the Peebles Corp., MacFarlane Partners and Claridge Properties, has been selected by the City Council of the City of Los Angeles to manage development of the coveted Angels Landing Site.

Following a unanimous approval from the City of Los Angeles Economic Development Committee the full City Council approved the approach by the team to develop the 2.24-acre site at Fourth and Hill Streets.  The estimated budget, including acquisition, is $1.2 billion with a construction phase expected to run for 41 months with completion due in late 2024.

“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 insuring that all residents and businesses receive equal access to career and business opportunities. I am personally excited to continue collaborating with Victor MacFarlane and his firm on another barrier breaking development; we are excited to start what will be a long partnership with Ricardo Pagan,” said Don Peebles, chairman and CEO of the Peebles Corp.

The winning plan aims to increase pedestrian flow and activity, engage the public, and activate the site and surrounding neighborhood. The proposed transit-oriented development will provide a better experience for Pershing Square Metro Station commuters as well as pedestrians by increasing accessibility to the site—currently, one of the major issues affecting the difficult hill-like structure. In addition to building two towers, one of which will be the tallest residential building in the Western US standing at 1,000 feet, the master plan for the mixed-used development will deliver approximately:

·         Two hotels operated by SBE (192-key SLS hotel; 289-key Mondrian hotel)

·         425 apartments, including affordable housing units

·         250 condominiums

·         Nearly 45,000 square feet of restaurant and retail space

·         An elementary charter school serving K through Grade 5

·         +50,000 square feet of publicly accessible open space, including a 25,000-square-foot central outdoor gathering space for year-round events called “Angels Terrace”

·         A mini food hall which will incorporate local businesses.

The design team is led by Handel Architects, which will oversee the design, and OLIN, will handle the landscaping.

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