Transactions - DECEMBER 21, 2017

MacFarlane-Peebles JV to build $1.2b tallest building in Western U.S.

by Andrea Waitrovich

Angels Landing Partners — a 100 percent minority-owned venture comprised of the Peebles Corp., MacFarlane Partners and Claridge Properties — has been selected by the city council of Los Angeles to manage development of the coveted Angels Landing Site, and will build the tallest building in the Western United States. The tower will be designed by Handel Architects.

The team’s approach to develop the 2.24-acre site at Fourth and Hill Streets in Los Angeles has an estimated budget of $1.2 billion. A construction phase is expected to run for 41 months, with completion in late 2024.

The development includes a 192-room SLS and 289-room Mondrian Hotels (operated by SBE); 425 apartments, including affordable housing; 250 condominiums; approximately 45,000 square feet of restaurant and retail space; an elementary charter school serving K through fifth grade; more than 50,000 square feet of publicly accessible open space, including a 25,000-square-foot "Angels Terrace" outdoor area; and a food hall incorporating local businesses.

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