Tri-Venture Gets Approval to Develop $1.2B Mixed-Use Skyscraper in Los Angeles
The 2.2-acre project, located at 4th and Hill streets, will include hotel, retail and residential space.
LOS ANGELES — The City of Los Angeles has selected Angels Landing Partners LLC, a partnership between the Peebles Corp., MacFarlane Partners and Claridge Properties, to manage development of the Angels Landing site, a $1.2 billion mixed-use project. The group will build the tallest building in the western United States as part of the development, according to a news . All three firms are 100 percent minority owned.
Construction of the 2.2-acre site at 4th and Hill streets in Los Angeles is slated to last 41 months with a completion date scheduled for late 2024.
“Our team is inspired by the opportunity to transform the Los Angeles skyline with our iconic building, enhance residential life and change how large buildings are constructed by ensuring all residents and businesses receive equal access to career and business opportunities,” says Don Peebles, chairman and CEO of the Peebles Corp.
Handel Architects is designing the two-tower project. The development will include a 192-room SLS hotel and a 289-room Mondrian hotel, both to be operated by SBE Entertainment Group. Other project plans call for 425 apartments (including affordable housing), 250 condominiums, 45,000 square feet of retail and restaurant space, an elementary charter school and a food hall.
Landscape architecture firm Olin is designing over 50,000 square feet of public open space for the project, including a 25,000-square-foot Angels Terrace outdoor area.
The Peebles Corp. is a privately held, national real estate investment and development company specializing in residential, hospitality, retail and mixed-use properties with a current portfolio of more than 9 million square feet and $7 billion.
Headquartered in San Francisco with a regional office in Los Angeles, MacFarlane Partners is a real estate investment management and development firm that acquires, develops and manages properties on behalf of pension plans and institutions.
Burbank, California-based Claridge Properties is a 100 percent minority-owned real estate investment and development firm.
— Kristin Hiller