A 100 percent minority-owned team comprised of Peebles Corporation, MacFarlane Partners and Claridge Properties has been selected to manage the development of a $1.2 billion urban village which includes an 88-story skyscraper that would become the tallest building in the western U.S. upon its completion.
Angels Landing Site will rise on a 2.24-ac. property at Fourth and Hill streets. Its construction is estimated to run 41 months with completion by late 2024.
“Our team is inspired by the opportunity to transform the LA 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,” said R. Donahue Peebles, chairman and CEO of the Peebles Corporation.
Designed by Handel Architects and landscape designer OLIN, the plan calls for the construction of two towers and a plaza that will deliver:
- 192 hotel rooms for SLS Hotels;
- 289 hotel rooms for the Mondrian Hotel;
- 425 apartment units including affordable housing;
- 250 condominiums;
- nearly 45,000 sq.ft. of restaurant and retail space;
- an elementary charter school serving K through Grade 5;
- a food hall featuring local businesses; and
- more than 50,000 sq.ft. of publicly accessible open space, including a 25,000 sq.ft. outdoor area named “Angels Terrace.”
According to a financial analysis, Angels Landing Site is expected to generate more than $1.6 billion in total economic activity. After it stabilizes in 2027, the project will bring approximately $12 million in annual tax revenue to the city’s coffers.