LOS ANGELES, Sept. 14, 2020 /PRNewswire/ -- Angels Landing, a two-tower, five-star luxury hotel development planned for downtown L.A.'s Bunker Hill neighborhood, will create thousands of new jobs and generate millions in annual tax revenues for Los Angeles, according to an analysis prepared by New York City-based BJH Advisors, LLC.
As Los Angeles strives to regain its economic and employment footing in the wake of this year's novel coronavirus pandemic, the Angels Landing project, if approved by city leaders, could help provide a local economic boost as L.A. begins preparations to host the 2028 Olympic Summer Games.
Angels Landing is a project of Angels Landing Partners, LLC, comprised of MacFarlane Partners, The Peebles Corporation and Claridge Properties, LLC. The project's environmental impact report (EIR) is presently being reviewed by L.A. City's land use and planning officials.
More than 8,300 new jobs will be created during Angels Landing's project design and construction, according to BJH Advisors, LLC's assessment. The firm's report estimates that, once built, Angels Landing would additionally create more than 800 new permanent jobs in downtown L.A. spanning an array of occupations needed to support the two luxury hotel properties and retail outlets proposed for the Angels Landing project. An estimated 500 added new jobs would be created by vendors in the L.A. County region providing goods and services to the hotels.
In addition to new job creation, the BJH Advisors analysis projects Angels Landing would give L.A.'s local economy a $1.6 billion boost and contribute $731 million to local worker's earnings during its construction. The project would generate as estimated 12 million in recurring tax revenues and $2.4 million annually in local property tax revenues, according to the report.
"Angels Landing can clearly help the L.A. economy recover from its pandemic recession. The hotel project would provide future jobs and careers for local residents who, in upcoming years, may still experience the negative impacts from the city's prolonged shutdown of local business activity in 2020 and the prospect of follow-on years of limited local economic and job growth," Victor B. MacFarlane, chairman and CEO, MacFarlane Partners said.
"Angels Landing Partners is committed to transformative economic inclusion for Minority- and Women-Owned Business Enterprises (MWBE) and professionals. To facilitate this transformative inclusion, we have committed to a goal of thirty percent MWBE contracting across the board for our project. We are raising the bar when it comes to economic empowerment for Black-owned businesses as well as Latino-owned and Asian-owned firms in the Los Angeles area," Donahue Peebles, chairman and CEO, The Peebles Corporation, said.
Angels Landing will be comprised of two towers with each tower being anchored by its own five-star hotel. In addition to the luxury hotels, Angels Landing Plaza will feature an expansive modern urban park – a vibrant pedestrian-centered, transit-adjacent mecca that will be publicly accessible and privately managed to create and maintain an inviting, treasured open space environment for downtown L.A.'s community residents, weekday commuters, nightlife aficionados, hotel guests and tourists.
SOURCE Angels Landing