LOS ANGELES, Dec. 21, 2017 /PRNewswire/ -- Angels Landing Partners LLC, a 100% minority-owned team comprised of the Peebles Corporation, MacFarlane Partners and Claridge Properties, has been selected by the City Council of Los Angeles, California to manage development of the coveted Angels Landing Site, and will build the tallest building in the Western US designed by renowned Handel Architects.
"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. We look forward to working with the City of Los Angeles, Council member Jose Huizar and the Chief Legislative Analyst, Oscar Ixco," said Don Peebles, Chairman and CEO of the Peebles Corporation.
The team's approach to develop the 2.24-acre site at Fourth and Hill Streets has an estimated total budget of $1.2 billion with a construction phase expected to run for 41 months with completion in late 2024.
Victor MacFarlane, Chairman and Chief Executive Officer of MacFarlane Partners said, "Having invested in downtown Los Angeles for the past 15 years, we are firm believers in DTLA."
Ricardo Pagan of Claridge Properties commented, "We thank the city of Los Angeles for entrusting us with the future of Angels Landing."
Handel Architects and OLIN plan encompasses two towers and will deliver approximately:
- 192-key SLS and 289-key Mondrian hotels (operated by SBE)
- 425 apartments, including affordable housing
- 250 condominiums
- Nearly 45,000 SF restaurant / retail space
- An elementary charter school serving K through Grade 5
- +50,000 SF publicly accessible open space, including a 25,000 SF "Angels Terrace" outdoor area
- A food hall incorporating local businesses
ABOUT THE PEEBLES CORPORATION
A privately held, national real estate investment and development company specializing in residential, hospitality, retail, and mixed-use commercial properties. Founded in 1983 by R. Donahue Peebles, the current portfolio totals more than 9 million square feet and $7 billion. www.peeblescorp.com.
ABOUT MACFARLANE PARTNERS
Providing real estate investment management services to institutional investors since 1987. www.macfarlanepartners.com.
ABOUT CLARIDGE PROPERTIES
Ricardo Pagan is the founder of the 100% minority owned real estate investment and development firm. www.claridgeprop.com.
SOURCE Angels Landing Partners LLC