INVESTMENT
Landmark development for LA
Rendering of the Angels Landing site
UPDATE ON PEEBLES- MACFARLANE ’ S CREATION OF THE TALLEST MIXED-USE PROJECT IN THE U . S . BY BLACK DEVELOPERS .
By JEFF WEINSTEIN , EDITOR IN CHIEF
With a goal of completing the US $ 1.6 billion Angels Landing mixed-use development in downtown Los Angeles before the planned 2028 Olympics , developers Victor MacFarlane and Don Peebles recently received entitlements from the city to build a 63-story skyscraper and a 42-story high rise on what was formerly Angel Knoll Park . The project , with two planned , unionstaffed luxury hotels , will be the third tallest in Los Angeles and the tallest in the U . S . created by Black developers .
Miami-based The Peebles Corp . and San Francisco-based MacFarlane Partners have stated that at least 30 % of the construction work will be awarded to women- and minority-owned businesses , which they value at more than US $ 480 million .
To complete the project that will include 180 condos , 252 apartments and various retail components , Angels Landing Partners still needs to complete the acquisition of the property from the successor of the city Community Redevelopment Agency . They are also negotiating for public subsidies , including tax-exempt bond financing and hotel development incentive agreements .
The site will also include Angels Landing
Plaza , a pedestrian-centered and transitadjacent urban park . It will frame the multi-level space as a publicly accessible and privately managed park amenity for the city ’ s downtown neighborhood residents , working professionals and weekday commuters , nightlife seekers , tourists , and hotel guests .
HOTELS recently reached out to Peebles to learn more about the ground-breaking project and how he and his partners plan to get it across the finish line .
HOTELS : Update us on the state of the development and its timing . Don Peebles : The most recent timeline for the development of Angels Landing goes as follows :
• Option agreement deadline : December 31 , 2022
• Land close deadline : December 31 , 2022 , per AB 1486 .
• Final design and permitting : 12-24 months with start date TBD
• Construction duration : 44 months with start date TBD
• Grand opening : 2027 completion in time for the 2028 Olympics
• Entitlements completed as of February
46 hotelsmag . com Nov / Dec 2022