Downtown Los Angeles is slated to get two high-profile hotels in a new high-rise development. Planned for the Angels Landing site in the city’s Bunker Hill neighborhood is a $1.2 billion, mixed-used complex that will include a pair of hotels operated by locally based SBE: a 289-key Mondrian, and a 192-key SLS.
Wheels for the project that would include those hotels began turning late last month, when Los Angeles City Council selected Angels Landing Partners LLC—a team of three minority-owned real estate firms—to acquire and develop the 2.24-acre Angels Landing site. As part of its plans for that site, the development team (consisting of the Peebles Corp., MacFarlane Partners and Claridge Partners) said it intends to build the tallest residential building in the western United States.
Specifically, the team’s development plan calls for the construction of two adjacent high-rises of 88 stories and 24 stories, respectively, along with a three-story podium. In addition to the two SBE hotels, the complex will also include 425 rental apartments, including affordable-housing units; 250 condominiums; restaurant and retail space; and a charter elementary school.
“Our team is inspired by the great opportunity to transform the Los Angeles skyline with our iconic building, enhance residential life downtown, and forever change how large buildings are built in Los Angeles by insuring that all residents and businesses receive equal access to career and business opportunities,” says Don Peebles, chairman and CEO of the Peebles Corp.
Construction on the complex is expected to begin in 2021 and be completed by late 2024. The project’s design team is being led by Handel Architects and OLIN. Handel will oversee the building design, while OLIN will spearhead the landscaping.