December 12, 2017 Comments Off on $1.2B Angels Landing Preferred Proposal for 88-Story MXU Views: 2548 California News, Top California

$1.2B Angels Landing Preferred Proposal for 88-Story MXU

Angels Landing Partners, LLC was chosen as the preferred development team to purchase and develop a 2.24-acre site in downtown Los Angeles by the City’s Chief Legislative Analyst. A JV between Peebles Corporation, MacFarlane Partners, and Claridge Properties proposes building Angels Landing, a 1.27-million-square-foot, mixed-use project encompassing an 88-story tower and 24-story tower at 361 South Hill St.

The roughly $1.2-billion development would consist of two hotels with 500 rooms, 400 units of multifamily, 250 condominiums, 50,000 square feet of restaurant and retail, a plaza and public terrace, and a K-5 public charter school. The JV would buy the property on the southern edge of Bunker Hill for $50 million.

Appraised in early 2017 for $45.7 million, the parcel is owned by the CRA/LA, but controlled by the city. Construction is anticipated to span 41 months and would deliver December 31, 2024. JLL handled the selection process.

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