Patience is a virtue for most, but it’s mandatory for developers in California.
On Monday, the proposed 1.2 million-square-foot Angels Landing high-rise finally secured long-awaited entitlements from the city of Los Angeles. Several years in the making, the development will be the third-tallest building in the city, as well as the tallest project in the country created by Black-owned real estate firms, in this case led by Don Peebles of The Peebles Corporation and Victor MacFarlane of MacFarlane Partners.
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Designed by Handel Architects, Angels Landing calls for two hotels, condominium and rental units, as well as retail and restaurant space. It will also include an urban park called Angels Landing Plaza.
The two towers in Downtown L.A.’s Bunker Hill neighborhood, will stand 854 feet tall with 88 floors, and 494 feet with 42 stories.
Peebles said the developers are focused on bringing increased diversity and equity to L.A. through his affirmative development policy, and that the “transformative impact of empowerment and economic inclusion” from the project will benefit Black-, Latino- and Asian-owned businesses.
“We have committed to a goal of 30 percent minority- and women-owned business contracting across the board for our project in excess of over $480 million, and we’re raising the bar for economic inclusion for development projects in L.A,” Peebles said in a statement.
Angels Landing will contribute $731 million to local workers’ earnings during its construction, the developers said. It will also generate an estimated $12 million in recurring tax revenues and $2.4 million annually in local property tax revenues for the county.
“The city needs projects like Angels Landing to remain competitive with other cities vying for increased tourism and convention business, and we strongly support its development as an important new contributor to these industries,” said Gene Hale, chairman of the Greater L.A. African American Chamber of Commerce.
The Peebles Corporation has amassed a portfolio with more than 10 million square feet and $8 billion in assets since it launched in 1983. Meanwhile, MacFarlane Partners has invested $13 billion for more than 8 million square feet of commercial space, including 15,000 multifamily units, since launching in 1987. Its portfolio includes JW Marriott and Ritz-Carlton Hotel and Residences at L.A. Live, as well as the recently completed Park Fifth and Trademark high-rise communities.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
