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Angels Landing is a $2 billion twin-tower luxury hotel project in downtown L.A.’s Bunker Hill neighborhood. (image rendering courtesy of Handel Architects) |
The Angels Landing Partners Advance Plans for $2 Billion
Twin-Tower Luxury Hotel Project in Downtown L.A. saw first print in Hotel Online
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LOS ANGELES – Feb. 10, 2021 – Two acclaimed African American developers – Victor MacFarlane of MacFarlane Partners and R. Donahue Peebles of The Peebles Corporation – are doubling-down on their multi-million-dollar effort to bring thousands of new jobs and economic benefits to the nation’s second-largest city as development partners of Angels Landing, their $2 billion twin-tower luxury hotel project in downtown L.A.’s Bunker Hill neighborhood.
MacFarlane and Peebles are majority-owner principals of
Angels Landing Partners, LLC, the development partnership responsible for
conceiving, designing, building, and operating Angels Landing. The partnership
was officially selected by L.A. City officials at the conclusion of the city’s
competitive bid process in 2017. Their partnership’s intentions are firmly
focused on completing construction of Angels Landing before elite athletes,
sports officials and tourists worldwide converge in L.A. for the 2028 Olympic
Summer Games.
Victor B. MacFarlane, chairman and CEO, MacFarlane
Partners said, “Angels Landing aligns well with many of the projects we
have built in the past 30 years throughout the U.S., including two residential
developments recently completed near Pershing Square.”
“The foundation of our business has always been to
strengthen communities where we do business,” Mr. MacFarlane said. “We believe
we can help communities prosper. We know Angels Landing will have a significant
positive impact on L.A.’s economy. The ripple effect of Angels Landing’s
substantial economic and employment activity will reverberate throughout L.A.
County by providing good-paying union jobs to construct our hotel project and
extensive career opportunities when the project is completed, and its hotels
are open to the public. We have spent more than $10 million to move
our project forward. We’re not letting the coronavirus pandemic slow us down.
We anticipate our project entitlement this year,” he added.
Angels Landing is comprised of two towers, each anchored by
its own five-star hotel. In addition to the hotels, the development will
feature an expansive modern urban park – known as Angels Landing Plaza –
designed to serve as a pedestrian-centered, transit-adjacent, open space
environment in the heart of downtown L.A.
R. Donahue Peebles, Chairman and CEO, The Peebles
Corporation said, “Equity and inclusion are bedrock principles at the Peebles
Corporation. My success is predicated on opportunities I received because of
those two important tenets. I have built an impressive collection of commercial
and residential projects in New York, Washington, D.C., Miami,
and other U.S. cities.”
“In each city, I’ve been most excited about using my
influence to empower Black-owned, Latino-owned, and women-owned business
leaders. My company works diligently to help minority-owned enterprises grow
their businesses through procurement contracts established through our
development projects,” Mr. Peebles said.
According to an analysis prepared by BJH Advisors, LLC.,
more than 8,300 new jobs will be created during Angels Landing’s project design
and construction. The New York City-based firm’s report estimates Angels
Landing would additionally create more than 800 permanent jobs in downtown L.A.
An estimated 500 jobs would be created by vendors in the L.A. County region
providing good and services to the two luxury hotels.
In addition to new job creation, the BJH Advisors analysis
projects Angels Landing would give L.A.’s local economy a $1.6 billion boost
and contribute $731 million to local worker’s earnings during its
construction. The project would generate as estimated 12 million in recurring
tax revenues and $2.4 million annually in local property tax
revenues, according to the report.
“With Angels Landing, the transformative impact of
empowerment and economic inclusion will be felt by an array of businesses,
including Latino- and Asian-owned businesses. We have committed to a goal of
30% M/WBE contracting across the board for our project. We’re raising the bar
for economic inclusion for development projects in Los Angeles,” Mr.
Peebles added.
Angels Landing Plaza will frame the angular, multi-level
Bunker Hill site as a publicly accessible, privately managed park amenity,
establishing it as a vibrant, inviting, and treasured locale for L.A.’s
downtown neighborhood residents, weekday commuters, nightlife seekers,
tourists, and hotel guests. L.A.’s historic Angel’s Flight funicular will
operate on its hillside-climbing route contiguous to the Angels Landing
development.
“With our commitment to Angels Landing, we are committing to
the future of downtown Los Angeles. Despite the millions of dollars
expended so far to keep our project on-track, and notwithstanding the strong
pandemic-induced recessionary pressures on L.A.’s economy, we continue to push
hard to make our plans for Angels Landing a reality. Having recently completed
our Park Fifth apartment complex, a two-building development adjacent to
Pershing Square, Angels Landing represents our continued faith in the economic
future of downtown Los Angeles,” Mr. MacFarlane said.
Mr. Peebles said, “2020 was a trying year for nearly every
sector in the business world. And the first three quarters of 2021 may be
equally challenging. But we’ve faced big challenges in the past and always
managed to prevail. The success of our development businesses is a testament to
our drive and commitment to build projects that improve the quality of life in
the communities where they’re built.”
Mr. MacFarlane said, “The economic impact of the coronavirus
pandemic has been significant this year. Some of those negative economic
impacts, such as lagging job growth, are projected to extend well into 2021.
But pessimistic economic indicators and projections have not shaken our resolve
to build Angels Landing. We’re making our investment to create new jobs for
L.A. area residents. We’re confident Angels Landing will help the L.A. economy
rebound and gain strength. Angels Landing will create thousands of jobs that
will result in millions of dollars circulating throughout the L.A. region
providing a needed boost to small businesses.”
About McFarlane Partners
MacFarlane Partners has provided real estate investment
management services to institutional investors via commingled funds and
separate accounts since 1987. MacFarlane Partners has managed real estate
separate accounts on behalf of more than 25 institutional investors, including the
AFL-CIO Building Investment Trust, the California Public Employees' Retirement
System, the Sacramento County Employees' Retirement System, the Teacher
Retirement System of Texas, and the pension plans of AT&T, General
Motors, United Technologies and Verizon. MacFarlane Partners focuses
exclusively on investments that promote smart growth, urban revitalization and
sustainability in urban and high-density suburban submarkets of select
"Gateway Cities" within the United States with the
objective to achieve investment success while making a difference in the
communities in which we invest.
About Peebles Corporation
The Peebles Corporation is a privately held national real
estate investment and development company specializing in residential,
hospitality, retail and mixed-use commercial properties. The company has
corporate offices in New York City, Miami, and Washington
D.C. Founded in 1983 by Don Peebles, the company has become an
industry leader with a portfolio of active and completed developments totaling
more than 10 million square feet and $8 billion in the gateway cities
of New York, Boston, Philadelphia, Washington D.C., Charlotte, Miami, San
Francisco, and Los Angeles. Through construction excellence, sustainable
practices, historic preservation and innovative design, every project is
strategically selected to achieve transformative results for the company and
community.
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