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LOS ANGELES (CNS) - The developers of the Angels Landing high-rise towers announced today that the city of Los Angeles approved the project's entitlement, allowing them to move forward on the $1.6 billion downtown project.
The complex, set to be developed on the vacant lot that was formerly Angel Knoll Park, will consist of two high-rise towers that will each hold a luxury hotel.
Originally planned as one 88-story skyscraper and one 24-story high-rise, the buildings, designed by Handel Architects, are set to be 63 stories and 42 stories tall.
The project will be the third-tallest in Los Angeles and the tallest in the U.S. developed by Black developers.
``With Angels Landing will come desired levels of diversity and inclusion to L.A.'s hospitality industry and the expansive services sector that supports the local hotel industry,'' said one of the developers, Victor B. MacFarlane, president and CEO of MacFarlane Partners. ``It's about time the economic benefits generated by massive projects like this are provided to people who are reflective of the project.''
Aside from two luxury hotels, the towers would have apartment units and a plaza that the developer describes as ``a modern pedestrian-centered and transit-adjacent urban park in the heart of downtown L.A.''
The site is near Pershing Square Station and the area is serviced by the Metro B (Red) and D (Purple) lines.
``We are focused on bringing increased diversity and equity to L.A. through Affirmative Development, and the transformative impact of empowerment and economic inclusion from Angels Landing will be felt by an array of businesses including African American, Latino- and Asian-owned,'' said R. Donahue ``Don'' Peebles, chairman and CEO of The Peebles Corporation.
``We have committed to a goal of 30% 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.''
The developers cited an analysis by BJH Advisors, LLC that said the project's design and construction would create 8,300 jobs, and another estimate that found it would create about 800 permanent jobs in downtown Los Angeles.
The analysis found that the project would boost L.A.'s local economy by $1.6 billion and contribute about $731 million to local workers' earnings during the project's construction, and that the project would generate about $12 million in recurring tax revenues and $2.4 million in local property tax revenues annually.