Angels Landing Luxury Hotel Project to Provide $1.6 Billion Boost to L.A. Area Economy, Create More Than 8,300 New Construction Jobs
September 14, 2020
Angels Landing, a two-tower, five-star luxury hotel development planned for downtown L.A.’s Bunker Hill neighborhood, will create thousands of new jobs and generate millions in annual tax revenues for Los Angeles, according to an analysis prepared by New York City-based BJH Advisors, LLC.
As Los Angeles strives to regain its economic and employment footing in the wake of this year’s novel coronavirus pandemic, the Angels Landing project, if approved by city leaders, could help provide a local economic boost as L.A. begins preparations to host the 2028 Olympic Summer Games.
Angels Landing will be developed by Angels Landing Partners, LLC, which consists of MacFarlane Partners, The Peebles Corporation and Claridge Properties, LLC. The project’s environmental impact report (EIR) is presently being reviewed by L.A. City’s land use and planning officials.
More than 8,300 new jobs will be created during Angels Landing’s project design and construction, according to BJH Advisors’ assessment. The firm’s report estimates that, once built, Angels Landing would additionally create more than 800 new permanent jobs in downtown L.A., spanning an array of occupations needed to support the two luxury hotel properties and retail outlets proposed for the Angels Landing project. An estimated 500 added new jobs would be created by vendors in the L.A. County region providing good and services to the hotels.
In addition to new job creation, the BJH Advisors analysis projects that Angels Landing would give L.A.’s local economy a $1.6 billion boost and contribute $731 million to local workers’ earnings during its construction. The project would generate an estimated $12 million in recurring tax revenues and $2.4 million annually in local property tax revenues, according to the report.
“Angels Landing can clearly help the L.A. economy recover from its pandemic recession. The hotel project would provide future jobs and careers for local residents who, in upcoming years, may still experience the negative impacts from the city’s prolonged shutdown of local business activity in 2020 and the prospect of follow-on years of limited local economic and job growth,” said Victor B. MacFarlane, chairman and CEO of MacFarlane Partners.
Angels Landing will consist of two towers, with each tower being anchored by its own five-star hotel. In addition to the luxury hotels, Angels Landing Plaza will feature an expansive, modern urban park – a vibrant pedestrian-centered, transit-adjacent mecca that will be publicly accessible and privately managed to create and maintain an inviting, treasured open space environment for downtown L.A.’s community residents, weekday commuters, nightlife aficionados, hotel guests and tourists.
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