Angels Landing Partners Reaffirms Commitment to $2 Billion Bunker Hill Luxury Hotel Project to Create More Than 9,000 New Jobs, Expresses Optimism about L.A.’s Economic Future
September 14, 2020
The principals of Angels Landing Partners, LLC today reaffirmed their commitment to move forward with Angels Landing, their $2 billion luxury hotel high-rise development in downtown Los Angeles. Angels Landing is a project of Angels Landing Partners, LLC, a venture between 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.
Victor B. MacFarlane, chairman and CEO, MacFarlane Partners, said, “We have high confidence in the City of Angels. We are looking forward to solidifying our investment in L.A.’s future. We know the financial and economic challenges ahead will be great, but we remain optimistic about the journey ahead in the second-largest city in the nation. We have already spent, all costs factored, close to $10 million to move our Angels Landing development project forward. We intend to stay the course to seek project entitlement approval from city leaders and we are committed to spending millions of dollars more to commence construction of Angels Landing as soon as possible.”
Donahue Peebles, chairman and CEO of The Peebles Corporation, said, “L.A. has faced difficult challenges in the past and has bounced back from each circumstance. We believe our high-rise luxury hotel project will help deliver what L.A. needs most: thousands of new construction jobs and nearly a thousand new permanent jobs in the hospitality industry. Our commitment to working with minority- and women-owned contractors and vendors will be unmatched compared to any downtown L.A. commercial land-use development project of Angels Landing’s scale. Angels Landing could help quicken L.A.’s economic recovery as the city rebounds from the COVID-19 pandemic-forced recession that has, unfortunately, triggered Great Depression-levels of joblessness within the past three months.”
“Our Angels Landing project will create jobs and careers for many L.A. residents who, in upcoming years, may still experience the lingering negative impacts from the city’s prolonged economic shutdown this year. With the prospect of slow economic and job growth in the next few years, we believe Angels Landing can provide an employment boost L.A. needs to accelerate its recovery in time for the 2028 Summer Olympic Games,” Mr. MacFarlane said.
“Angels Landing Partners is committed to transformative economic inclusion for minority- and women-owned business enterprises (“MWBE”) and professionals. To facilitate this transformative inclusion, we have committed to a goal of 30% MWBE contracting across the board for our project. We are raising the bar when it comes to economic empowerment for Black-owned businesses as well as Latino-owned and Asian-owned firms in the Los Angeles area,” Mr. Peebles said.
Angels Landing, a two-tower, five-star luxury hotel development planned for downtown L.A.’s Bunker Hill neighborhood, is projected 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.
More than 8,300 new jobs will be created during Angels Landing’s project design and construction, according to BJH Advisors, LLC’s 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 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.
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.
All News ›