Angels Landing Partners has reaffirmed its commitment to $2bn Bunker Hill luxury hotel development in in Los Angeles, US, despite the Covid-19 pandemic-forced recession.
Angels Landing Partners is comprised of MacFarlane Partners, The Peebles Corporation and Claridge Properties.
L.A. City’s land use and planning officials are currently reviewing the environmental impact report of the project, dubbed Angels Landing, which is a two-tower luxury hotel development.
Each tower in the development is being anchored by its own hotel. Apart from the hotels, the project will also feature Angels Landing Plaza – a multi-level, publicly accessible and privately managed open space.
Angels Landing Plaza will create a new pedestrian-centered mecca for Los Angeles residents, transit commuters and tourists.
MacFarlane Partners chairman and CEO Victor MacFarlane said: “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.”
According to BJH Advisors’ assessment, the Angels Landing project is estimated to create a $1.6bn local economic infusion and more than 8,300 new jobs during construction.
The project, which is expected to open in 2024, would generate as estimated 12 million in recurring tax revenues and $2.4m annually in local property tax revenues.