{"id":1517,"date":"2021-02-19T00:12:26","date_gmt":"2021-02-19T00:12:26","guid":{"rendered":"https:\/\/travelcommunication.net\/?p=27071"},"modified":"2021-02-19T00:12:26","modified_gmt":"2021-02-19T00:12:26","slug":"african-american-developers-plan-angels-landing-twin-tower-hotel-project-in-l-a","status":"publish","type":"post","link":"https:\/\/www.top25golfcourses.com\/indonesia\/global-travel-news\/african-american-developers-plan-angels-landing-twin-tower-hotel-project-in-l-a\/","title":{"rendered":"African American Developers Plan Angels Landing, Twin-Tower Hotel Project in L.A."},"content":{"rendered":"\n
\"African<\/a> <\/div>\n

Los Angeles, California<\/span>, February 16, 2021<\/span> \/ TRAVELINDEX \/ Two acclaimed African American developers \u2013 Victor MacFarlane<\/span> of MacFarlane Partners and R. Donahue Peebles<\/span> of The Peebles Corporation \u2013 are doubling-down on their multi-million-dollar effort to bring thousands of new jobs and economic benefits to the nation\u2019s second-largest city as development partners of Angels Landing<\/strong>, their $2 billion<\/span> twin-tower luxury hotel project in downtown L.A.\u2019s Bunker Hill neighborhood.<\/p>\n

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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\u2019s competitive bid process in 2017.\u00a0Their partnership\u2019s 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.<\/p>\n<\/div>\n

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Victor B. MacFarlane<\/span>, chairman and CEO, MacFarlane Partners<\/span> said, \u201cAngels 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.\u201d<\/p>\n

\u201cThe foundation of our business has always been to strengthen communities where we do business,\u201d Mr. MacFarlane said. \u201cWe believe we can help communities prosper. We know Angels Landing will have a significant positive impact on L.A.\u2019s economy. The ripple effect of Angels Landing\u2019s 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<\/span> to move our project forward. We\u2019re not letting the coronavirus pandemic slow us down. We anticipate our project entitlement this year,\u201d he added.<\/p>\n

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 \u2013 known as Angels Landing Plaza \u2013 designed to serve as a pedestrian-centered, transit-adjacent, open space environment in the heart of downtown L.A.<\/p>\n

R. Donahue Peebles<\/span>, Chairman and CEO, The Peebles Corporation said, \u201cEquity 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<\/span>, Washington, D.C.<\/span>, Miami<\/span>, and other U.S. cities.\u201d<\/p>\n

\u201cIn each city, I\u2019ve 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,\u201d Mr. Peebles said.<\/p>\n

According to an analysis prepared by BJH Advisors, LLC., more than 8,300 new jobs will be created during Angels Landing\u2019s project design and construction. The New York City<\/span>-based firm\u2019s 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.<\/p>\n

In addition to new job creation, the BJH Advisors analysis projects Angels Landing would give L.A.\u2019s local economy a $1.6 billion<\/span> boost and contribute $731 million<\/span> to local worker\u2019s earnings during its construction. The project would generate as estimated 12 million in recurring tax revenues and $2.4 million<\/span> annually in local property tax revenues, according to the report.<\/p>\n

\u201cWith 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\u2019re raising the bar for economic inclusion for development projects in Los Angeles<\/span>,\u201d Mr. Peebles added.<\/p>\n

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.\u2019s downtown neighborhood residents, weekday commuters, nightlife seekers, tourists, and hotel guests. L.A.\u2019s historic Angel\u2019s Flight funicular will operate on its hillside-climbing route contiguous to the Angels Landing development.<\/p>\n

\u201cWith our commitment to Angels Landing, we are committing to the future of downtown Los Angeles<\/span>. 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.\u2019s 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<\/span>,\u201d Mr. MacFarlane said.<\/p>\n

Mr. Peebles said, \u201c2020 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\u2019ve 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\u2019re built.\u201d<\/p>\n

Mr. MacFarlane said, \u201cThe 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\u2019re making our investment to create new jobs for L.A. area residents. We\u2019re 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.\u201d<\/p>\n

Angels Landing Partners, LLC
\n<\/b><\/p>\n

MacFarlane Partners \u2013 Victor MacFarlane<\/span>
<\/b>MacFarlane Partners has provided real estate investment management services to institutional investors via commingled funds\u00a0and 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\u2019 Retirement System, the Sacramento County Employees\u2019 Retirement System, the Teacher Retirement System of Texas<\/span>, 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 \u201cGateway Cities\u201d\u00a0within the United States<\/span> with the objective to achieve investment success while making a difference in the communities in which we invest.<\/p>\n

MacFarlane Partners | Development Project Portfolio (Partial):
<\/b>Park Fifth<\/b>, a 24-story, transit adjacent downtown L.A. high-rise consisting of 347 rental apartments, 360-degree-view rooftop deck and 5,300 square feet of retail space. Trademark<\/b>, a seven-story, transit adjacent residential building with 313 rental apartments, 14,000 sq. ft. outdoor courtyard and street-level retail space across from L.A.\u2019s historic Pershing Square. Legacy at Westwood<\/span><\/b>, a multifamily residential property developed on Wilshire Boulevard in Los Angeles.\u00a0South Bay Galleria<\/b>, a Redondo Beach, Calif.<\/span>, regional mall.\u00a01100 Wilshire<\/b>, an office\u00a0high-rise in downtown\u00a0Los Angeles that was converted to residential use.\u00a0Ladera Center<\/b>, a neighborhood shopping center in the Ladera Heights neighborhood of Los Angeles.\u00a0Metropolitan Lofts<\/b>, a rental apartment community\u00a0built\u00a0in downtown Los Angeles.\u00a0Wilshire Vermont Station<\/span><\/b>, a mixed-use community built atop a subway station\u00a0along the Mid-Wilshire Corridor of Los Angeles.\u00a0The Hotel & Residences at L.A. Live<\/b>, a 54-story high-rise built adjacent to the Staples Center and the LA Convention Center in downtown Los Angeles<\/span>.<\/p>\n

The Peebles Corporation \u2013 Don Peebles<\/span> \u2013 peeblescorp.com<\/a>
<\/b>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<\/span>, Miami<\/span>, and Washington D.C.\u00a0Founded in 1983 by Don Peebles<\/span>, 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<\/span> in the gateway cities of New York<\/span>, Boston<\/span>, Philadelphia<\/span>, Washington D.C.<\/span>, Charlotte<\/span>, Miami<\/span>, San Francisco<\/span>, and Los Angeles<\/span>. Through construction excellence, sustainable practices, historic preservation and innovative design, every project is strategically selected to achieve transformative results for the company and community.<\/p>\n

Peebles Corp. | Development Project Portfolio (Partial):
<\/b>Brooklyn Village<\/span><\/b>\u00a0(Charlotte, NC<\/span>) a 3,000,000 square-foot mixed-use (apartments, hotels, office space and ground level retail) public-private partnership with Mecklenburg County<\/span>. Viola Back Bay<\/span> <\/b>(Boston, MA<\/span>) a\u00a0400,000 square-foot landmark mixed-use (condominiums, 175-room boutique lifestyle hotel, retail and community space) public-private partnership with MassDOT. 108 Leonard Street<\/b> (New York City<\/span>, NY) a 400,000 square-foot (landmark luxury condominiums, parking facility and 15,000 square-foot community space) public-private partnership with the NYCEDC. 1801 Vine Street<\/b> (Philadelphia, PA<\/span>) a 250,000 square-foot (200-room landmark hotel and historic neo-classical courthouse preservation) public-private partnership with PAID. SLS Hotel and Residences<\/b> (Washington, D.C.<\/span>) a 50,000 square-foot (175-room luxury hotel and residences) public-private partnership with DMPED. The Royal Palm Hotel<\/b> (Miami Beach, FL<\/span>) a 350,000 square-foot (17-story, twin tower hotel preservation with new construction) public private partnership with City of Miami Beach<\/span>. The Residences at The Bath Club<\/b> (Miami Beach, FL<\/span>) a 675,000 square-foot (107-unit condominium tower plus six ocean-front villas with amenities comparable to a 5-star hotel). Courtyard by Marriott Convention Center<\/b> (Washington, D.C.<\/span>) a 135,000 square-foot (188-room ornate landmark hotel built within a restored circa 1891 bank building near Smithsonian Mall).<\/p>\n<\/div>\n

First published at TravelCommunication.net – Global Travel News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Los Angeles, California, February 16, 2021 \/ TRAVELINDEX \/ Two acclaimed African American developers \u2013 Victor MacFarlane of MacFarlane Partners and R. Donahue Peebles of The Peebles Corporation \u2013 are doubling-down on their multi-million-dollar effort to bring thousands of new jobs and economic benefits to the nation\u2019s second-largest city as development partners of Angels Landing, …<\/p>\n","protected":false},"author":2,"featured_media":1518,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[105],"tags":[805,806,106,116,143,271,807,110,808,117,121,118,119,111,120],"class_list":["post-1517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-travel-news","tag-african-american","tag-angels-landing","tag-featured","tag-global-travel-news","tag-hotel-accommodation","tag-hotelworlds","tag-los-angeles","tag-news","tag-top-25-hotels-projects","tag-tourism-updates","tag-travel-news-hub","tag-travelindex","tag-unwto-news","tag-updates","tag-wttc-news"],"_links":{"self":[{"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/posts\/1517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/comments?post=1517"}],"version-history":[{"count":0,"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/posts\/1517\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/media\/1518"}],"wp:attachment":[{"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/media?parent=1517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/categories?post=1517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/tags?post=1517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}