Editor’s note: This story was originally published at 1:24 p.m. It has been updated throughout to reflect the latest information.
The Los Angeles City Council’s economic and development committee unanimously backed today a $1.2-billion plan from developers Claridge Properties, MacFarlane Partners, and The Peebles Corporation for the redevelopment of the Bunker Hill site now dubbed Angels Landing.
“By overseeing the development of Angel’s Landing, the city of Los Angeles is doing all we can to maximize this development and make sure some of Downtown Los Angeles’ greatest needs, such as hotels, schools and open space, are included in this project,”councilmember Jose Huizar said in a statement.
The next step is to secure the approval of the full City Council.
The committee’s vote follows a recent report from the Chief Legislative Analyst, which recommends the developers, who’ve partnered for the project under the banner Angels Landing Partners LLC. They are one of three teams vying for a chance to build on the site, which is controlled by the city.
Urbanize LA first spotted the report, which affects the future of a site at the northwest corner of Fourth and Hill streets, bordered to the north by the Angels Flight funicular.
In October, Angels Landing Partners presented a plan designed by Handel Architects that would fill the site with an 88-story skyscraper and a 24-story tower. Fill up those high-rises would be 500 SLS and Mondrian hotel rooms, 250 condos, open space, shops and restaurants, and a charter elementary school.
The project would also hold 400 apartment. Five percent—or 20 units—would be available to households making 80 to 120 percent of the area median income; that’s roughly $72,000 to $108,000 for a family of four.
Angels Landing Partners was the only prospective team to explicitly mention affordable housing in its plan.
Designed by landscape architecture firm Olin, the open space would measure 54,000 square feet. The Pershing Square subway entrance on the corner would be surrounded by a plaza-type space that leads into the development.
The Chief Legislative Office took into consideration the development team, the project, the financial capabilities, and the plan for community outreach that each development proposal put forth.
The developers proposed a purchase price of $50 million for the site—a bit more than the property’s $45.7 million assessed value—though that could change. The agreement between the city and the CRA/LA says that the property has to sell for its “fair market value,” so the property will be assessed once more and that amount will be the new minimum purchase price for the site, the chief legislative analyst’s report says.
The project isn’t expected to be complete until 2024. Developers expect a two-year design period followed by 41 months of construction.