Crown Group secures land for US$500 mil mixed-use condo and hotel in Downtown LA

/ EdgeProp Singapore
April 14, 2020 5:24 PM SGT
Crown Group secures land for US$500 mil mixed-use condo and hotel in Downtown LA   - EDGEPROP SINGAPORE
Australian property developer Crown Group has secured land for its first project in the US — a US$500 million (S$708 million) mixed-use high-rise condominium and hotel tower in Downtown Los Angeles.
This is part of a joint venture with Singapore-based company Magnus Property and one of Indonesia’s biggest property developers, ASRI, the premium lifestyle brand division of Agung Sedayu Group.
Crown Group is also progressing entitlements with Los Angeles City Hall for the proposed tower, which is earmarked for the southeast corner of South Hill and 11th streets at the convergence of Downtown’s financial, fashion and South Park districts.
Slated for completion in 2024, the 43-storey tower will be designed by Koichi Takada Architects, melding inspired architecture with a futuristic vision of a new way of living.
The higher levels on the building will comprise 319 units with an exclusive residents’ retreat over the top two floors and a façade design that references California’s gigantic ancient redwood trees.
Crown Group is also in discussions with several luxury hotel brands to incorporate a 160-key hotel in the low-rise segment of the building.
“There’s a great deal of investment and it’s exciting to think of what Downtown will be like in another few years’ time. It will be a highly sought-after place to live in,” says Crown Group CEO Iwan Sunito.
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