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A Sydney-based developer, Crown Group, is moving ahead with plans for a Downtown Los Angeles skyscraper containing a hotel and condos. The $500-million project would transform a property owned by the developer at 1111 Hill St. into a 43-floor tower with a design intended to resemble a California redwood tree.
"Although the COVID-19 pandemic has slammed residential sales, shuttered many hotels and made construction more challenging, Crown Group is betting that demand for its building will be revived in time for the planned 2025 opening. Executives are working to secure city permission to build the tower and hope to start construction by the end of next year," reports Roger Vincent.
The proposed building amenities include indoor and outdoor entertainment and restaurants, a garden, a swimming pool, and seven floors of green walls to enclose the parking levels.
Crown Group Chief Executive Iwan Sunito expects the 160-room hotel to be marketed to millennials as a hip and in-demand option for housing in Downtown Los Angeles. Sunito says the condos will be priced at around $600,000 to $1 million for one of the 319 units.
UCLA Ziman Center for Real Estate director Stuart Gabriel highlighted the need for new housing at all price points in the Los Angeles market, noting that the pandemic has brought Los Angeles housing development to a standstill. Gabriel added that there is some speculation that moving forward with the project could be a risk if people opt for lower-density housing post-pandemic.