Crown Group makes dramatic changes to $500M DTLA project

Australian developer chops a few floors, reduces number of condos and adds 160-key hotel to proposal

Los Angeles /
Apr.April 13, 2020 09:25 AM
Crown Group’s head of U.S. development, Patrick Caruso and a new rendering of the project
Crown Group’s head of U.S. development, Patrick Caruso and a new rendering of the project (Credit: Koichi Takada Architects/LA Times)

Australian developer Crown Group is now betting that both the condominium and hotel markets rebound in time for the planned 2025 opening of its ambitious Downtown L.A. project.

The developer has shaved off more than two dozen stories from a previous design and now wants to add a hotel to the $500 million development, according to the L.A. Times. It’s the third redesign of a project that Crown Group first proposed in mid-2018.

Plans now call for 319 condo units — down from 528 units — and a 160-unit hotel. The condo units would be priced between $600,000 and $1 million, according to Crown. Crown wants a restaurant on the ground floor of the building and a hotel amenity deck on the eighth floor with a restaurant, pool, and bar.

The top two floors would be reserved for condominium residents and include a restaurant, garden, and some entertainment spaces.

Crown has significantly dialed back the scale of the project from the 70-story version it unveiled last year. Besides chopping off the 27 stories from that design, Crown retained the California Redwood-inspired aesthetics created by Koichi Takada Architects for the project.

Crown, led by Iwan Sunito and Paul Sathio, is looking to secure approval from the city and start building by the end of next year. Sunito and Sathio are betting the economy will recover from the coronavirus pandemic and be back on track by the time they plan to open the property in 2025.

The pandemic has decimated the hotel industry, but Crown isn’t the only firm planning to build. Louis Vuitton’s parent company filed plans to build a luxury hotel on Rodeo Drive in Beverly Hills just a couple weeks ago. [LAT]Dennis Lynch


Related Articles

arrow_forward_ios
AEG's Dan Beckerman and Crypto.com arena at 1111 S. Figueroa Street5 (AEG)
“Nine-figure” upgrade coming to DTLA’s Crypto.com Arena
“Nine-figure” upgrade coming to DTLA’s Crypto.com Arena
Hyatt's Mark Hoplamazian with 17900 Jamboree Road (Hyatt Hotels, Trip.com)
Irvine Company sells Hotel Irvine for $135M
Irvine Company sells Hotel Irvine for $135M
Relevant Group’s Grant King and the Tommie Hotel at 6516 Selma Avenue in Hollywood (Getty Images, Relevant Group, LoopNet)
Relevant Group owes $3M for Tommie hotel project: suit
Relevant Group owes $3M for Tommie hotel project: suit
111 W 7th Street (Getty Images, Google maps)
Laguna Point Properties sues over $400M DTLA deal
Laguna Point Properties sues over $400M DTLA deal
Matthew Baron and The Cecil Hotel; in background, California State Assemblymember Miguel Santiago, Baron and Kevin De León, an L.A. City Councilmember (Baron Property Group)
Will Cecil Hotel’s troubled history end in full occupancy?
Will Cecil Hotel’s troubled history end in full occupancy?
Joel Schreiber, Barry Sternlicht and 801 South Broadway (Google Maps, Cmichel67/CC BY-SA 4.0/via Wikimedia Commons)
Starwood entity looks to foreclose on Broadway Trade Center
Starwood entity looks to foreclose on Broadway Trade Center
A rendering of the 1111 Sunset Blvd project (North Palisade, Skidmore, Owings & Merrill)
Trio of residential towers approved for Echo Park
Trio of residential towers approved for Echo Park
Prime Data Centers' Nicholas Laag and a rendering of the Vernon data center (Prime Data Centers)
SF outfit plans Vernon data center near DTLA hubs
SF outfit plans Vernon data center near DTLA hubs
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...