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
Renderings of Omni's new project, along with the original Times Mirror Square building. (City of Los Angeles Department of City Planning, WikiMedia)
City approves Onni’s massive Times Mirror Square redevelopment
City approves Onni’s massive Times Mirror Square redevelopment
Christopher Rising and Sam Manoochehri (Linkedin)
Rising Realty expands into multifamily market
Rising Realty expands into multifamily market
 Jade Enterprises’ Director of Development Daniel Taban and 888 South Figueroa Street (Google Maps)
Here’s what tenants are paying at Jade Enterprises’ 888 Figueroa in DTLA
Here’s what tenants are paying at Jade Enterprises’ 888 Figueroa in DTLA
David Lawrence Gray and a rendering of the 120-unit tower (David Lawrence Gray Architects, University of Washington)
120-unit Pencil Tower planned for DTLA
120-unit Pencil Tower planned for DTLA
Rendering of 1411 South Flower Street (Housing Diversity Corporation)
Micro-housing to rise in DTLA Opportunity Zone
Micro-housing to rise in DTLA Opportunity Zone
Geoff Palmer and a rendering of the project (Getty)
New renderings show Geoff Palmer’s 1K-unit DTLA apartment project
New renderings show Geoff Palmer’s 1K-unit DTLA apartment project
Rockwood Capital's Walter P. Schmidt, LPC West's David Binswanger, and Deka Immobilien's Ulrich Bäcker. (915 Wilshire, Rockwood, Light and Shine Photography, Deka)
Rockwood Capital, Lincoln Property sell DTLA office tower for $196M
Rockwood Capital, Lincoln Property sell DTLA office tower for $196M
Slate Property Group co-founder Martin Nussbaum and the Hotel Cecil (Slate, Google Maps)
Developer snags $30M loan for Hotel Cecil conversion
Developer snags $30M loan for Hotel Cecil conversion
arrow_forward_ios

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

Loading...