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

TRD 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
Alicia Silverstone from the film 'Clueless', 1995, and a rendering of the Beverly Center (Credit: Paramount Pictures/Getty Images, and Beverly Center via Los Angeles Times)

For LA’s malls, lawsuits could be the next crisis

For LA’s malls, lawsuits could be the next crisis
Los Angeles County homes (Credit: iStock)

LA home sales were dropping even before the pandemic struck

LA home sales were dropping even before the pandemic struck
Bryan Domyan and the S. Hope Street development site (Credit: Google Maps)

Developer plans 144-key hotel near near Staples Center

Developer plans 144-key hotel near near Staples Center
Rendering of the project

LA Trade Tech plans new 80K sf building for DTLA campus

LA Trade Tech plans new 80K sf building for DTLA campus
From left: Council President Nury Martinez, Councilmember Jose Huizar, and Mayor Eric Garcetti (Credit: Jerod Harris/Getty Images, and Twitter)

“Greed, corruption, and deception”: City’s top pols want Huizar out

“Greed, corruption, and deception”: City’s top pols want Huizar out
Onni Group’s Rossano DeCotiis and a rendering of the project

Onni Group must redesign Times Mirror Square project, but the clock is ticking

Onni Group must redesign Times Mirror Square project, but the clock is ticking
Smoke Tokes was one business that burned over the weekend (Credit: APU GOMES/AFP via Getty Images)

Federal investigators probe large fire at cannabis products warehouse

Federal investigators probe large fire at cannabis products warehouse
City National Plaza, CommonWealth CEO Brett Munger Calpers CEO Marcie Frost

CalPERS venture snags $550M refi on City National Plaza tower

CalPERS venture snags $550M refi on City National Plaza tower
arrow_forward_ios

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

Loading...