Australia-based residential developer Crown Group has purchased land for its $500m mixed-use high-rise condominium and hotel tower planned for Downtown Los Angeles (LA), expanding its footprint to the US.
The tower is designated for the southeast corner of South Hill and 11th streets at the convergence of the financial, fashion and South Park districts.
The company is currently progressing entitlements with Los Angeles City Hall for the proposed tower.
Crown Group has formed a joint venture (JV) with Singapore-based Magnus Property and ASRI, the premium lifestyle brands division of Agung Sedayu Group. The JV group settled on the downtown site last November.
Designed by Koichi Takada Architects, the 43-storey tower is said to embody Crown Group’s philosophy of melding inspired architecture with a futuristic vision of a new way of living. It is expected to be completed in 2024.
The high-rise sections of the building will comprise 319 condominiums. It will have an exclusive residents’ retreat over the top two floors and a façade design inspired by California’s ancient redwood trees.
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Crown Group’s LA office is in talks with several luxury hotel brands to incorporate a 160-room hotel in the low rise of the building.
Crown Group US Development head Patrick Caruso said: “We anticipate that this new mixed-used development, which will offer attainable luxury living with never-before-seen facilities, including an exclusive rooftop residents’ retreat, collocated with a quality-branded hotel will be very well received by those looking for a new condominium.
“It’s clear buyers are seeking more diverse offerings, so our fresh and unique Australian approach of functional resort style-living melded with sophisticated architectural design will fill a significant gap in the market.”