Crown Group is laying the foundations for its US debut, announcing steps forward for a US$500 million high-rise condominium and hotel tower in Los Angeles.
The Australian residential developer – not to be confused with casino operator Crown Resorts which has luxury resorts in Melbourne, Perth and soon Sydney – is progressing entitlements with Los Angeles City Hall for the mixed-use project in Downtown LA, at the southeast corner of South Hill and 11th streets.
Crown Group has formed a joint venture with a Singapore-based company called Magnus Property Pte Ltd and one of Indonesia’s biggest property developers, ASRI, for the project. Some of ASRI’s most notable developments include The Langham Jakarta and The Langham Residences. The JV collective settled on the Downtown LA site in November 2019.
The 43-storey tower will be designed by Koichi Takada Architects and is destined to redefine the Downtown skyline. The project at 1111 Hill Street is expected to be completed in 2024.
The high-rise sections of the building will comprise 319 condominiums.
Crown Group’s LA office is also in discussions with several luxury hotel brands to incorporate a 160-room hotel in the low rise of the structure.
Crown Group CEO, Iwan Sunito, said the flourishing Downtown district of LA had experienced a significant transformation over the past decade. This is evidenced by LA Live’s expansion, Warner Music and Spotify establishing offices, headline retailers such as Apple, Vans and Paul Smith launching flagship stores, a bevvy of iconic restaurants opening venues and numerous residential, hotel and commercial developments underway.
“It’s rare to find the central district of a large cosmopolitan city on the verge of such significant change,” he said. “Downtown is experiencing a once in a generation revival – led by the heightened convergence of tech, media and entertainment in Los Angeles. There’s a great deal of investment and it’s exciting to think of what Downtown will be like in another few years’ time. It will be a highly sought-after place to live.”
“It’s clear buyers are seeking more diverse offerings, so our fresh and unique Australian approach of functional resort style-living melded with a sophisticated architectural design will fill a significant gap in the market,” Sunito said.
Established in Sydney in 1996, Crown Group has built its reputation on delivering iconic luxury developments and today has a $5 billion pipeline spanning five cities and two continents.