The City of Los Angeles has officially begun soliciting developers for one of the last remaining plots on Bunker Hill.
Bunker Hill Parcel Y-1, now rebranded as Angel's Landing, spans approximately 2.26 acres at the northwest corner of 4th and Hill Streets. The property, once slated for a high-rise office building, is blessed with generous entitlements that allow for unlimited height, a 13:1 floor area ratio and nearly 1.3 million square feet of development. A marketing brochure from Jones Lang LaSalle states that possible uses could include commercial space, multifamily residential units and hotel rooms.
According to the marketing materials, the City of Los Angeles is pursuing a "mixed-use destination development," which would incorporate Angel's Flight, the adjacent funicular railway which has been out of operation since 2013. The integration of public space and the Pershing Square Metro station are also of interest to the City, which sees Angel's Landing as a link between several Downtown neighborhoods, as well as major destinations such as the Broad Museum and Grand Central Market.
For years, the property was home to Angel's Knoll, a temporary park made famous by the 2009 film 500 Days of Summer. However, the park was shuttered in 2013 following the dissolution of California's various Community Redevelopment Agencies. State law requires that the property be sold for fair market value, which was estimated at over $20 million in 2015.
A potential development at Angel's Landing joins several other projects surrounding Pershing Square Station, including the revived Park Fifth development and a proposed 33-story tower by Equity Residential.