Chinese language-born actual property investor Maggie Gong Miracle, who additionally goes by Yi Chang Gong, is the developer behind Hollywood’s newest $1-billion proposed growth.
Her actual property growth agency filed up to date plans for a $1 billion workplace house at 6061 West Sundown Boulevard in Hollywood, in keeping with an announcement earlier this week.
The tower can be her first industrial growth, although Miracle owns no less than two massive spec tasks.
However regardless of the large price ticket, Miracle stays a reasonably mysterious determine in actual property, with a restricted on-line footprint and interviews over time.
She is a former actual property agent who left Coldwell Banker final 12 months, and isn’t presently registered with any brokerage, in keeping with state information. She nonetheless holds an actual property license.
Final 12 months, a restricted legal responsibility firm related together with her listed a 35,000-square-foot mansion in Bel-Air for $185 million, the Wall Road Journal reported. No sale materialized, in keeping with accessible public information.
One other LLC, 911 Tione Street, lists Yi Chang Gong because the proprietor. Along with these higher-profile tasks, Miracle owns the home situated at 1231 Shadow Hill Manner in Beverly Hills, in keeping with property information accessed by PropertyShark. It’s a six-bedroom, 12-bathroom mansion that Zillow estimates is value $21.5 million.
For the Hollywood mission, she purchased the property for $64.1 million again in 2017, information present.
She scored a $45 million mortgage from Financial institution of Hope on the property, along with a $9.95 million mortgage, in keeping with mortgage paperwork filed with Los Angeles County.
Miracle declined to touch upon financing or who the mission’s different buyers are.
In 2021, she unveiled a $500 million proposal for the positioning, designed by Chinese language agency MAD Architects. The earlier plans and renderings confirmed an egg-shaped constructing sheathed in glass, with the mission known as The Star.
A lawsuit by environmental teams claimed the design would kill birds that might careen into the home windows at excessive velocity, although it’s unclear if the lawsuit was the rationale the mission was redesigned.
The brand new design has scuttled the egg type, and now includes a cylindrical tower with gardens spiraling up the outside.
With the brand new design, the developer will nonetheless want to use for a rezoning, as the positioning’s present property class is listed as a one-story movement image, radio or tv studio.
The thought behind the mission was to create an workplace house of the longer term in a post-pandemic period.
“Since COVID, the significance of a wholesome office and entry to recent air and out of doors house has been a driver, particularly for these within the leisure and tech industries,” Miracle instructed The Los Angeles Instances on the time of her first design’s proposal. “The change in design is supposed to reply to these calls for.”
Norman Foster of Foster + Companions, the architect behind Apple Park in Cupertino and the grasp plan for The One Beverly Hills lodge, will take the lead within the new design.
