Australian real estate developer Crown Group has launched a new Los Angeles division with the appointment of Patrick Caruso as the head of U.S. development and Samuel Sunito as a development associate.
The group recently announced its first move into the U.S. market to develop a mixed-use high-rise condominium and hotel tower in Los Angeles’ burgeoning downtown.
“We are very bullish on the L.A. market, even given the recent economic challenges,” said Crown Group CEO Iwan Sunito. “With the right team in place, we are confident that our efforts to bring this innovative mixed-use tower will be successful.”
As head of U.S. development, Caruso leads Crown Group’s expansion to the United States, responsible for the origination and delivery of development projects to grow Crown Group’s pipeline. A native of Australia, Caruso has a background in development spanning more than 15 years. Before coming aboard with Crown Group, he was with Dexus Limited, an Australian real estate investment trust with $31.8 billion of funds under management. He was responsible for the sourcing and execution of development opportunities, including new deals and acquisitions, as well as repositioning existing assets to create value. Before Dexus, Caruso held positions at Walker Corporation Pty Limited, Australia’s largest private diversified real estate developer.
Sunito is a development associate with Crown Group and previously worked as a sales executive for the company, following his graduation from the University of Southern California’s Marshall School of Business where he received a degree in business administration. In his role as development associate, he provides key support for the group’s forthcoming mixed-use condo and hotel planned for downtown L.A.
Crown Group is progressing entitlements with the Los Angeles City Hall for the proposed tower, which is earmarked for the southeast corner of South Hill and 11th streets at the convergence of downtown’s financial, fashion and South Park districts. The 43-story tower is being designed by Koichi Takada Architects and is slated for completion in 2025.
The high-rise portion of the building will have 319 condominiums with an exclusive residents’ retreat over the top two floors and a façade design that references California’s redwood trees. A street canopy will ground the tower and incorporate a “breathing green wall” designed to improve the city’s air quality and introduce a unique landscaping feature to the Downtown streetscape.
Crown Group’s L.A. office is also in discussions with several lifestyle hotel brands to incorporate a 160-room hotel in the lower part of the building.
Established in Sydney in 1996, Crown Group has a $5 billion pipeline spanning five cities and two continents.