Saturday, June 27, 2015

Greenland selling Pacific Park condos at Downtown Los Angeles marketing center; pitching new "cities" for young professionals/early retirees

I missed this 4/29/15 press release, Greenland USA Opens National Sales and Marketing Center in Heart of Downtown Los Angeles: Real Estate Giant to Showcase Residences for Metropolis and Future Properties.

There's one paragraph about Brooklyn:
Pacific Park Brooklyn, Greenland USA’s investment in New York will also be featured in the Sales and Marketing Center. Pacific Park Brooklyn is a $4.9 billion, 22-acre mixed use development that will be a cornerstone of the Brooklyn community, integrating family homes, store fronts for small business owners, schools, shopping, and entertainment. Pacific Park Brooklyn and Metropolis exemplify Greenland USA’s vision for developing properties that integrate seamlessly within a city and catalyze the local economy.
I think that the use of the plural "schools" is not accurate, since only one school is planned. Small business owners? We'll see.

Also note that Metropolis condos start at $600,000, while the ones in Brooklyn are a hair less expensive. Then again, Metropolis is in the center of Los Angeles.

Pursuing "young professionals or early retirees"?

From the Real Deal South Florida, 6/26/15, U.S. CEO of China’s biggest developer peruses SoFla:
"We are building cities for the next generation to come,” Chang said.
In Brooklyn, Greenland USA is a joint venture partner on its property near the Barclays Center, where it plans a project that will span 22 acres of land, with 15 buildings housing more than 6,000 units, one-third of them affordable housing. One year after the joint venture was established, the project has already broken ground on two of the affordable housing buildings, which will total 599 units, she said.
The targeted audience is young professionals or early retirees who want to enjoy urban living, she said.
That's an interesting quote. That "targeted audience" may apply to the condos, or the market-rate housing, but the affordable housing was supposed to be accessible to families, low-, moderate-, and middle-income.

The next two buildings have 35% two- and three-bedroom units (compared to the pledge of 50%, in floor area, so it's unclear whether that's met), but are pitched significantly to middle-income households. They pay more.

The 4/29/15 release, in full below

Greenland USA Opens National Sales and Marketing Center in Heart of Downtown Los Angeles
Real Estate Giant to Showcase Residences for Metropolis and Future Properties

LOS ANGELES--(BUSINESS WIRE)--Greenland USA, a leading developer of residential and commercial properties, opened its first U.S. Sales and Marketing Center in Los Angeles. The Center will showcase Greenland USA’s current and future landmark properties and is today outfitted with a gallery and model residence for Metropolis (www.metropolislosangeles.com), a more than $1 billion mixed-use development set to redefine the Los Angeles streetscape, skyline and lifestyle.

“Greenland USA’s strategic investments in Los Angeles and New York have anchored our presence in the U.S. As we actively seek growth opportunities across the U.S., this Sales and Marketing Center will allow us to showcase the breadth and depth of current and future projects, as well as our expertise, architectural acumen, and the quality of the our developments,” said I-Fei Chang, CEO, Greenland USA.

Metropolis, Greenland USA’s first investment, is a 6.3 acre property being built on one of the last substantial parcels of undeveloped land in downtown Los Angeles. Upon completion, Metropolis will be comprised of three residential towers, a boutique hotel and a curated retail experience. With towers reaching 18- to 56-stories high, Metropolis will provide guests and residents with expansive views of the city, mountains and coastline and will set a new standard for urban living. Sitting conveniently between Los Angeles’ financial district to the north and entertainment district to the south, Metropolis will connect these two districts via a pedestrian-friendly retail thoroughfare. Residential Tower 1 is already 50% pre-sold and is scheduled for completion in 2016. The full property is slated for completion in 2018.

“Downtown Los Angeles is undergoing a revitalization and people from all walks of life are returning to the area to work, play and live,” said Ms. Chang. “As a result, people are eager to make downtown their home and are looking to get in early on the right property that fits their lifestyle and expectations.”

In addition to the spectacular views, Metropolis will feature contemporary finishes and all the modern amenities and conveniences that make urban living so desirable, including 24/7 concierge services, outdoor spaces with swimming pools, spas, cabanas, gardens, walking paths, dog parks, pet-washing stations, a children’s play area, putting green, outdoor kitchen and BBQ areas, indoor fitness centers, club rooms, screening room and residence lounges. Metropolis residences currently range in price from $600,000 to over $2,000,000.

Pacific Park Brooklyn, Greenland USA’s investment in New York will also be featured in the Sales and Marketing Center. Pacific Park Brooklyn is a $4.9 billion, 22-acre mixed use development that will be a cornerstone of the Brooklyn community, integrating family homes, store fronts for small business owners, schools, shopping, and entertainment. Pacific Park Brooklyn and Metropolis exemplify Greenland USA’s vision for developing properties that integrate seamlessly within a city and catalyze the local economy.

About Metropolis

Metropolis is a more than $1 billion, 6.3 acre residential, retail and hospitality property in downtown Los Angeles. Located just two blocks from Staples Center and L.A. Live, Metropolis will span two full city blocks, and connect the financial and entertainment districts, while adding to the L.A. skyline and the vibrancy of the downtown scene. Metropolis will provide guests and residents alike with expansive views of the city, mountains and coastline, and offer a new standard for urban living. Phase I is slated for completion in Fall 2016; Phase II is slated for 2018.

About Greenland USA

Greenland USA is a leading developer of residential and commercial properties that both transform communities and exemplify modern living. Greenland USA is investing nearly $5 billion into New York’s Pacific Park Brooklyn, a 20 acre mixed-use property, and more than $1 billion in Los Angeles’ Metropolis. Greenland USA’s strategic acquisitions exemplify its vision for developing transformative and modern properties that are amenity-rich, will catalyze the local economies and foster the growth of the surrounding communities. Greenland USA is a subsidiary of Greenland Group, which is ranked 268th among the Fortune 500 global enterprises.

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