Greenland USA, which should soon own 95% of the Atlantic Yards/Pacific Park project going forward (after a 70/30 split on three towers, and infrastructure), has a 2025 deadline for the project's affordable housing.
But maybe it's considering options regarding new investors and new plans--at least if its activity in California is any cue.
In Los Angeles, sales pending
From the Los Angeles Times, 4/1/18, As China puts the brakes on overseas investment, Los Angeles' development boom takes a hit:
The first two (of three) condo towers are doing well, according to Hu, with the second tower completed this year. (Here's my report from February 2018.)
The Times noted that it is unusual though possible to sell an under-construction building, but suggests, quoting Michael Soto, research manager at real estate company Transwestern, that China-based companies are moving faster than their local counterparts:
In South San Francisco, a shift for Oyster Point
A project in South San Francisco involving Greenland, called Oyster Point, has gone through significant shifts, as biotech companies have pushed back on a proposed rezoning for housing, given potential impact on infrastructure and commercial operations, according to the 3/30/18 San Mateo Daily Journal:
Oyster Point Development, according to its web site, is a joint venture by Greenland, Ping An Trust, Agile Group Holding, and Poly Sino Capital, all Chinese companies. Greenland USA is managing the development on site.
The 40-acre project was originally to include just 2.25 million square feet of office and R&D space, but then was amended to include both commercial and residential space, with 1.5 million square feet of the former, and 1,200 units of housing.
Back on 12/28/17, the San Mateo Daily Journal explained that local officials worried about "[w]orsened traffic congestion, increased school enrollment and heightened demand on municipal services.
The San Francisco Chronicle 3/30/18 also reported on the Oyster Point change of plans:
The bottom line is that, like any developer, Greenland can be flexible. So stay tuned in Brooklyn.
But maybe it's considering options regarding new investors and new plans--at least if its activity in California is any cue.
In Los Angeles, sales pending
From the Los Angeles Times, 4/1/18, As China puts the brakes on overseas investment, Los Angeles' development boom takes a hit:
Chinese mega-developer Greenland USA recently started shopping around two key buildings in its $1-billion Metropolis complex in downtown Los Angeles — the Hotel Indigo and the 56-story Condo Tower 3, which is still under construction.
Whether Greenland ultimately sells depends on how much buyers are willing to pay, said Hu Gang, chief executive of Greenland USA.
"The potential for any future sale, Hotel Indigo or Condo Tower 3, would be decided based on the ebb and flow of the real estate market and the strength of the offer," Hu said in a statement.
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| Photo from my February 2018 report on Metropolis |
The Times noted that it is unusual though possible to sell an under-construction building, but suggests, quoting Michael Soto, research manager at real estate company Transwestern, that China-based companies are moving faster than their local counterparts:
"Companies have obviously been ordered by the government to sell off or dispose" of foreign properties, he said. "This is state-directed capitalism at work. Otherwise, why are you selling this stuff so soon after it's been acquired or is still being built?"So, does that portend sales in Brooklyn?
In South San Francisco, a shift for Oyster Point
A project in South San Francisco involving Greenland, called Oyster Point, has gone through significant shifts, as biotech companies have pushed back on a proposed rezoning for housing, given potential impact on infrastructure and commercial operations, according to the 3/30/18 San Mateo Daily Journal:
Oyster Point Development announced it is indefinitely pausing the proposal to build nearly 1,200 units in a massive project east of Highway 101, following concerns raised by titans of the life sciences industry.California has a rigorous environmental review process that could have gummed up plans to move forward.
Oyster Point Development, according to its web site, is a joint venture by Greenland, Ping An Trust, Agile Group Holding, and Poly Sino Capital, all Chinese companies. Greenland USA is managing the development on site.
The 40-acre project was originally to include just 2.25 million square feet of office and R&D space, but then was amended to include both commercial and residential space, with 1.5 million square feet of the former, and 1,200 units of housing.
Back on 12/28/17, the San Mateo Daily Journal explained that local officials worried about "[w]orsened traffic congestion, increased school enrollment and heightened demand on municipal services.
The San Francisco Chronicle 3/30/18 also reported on the Oyster Point change of plans:
Alex Greenwood, South San Francisco’s director of economic and community development, said that pausing the housing plan could be best for both sides. What happens at Oyster Point is crucial to the future of a biotech cluster that features 11 million square feet, with another 7.2 million under development, he said.Some thought housing was indeed necessary, if not there, then elsewhere in the area.
The bottom line is that, like any developer, Greenland can be flexible. So stay tuned in Brooklyn.
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