For third tower at Metropolis project In Los Angeles, Greenland shifts from condos to rentals

It's a never-say-never project, I always say about Atlantic Yards, given the history of--and potential for--changes, including changes in ownership, from Forest City Ratner/Forest City New York to Greenland Forest City Partners, initially owned 70% by Greenland USA, now 95%, but with three parcels leased to other developers and a fourth under co-development.

Same too for the three-tower, 1,500-unit Metropolis project in Los Angeles being developed by Greenland USA, which has gone through various gyrations. As previously reported, Greenland has switched brokers three times to sell condos in the first two buildings, and has tried to sell the third, unbuilt tower.

Now, as Urbanize/LA reported 10/18/19, Final Metropolis Tower Switches from Condos to Rentals, with 685 units. There's apparently a glut of condos, and rentals are cheaper to build. The new tower will be known as THEA at Metropolis. 

And in Brooklyn

Atlantic Yards was announced as 4,500 rental apartments, plus four towers of office space. Most of that office space was then shifted to condos. When approved, Atlantic Yards was supposed to have 4,500 rentals, half of them income-targeted, plus 1,930 condos.

However, a tax break extended to market-rate buildings no longer exists, so, after the construction of  one 278-unit condo tower, it seems unlikely Greenland Forest City will build more condos, at least unless a new tax break surfaces. 

So we should expect more market-rate rentals than the 2,250 approved and, perhaps to ensure tax breaks under the Affordable New York program, they'll come with even more "affordable" units than the 2,250 required. But they may be skewed--as they've already been--to middle-income households.

Stay tuned.