A 12/17/19 press release, Greenland USA Announces Completion of Metropolis in Downtown Los Angeles, had the subheading "Redefining DTLAs' skyline, mixed-use community, Greenland USA revitalizes downtown neighborhood and delivers community and economic benefits."
As I wrote last month, Greenland--also now the master developer of Atlantic Yards/Pacific Park--has switched brokers three times to sell condos in the first two buildings in Metropolis, tried to sell the third tower, and then switched from condos to rentals with that tower. A Real Deal article this month contained a brutal quote: “The Metropolis development never made sense in the first place."
Even the business press this week added a dollop of skepticism. CoStar's article was headlined Greenland Completes Apartments at $1 Billion Metropolis Development in LA, with the subheading, "Developer Bets on Rising Downtown Apartment Demand at Once-Struggling Project." Bisnow noted that Greenland did not reply to a Bisnow request for additional comment.
The official press release
LOS ANGELES, Dec. 17, 2019 /PRNewswire/ -- Greenland USA, a leading developer of large-scale developments in New York and Los Angeles, today announced that Metropolis, the 6.3-acre mixed-use development in the heart of downtown Los Angeles, has received a Temporary Certificate of Occupancy for its fourth and final tower, Thea at Metropolis, and concludes major construction on Metropolis. The milestone demonstrates that Greenland USA has fulfilled its promise to deliver multiple community and economic benefits while revitalizing Downtown Los Angeles into an exciting, vibrant community five years after the project first broke ground.
Thea at Metropolis, a 56-story luxury tower featuring 685 residences for lease, is expected to welcome its first residents this winter. Metropolis's additional buildings, the boutique Hotel Indigo and luxury condominiums Tower I and Tower II, opened in 2017 and 2018. Tenants for the 70,000 square feet of ground-floor retail are expected to be announced soon.
"Delivery of Metropolis's final residential tower is an incredible achievement and a testament to Greenland's commitment to Los Angeles," said Winston Yan, the General Manager of Greenland USA, Los Angeles. "We are proud to deliver an on-time program of this scale in the United States. Throughout the lifecycle of this project, we have created more than 430 permanent, full-time jobs while employing 1,700 union workers daily. By developing a new walkable, inviting community in the center of LA, we expect the local economic impact to be strong as new families and young professionals as well as commercial tenants call Metropolis home."
Previously the site of an underutilized parking lot, Metropolis has emerged as a skyline defining, mixed-use development across 6.3 acres of Downtown's Central Business District offering more than 1,500 residences, a 350-room boutique hotel and 70,000 square feet of prime retail.
Metropolis Tower I opened in 2017 and features 308 residences across 38 floors. It offers studio, one-bedroom, and two-bedroom residences and penthouses. The largest Tower I residences have corner locations with southwest- and northwest-facing views, including Downtown, greater L.A. and the Hollywood Hills.
Metropolis Tower II opened in 2018 and features 514 residences, some with balconies and terraces. Residences include studios, one-bedrooms, and two-bedrooms. A signature amenity (shared with Thea at Metropolis) is the 67,500 square foot outdoor Skypark complete with a heated pool, cabanas, garden pavilion, kids play area, dog park, and more.
Thea at Metropolis features 685 for-lease residences across 56 floors, some with balconies and terraces. The tower is fully amenitized and like Towers I and II, it comes with 24/7 lobby ambassadors.
Hotel Indigo is a 350-room boutique hotel with a prime location in the rapidly-growing Downtown Historic Core. It features an elegant lobby lounge and bar, a sky lounge on the top floor with breathtaking views of the LA Skyline, an outdoor pool with views of LA LIVE, pool restaurant and bar, cabanas, fitness center, a hotel business center, valet parking and concierge service.
Retail opportunities are available across more than 70,000 square feet in the Hotel Indigo and three residential towers. Retail spaces offer street frontage along the primary pedestrian connection between the hotel, residences, Financial District, L.A. Live and the Convention Center.
Greenland USA participated in the City of Los Angeles's Parallel Design-Permitting Process for major project developments which allowed the design process and the permitting process to run concurrently and helped the project to run efficiently and to be delivered on schedule.
About Greenland USA
Greenland USA is a leading developer of residential and commercial properties that transforms communities and is committed to the long-term health and vibrancy of the communities it serves. Greenland USA leverages its extensive international track record, commitment to design innovation, quality and efficiency and its local market expertise to bring landmark properties to fruition. It is currently developing the $1+ billion Metropolis project in Los Angeles and the $6+ billion Pacific Park project in Brooklyn. Established in 2013, Greenland USA is a subsidiary of Greenland Group, which is publicly traded on the Shanghai Stock Exchange (SSE) and ranked 202nd among the Fortune Global 500 in 2019.
As I wrote last month, Greenland--also now the master developer of Atlantic Yards/Pacific Park--has switched brokers three times to sell condos in the first two buildings in Metropolis, tried to sell the third tower, and then switched from condos to rentals with that tower. A Real Deal article this month contained a brutal quote: “The Metropolis development never made sense in the first place."
Even the business press this week added a dollop of skepticism. CoStar's article was headlined Greenland Completes Apartments at $1 Billion Metropolis Development in LA, with the subheading, "Developer Bets on Rising Downtown Apartment Demand at Once-Struggling Project." Bisnow noted that Greenland did not reply to a Bisnow request for additional comment.
The official press release
LOS ANGELES, Dec. 17, 2019 /PRNewswire/ -- Greenland USA, a leading developer of large-scale developments in New York and Los Angeles, today announced that Metropolis, the 6.3-acre mixed-use development in the heart of downtown Los Angeles, has received a Temporary Certificate of Occupancy for its fourth and final tower, Thea at Metropolis, and concludes major construction on Metropolis. The milestone demonstrates that Greenland USA has fulfilled its promise to deliver multiple community and economic benefits while revitalizing Downtown Los Angeles into an exciting, vibrant community five years after the project first broke ground.
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| (PRNewsfoto/Greenland USA) |
"Delivery of Metropolis's final residential tower is an incredible achievement and a testament to Greenland's commitment to Los Angeles," said Winston Yan, the General Manager of Greenland USA, Los Angeles. "We are proud to deliver an on-time program of this scale in the United States. Throughout the lifecycle of this project, we have created more than 430 permanent, full-time jobs while employing 1,700 union workers daily. By developing a new walkable, inviting community in the center of LA, we expect the local economic impact to be strong as new families and young professionals as well as commercial tenants call Metropolis home."
Previously the site of an underutilized parking lot, Metropolis has emerged as a skyline defining, mixed-use development across 6.3 acres of Downtown's Central Business District offering more than 1,500 residences, a 350-room boutique hotel and 70,000 square feet of prime retail.
Metropolis Tower I opened in 2017 and features 308 residences across 38 floors. It offers studio, one-bedroom, and two-bedroom residences and penthouses. The largest Tower I residences have corner locations with southwest- and northwest-facing views, including Downtown, greater L.A. and the Hollywood Hills.
Metropolis Tower II opened in 2018 and features 514 residences, some with balconies and terraces. Residences include studios, one-bedrooms, and two-bedrooms. A signature amenity (shared with Thea at Metropolis) is the 67,500 square foot outdoor Skypark complete with a heated pool, cabanas, garden pavilion, kids play area, dog park, and more.
Thea at Metropolis features 685 for-lease residences across 56 floors, some with balconies and terraces. The tower is fully amenitized and like Towers I and II, it comes with 24/7 lobby ambassadors.
Hotel Indigo is a 350-room boutique hotel with a prime location in the rapidly-growing Downtown Historic Core. It features an elegant lobby lounge and bar, a sky lounge on the top floor with breathtaking views of the LA Skyline, an outdoor pool with views of LA LIVE, pool restaurant and bar, cabanas, fitness center, a hotel business center, valet parking and concierge service.
Retail opportunities are available across more than 70,000 square feet in the Hotel Indigo and three residential towers. Retail spaces offer street frontage along the primary pedestrian connection between the hotel, residences, Financial District, L.A. Live and the Convention Center.
Greenland USA participated in the City of Los Angeles's Parallel Design-Permitting Process for major project developments which allowed the design process and the permitting process to run concurrently and helped the project to run efficiently and to be delivered on schedule.
About Greenland USA
Greenland USA is a leading developer of residential and commercial properties that transforms communities and is committed to the long-term health and vibrancy of the communities it serves. Greenland USA leverages its extensive international track record, commitment to design innovation, quality and efficiency and its local market expertise to bring landmark properties to fruition. It is currently developing the $1+ billion Metropolis project in Los Angeles and the $6+ billion Pacific Park project in Brooklyn. Established in 2013, Greenland USA is a subsidiary of Greenland Group, which is publicly traded on the Shanghai Stock Exchange (SSE) and ranked 202nd among the Fortune Global 500 in 2019.
Greenland Metropolis Press Release 12.17.19 by Norman Oder on Scribd
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