Via Downtown/Pasadena agent Brigham Yen's blog comes a report from Retail Traffic that includes a start date for Metropolis, a multi-tower project that's been bandied about since the eighties. The current owner of the project site (currently a giant parking lot at Francisco, Eighth, Ninth, and the 110) is a local development company called IDS Real Estate Group; they paid about $50 million for the 6.3 acre parcel back in 2005. Working with a Florida company, IDS is planning on breaking ground in 2012 and finishing two years later--the shrunken-but-still-huge project would contain as much as 300,000 square feet of retail, 836 residential units and 480 hotel rooms. "The hotel has become critical because of AEG's plan for the convention center, which would have a huge impact on tourism and hospitality demand," Patrick Spillane, an executive at IDS tells Retail Traffic. Spillane adds that he's talking to national retailers, including big box stores--"Metropolis could accommodate six to eight big boxes ranging from 15,000 square feet to 50,000 square feet." Crikey. Spillane said in 2008 that ground could break in 2009, but at the time said the state of the market might necessitate a delay.
· Metropolis Slated to Break Ground in 2012 in Downtown LA [Brigham Yen]
· New Projects Fuel Downtown LA's Transformation [Retail Traffic]