Take this as a good sign for the Downtown market: the giant, 275,450-square-foot Metropolis site that hugs LA Live and the 110, went on the market in March and has already been snapped up
and for $1 billion, Bloomberg reports. A state-owned Chinese developer named Shanghai Greenland bought the parcel-- and preliminary approvals for 1.65 million square feet of hotels, condos, offices, and retail--from the California State Teachers' Retirement System and is investing a total of $1 billion in the project. "We are extending the China market abroad, and we prioritize our investment to countries where Chinese immigrants, students and tourists like the most," Zhang Yuliang, chairman of Shanghai Greenland, said in the statement. The company says that, somehow, construction will start this year on the project--whatever it may be.
The Metropolis parcel is between Eighth and Ninth Streets, north of LA Live, and has been a proposed development site since the late eighties. It's not clear what the Chinese company has in mind (the renderings are placeholders), but it will likely be a development with several buildings. There has long been a related proposal to turn nearby Francisco Street into a pedestrian-only promenade that connects South Park to the Financial District; see the video below for more on that.
· China's Greenland Buys Stake in Los Angeles Project [Bloomberg]
· Metropolis Archives [Curbed LA]
· Metropolis Archives [Official Site]