It was only last year that Shanghai-based Greenland Group bought a 6.3-acre site between the Financial District, LA Live, and the 110, with plans to build the five-building Metropolis megaproject there. But the company is hauling ass: They want to begin shoring and grading work for the first phase of , a 19-story hotel and a 38-story residential tower designed by Gensler, on February 14, according to a report (pdf) from the city's chief legislative analyst, via Building Los Angeles. To give more credence to this claim, Tishman Construction, part of design behemoth AECOM, put out a press release today announcing they were hired to help build the $1-billion Metropolis, noting there will be a groundbreaking next month and that the hotel opens in early 2016, and the residential tower will be ready in summer 2016 (the second phase, which includes three mixed-use towers, doesn't yet have a groundbreaking date).
In the analyst report, it's noted Greenland is about $90 million short on funds for the project—which likely equates to the company fishing for tax credits. This wouldn't be an outrageous request, as other area hotels, like the Wilshire Grand and the double Marriott nearby both received such incentives. The city is also totally hard up for more hotel rooms, which Greenland is certainly aware of.
· Tishman Selected for Metropolis Project [Globe St.]
· Metropolis Archives [Curbed LA]