The good news just keeps coming for the massive, multi-tower Metropolis project near LA Live, which until this year had been stalling off and on since as far back as the 1980s. Over the summer, construction started on a 38-story condo tower and 19-story hotel (phase one); now we hear that the second stage of development, which will include more than 500 condos in a 40-story tower, broke ground earlier this month. According to a press release from Douglas Elliman Development Marketing, which is handling sales and marketing for these future condos, the tower is expected to be complete sometime around the fall of 2017—about a year after phase one's 310-unit condo tower and 19-story hotel will be finished.
Groundbreaking and completion dates for the giant third phase, a 58-story tower with 725 condos, have not been announced yet. When it's finished, though, it will be the tallest residential building in Los Angeles, points out Building LA, and it will bring an incredible 67,000 square feet of retail to the block. When all of Metropolis is done (previous reports mentioned that would be in 2020), it'll be the West Coast's largest mixed-use site too. The entire project is being designed by megafirm Gensler.
Though there are well over 1,000 new units in the project, they probably won't linger on the market for very long. After all, the residential tower of phase one—which hasn't even been built yet—is already nearly 80 percent reserved, according to Douglas Elliman.
· Work Ramping up on South Park Megaprojects [Building LA]
· South Park's Unbuilt Metropolis Condos Already 40% Booked, [Curbed LA]
· Behold: DTLA Megaproject Metropolis's Next Two Giant Towers [Curbed LA]