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South Park Megaproject Will Get to Keep a Quarter of Its Taxes

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It's a good day to be a Downtown hotel developer: Greenland LA Metropolis Hotel Development, developers of the LA-Live-adjacent Metropolis megaproject, will be allowed to keep a quarter of the tax money (that means property, sales, hotel, parking—all the taxes) that they would normally pay to the city on the project's first phase, a 19-story hotel tower and 38-story residential tower. The LA Times reports that savings are expected to amount to $39.2 million over 25 years. The City Council voted unanimously to let Greenland keep the money, and optimistically chose to focus on how, even losing 25 percent of the revenue, the city will still receive $117 million over the course of that same 25 years. Metropolis's planned 19-story hotel is the latest in Downtown to get tax breaks (the newly opened double-brand Marriott received tax help as well), and probably won't be the last.
· L.A. to make tax revenue deal with downtown hotel developer [LAT]
· Here's a First Look at the Big Plans for South Park's Metropolis [Curbed LA]

Metropolis

Francisco St. & W. Eighth St., Los Angeles, CA