Less than a mile away from the rising Metropolis megaproject and just blocks from equally-mega-project Fig Central (both developed by China-based companies), another Chinese group has just dropped $26 million on a South Park property at Twelfth and Grand where they plan to build condos, even though the land isn't zoned for it yet, says the LA Times. The broker representing the sellers says that this transaction was the highest per-square-foot price LA's ever seen for land that wasn't already designated for "dense development."
That broker goes on to say that the buyers, Shanghai-based Shenlong Group, are planning to demolish the 1930s warehouse currently on the lot so that they can put up two condo towers. (The broker who represented Shenlong said he wasn't able to talk about the company's future plans for the site.) Though the 44,412-square-foot lot isn't zoned for residential development, the sellers' broker doesn't think that Shenlong would have any trouble getting that changed, if they wanted to, due to the need for condos in the area (most of the new projects in Downtown are rentals).
· Chinese developer buys site near Staples Center, plans to build condos [LAT]