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Whiskey Tango Foxtrot
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Discussion Starter #1 (Edited)


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Previous designs:








A site in downtown Los Angeles which has been the subject of development schemes since the 1980s has been purchased by China-based behemoth Greenland. Approved for 5 towers in 2007, the site was most recently envisioned as mixed use retail, entertainment, hotel and apartments. Greenland's new plans call for four towers from 19 floors to 60 floors.




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Some suggested possibilities for the site:







DTLA's Metropolis Site Sells For $1B, Works Starts This Year



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.
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Entitlements:


http://www.hotel-online.com/News/PR2013_2nd/Apr13_CBREMetropolis.html
 

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Whiskey Tango Foxtrot
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Discussion Starter #7
Good god, that is one of the most terrible things I've ever seen. I was just over on the Hudson Yards thread talking about a "kitchen sink" design approach, but this makes HY North look like a Mies van der Rohe.

Still! Good to see some movement with this project.
Yeah, I don't think that will get built per se, just illustrative of the ideas for these towers. Greenland may yet go in a very different direction...
 

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Whiskey Tango Foxtrot
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Discussion Starter #8
it is important to note that the above renderings were done solely for marketing purposes by CBRE and is not what is proposed by the new owner. My hope is that they aim for higher entitlements and build 5 towers at a min of 50 stories each. This land is way way to valuable for only shorter towers.
My thoughts too! I have to wonder why, given the claim (fairly justified too) that this is the choicest parcel in DTLA, would 5 squat towers be suggested even if each gets architecturally distinctive designs? Why not really unlock the high value and global visibility of the site?
 

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Yeah, I don't think that will get built per se, just illustrative of the ideas for these towers.
Yeah, that's how I understood it. Thankfully.

I'm excited to see this section of downtown finally moving towards getting filled. I do worry about the stubbiness of some of these developments though. Pretty soon all those parking lots are gonna be filled with 7-20 story towers and then there'll be no more room to build up.
 

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My thoughts too! I have to wonder why, given the claim (fairly justified too) that this is the choicest parcel in DTLA, would 5 squat towers be suggested even if each gets architecturally distinctive designs? Why not really unlock the high value and global visibility of the site?
exactly. the 6 to 9 month time line for construction to start is very exciting, but i would rather wait an extra 6 to 9 months to get further entitlements for more height and better design
 

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If I recall correctly, IDS changed entitlements with the city to allow for five towers rather than four right before they put the site up for sale. Probably reduces the allowable height.

Perhaps Greenland can build taller if they opt to go with only four buildings.
 

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Whiskey Tango Foxtrot
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Discussion Starter #12
If I recall correctly, IDS changed entitlements with the city to allow for five towers rather than four right before they put the site up for sale. Probably reduces the allowable height.

Perhaps Greenland can build taller if they opt to go with only four buildings.
I would do 3 skyscrapers and a shorter mixed use building. :2cents:
 

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I would do 3 skyscrapers and a shorter mixed use building. :2cents:
Sounds good to me. Getting some varied heights makes for better aesthetics than four or five 30-35 story towers stuffed onto that lot.
 

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Deep State
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Too good to be true.

>(

Downtown L.A. 'Metropolis' deal under negotiation

Negotiations are underway for the sale of a prime 6.3-acre slab of empty land in downtown Los Angeles near the Staples Center and the L.A. Live entertainment complex.

A Shanghai-based real estate company called Greenland Holdings Group announced late last week that it had signed a “corporation agreement” to buy the development project, known as Metropolis.

But the current owners -- a joint venture between IDS Real Estate Group and the California State Teachers’ Retirement System -- caution that there has not been an official deal completed, despite media reports.

Reports that the property sold for $1 billion are completely untrue, said Patrick Spillane, the senior vice president at IDS Real Estate Group. “There’s a lot of erroneous information.”


The vast parcel of land that is currently used as a parking lot went on the market in March and comes with city-approved plans for the construction of 1.65 million square feet of hotels, multifamily housing, offices and stores within five separate buildings, he said.

Spillane would not comment on whether the owners were discussing selling all or part of the development, nor would he speculate on when a deal might be reached.

According to Greenland’s July 26 statement, construction could start within six to nine months and would cost about $1 billion to finish.

The actual price of the land, however, would be nowhere near that amount, Spillane said, and no price for the property has been set. But downtown land recently traded for nearly $500 a square foot, which could amount to as much as $140 million for the Metropolis land.

Michael Soto, a Southern California research manager at real estate firm Transwestern, estimated the asking price is between $100 million and $125 million, but he “wouldn’t be surprised if the final price came in above the asking price,” he said.

Regardless of the price, Soto said it would be great to see construction begin on the project that has been in the works for quite some time. It was intended for one of the biggest, most dramatic proposed developments of the 1980s commercial real estate boom.

The parcel was assembled in the late 1980s by developers who promised a “city within a city” on the block bordered by the 110 Freeway and Francisco Street, 8th and 9th streets.

“You have to think the new buyers have a long-term kind of plan for the site,” Soto said. “They’re not looking to develop this in a year or two, even though they do want to start construction soon.”
http://www.latimes.com/business/money/la-fi-mo-metropolis-sale-20130801,0,4993477.story
 
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Whiskey Tango Foxtrot
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Discussion Starter #15
Well it's obvious that the sale price wasn't going to be $1 billion. That would be the cost of building out the present scheme. If Greenland walks away, then someone like CIM, Brookfield or even Related could swoop in and snatch the site. Real estate deals are always tricky: either they're 100% done or they're 0% done.
 

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Deep State
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Looks like it'll be Greenland after all.

Pending Deal Could Jumpstart ‘Metropolis’ Megaproject

DOWNTOWN LOS ANGELES – The developer of a long-stalled South Park mega-project has a deal in place with a Chinese investor that would allow the $1 billion project to finally proceed. Finally is the operative word, as the project has been floated in one form or another for more than two decades.

Shanghai Greenland Group Co. is in final negotiations with Metropolis developer IDS Real Estate and its financial partner CalSTRS, said Patrick Spillane, IDS senior vice president.

IDS has had several false starts and plan revisions for a multi-building, mixed-use development with hotels, residential units and office space along Francisco Street between Eighth and Ninth streets. The 6.3-acre site is entitled for up to five buildings, which could include multiple hotel and residential towers, along with one office tower.

CalSTRS, the state teachers retirement fund, was long expected to help finance construction of the project, Spillane said.

CalSTRS, which is in the process of selling some of its long-term holdings to reinvest in new projects, was looking to sell its interest.

With CalSTRS aiming to exit the project, IDS put Metropolis on the market in March. The company was open to an outright sale, or merely selling a stake in the project, said Spillane.

Shanghai Greenland Group Co. was one of several suitors, Spillane said.
While some media reports stated that Shanghai had already invested in the project, Spillane said the deal is not finished.

“There’s an agreement for Greenland to come in as an investor in the Metropolis project with the objective of going vertical immediately,” Spillane said. “We’re very excited that they have selected Los Angeles and the Metropolis project to be their initial investment in the United States.”

Reports that Shanghai bought the project for $1 billion are untrue, Spillane said. Instead, the company’s pending investment would help realize a project that is valued at $1 billion, he said.

...
http://www.ladowntownnews.com/news/...cle_c7896626-fe17-11e2-a3e5-001a4bcf887a.html
 

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Whiskey Tango Foxtrot
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Discussion Starter #19
Greenland Group Gets Serious about Metropolis



Jan. 6 2014

When the Shanghai based Greenland Group announced their intent to purchase the long delayed Metropolis development in June 2013, many details from the press release were muddled in the Mandarin-to-English translation. IDS Realty quickly stepped in to put the kibosh on the rumored sales price of $1 billion, but all parties involved have remained adamant that the project would be going vertical as soon as possible. It appears that the Chinese developer remains true to its word, with the project's first buildings set to be a 19-story hotel at 899 Francisco Street and a 38-story apartment tower next door at 889 Francisco. According to permits filed with LADBS, the hotel's guest rooms would rise above a four-story podium containing event, retail and restaurant space. The residential building would contain 290 units, stacked atop a four-story parking garage. Both towers would also feature two levels of subterranean parking.
 

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