Chinese megadeveloper Greenland backs away from massive NoHo project

It had plans to jointly-develop the 15.6-acre site with Trammell Crow

Los Angeles Red Line Metro (Credit: Metro)
Los Angeles Red Line Metro (Credit: Metro)

Greenland USA, the American arm of Chinese mega-developer Greenland Group, is stepping away from the 1.9 million-square-foot mixed-use project proposed for North Hollywood’s Red Line Metro station at Lankershim Boulevard, CoStar reported. Greenland pulled out of the project before paying the required $50,000 deposit to Metro.

Dallas-based developer Trammell Crow Co. is still planning to move forward with the project and expects to present a plan for public review by the end of 2018.

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The two firms, selected by the Los Angeles County Metropolitan Transportation Authority in May, were expected to enter exclusive discussions to develop the 15.6-acre site. Initial plans called for two high-rise residential towers, a 300,000-square-foot office building and 140,000 square feet of retail and restaurants.

Greenland, as well as other Chinese developers and investors, has faced a pushback from the Chinese government wanting to buckle down on outbound investment. Recent legislation controlling overseas spending has caused troubles for Chinese-based Wanda Group, as well, who just lost its American partner Athens Group on the massive, yet delayed One Beverly Hills project.

Metropolis – Greenland’s other behemoth project in Los Angeles – remains under construction. Once developed, the three-building project will qualify as one of the largest developments in the city’s history. Still, sales at the $1 billion, 1,500-condo development have been slow. [CoStar]Natalie Hoberman