Chinese megadeveloper Greenland backs away from massive NoHo project
It had plans to jointly-develop the 15.6-acre site with Trammell Crow
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.
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