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The Real Deal Los Angeles

Greenland USA seeks buyer for massive Metropolis condo tower

The 56-story, 736-unit building in Downtown LA is unfinished
February 21, 2018 08:00AM

Rendering of the Metropolis project (credit: highrises.com)

Greenland USA is seeking a buyer for one of its condominium towers at the Metropolis complex in Downtown Los Angeles, reflecting the firm’s growing troubles with the massive $1 billion development.

The company, the U.S. arm of Shanghai-based Greenland Group, also listed the 350-key Hotel Indigo in the same complex earlier this month.

Dubbed Metropolis Tower 3, the 56-story, 736-unit condominium building is under construction. It is being marketed as an opportunity for a new developer to complete the project and rent out units as luxury apartments, CoStar reported.

Onno Zwaneveld of CBRE has the listing, which does not include a price.

Greenland already completed construction on most of the 6.5-acre site. The 308-unit Tower 1 was about 80 percent sold as of December, while the 514-unit Tower 2 is in pre-sale. Combined, the 3.3 million-square-foot project is set to deliver 1,500 units and 70,000 square feet of retail space.

Greenland is already shopping the Hotel Indigo, an 18-story hotel building in the complex that is operated by InterContinental Hotels Group. The price on that is a reported $280 million.

Rumblings of trouble regarding the Metropolis first circulated in the fall, when the Agency took over condo sales for the project from Douglas Elliman.

Recently, the Chinese government has pushed back on overseas spending, leaving many real estate firms at odds with their ongoing projects in L.A. Unlike most other companies, Greenland is still heavily invested, considering its massive projects in New York and construction in L.A.

Dalian Wanda Group, another major Chinese investor, is also shopping its biggest asset in L.A., One Beverly Hills, along with four other projects around the world.  [CoStar] — Natalie Hoberman