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Greenland opts to go rental at Metropolis tower in DTLA
The developer has had trouble selling its 2 completed luxury condo towers at the DTLA megaproject
Greenland USA is changing direction at its Metropolis megaproject, turning the last of its three luxury residential towers from condominium to rental.
The move comes as Greenland has struggled to fill its two completed condo towers at the Downtown development. As of mid-year, those two towers — which total 994 units — were 75 percent and 40 percent sold, respectively.
The under-construction 685-unit Metropolis Tower III will be named THEA at Metropolis, according to Urbanize, which first reported on the condo to rental shift. Greenland, a subsidiary of the Chinese developer Greenland Group, hired Greystar to manage the 56-story tower, according to the report.
The 1 million-square-foot tower is slated to be completed next year, and is the final piece of the project, which also includes the 350-key Hotel Indigo. Greenland has been shopping that property since early 2018.
Rents for Tower III units have not been released. The tower has a mix of one-, two-, and three-bedroom units. It shares an amenity deck with Tower II. Marketing materials advertise access to a gym, game room, and a business center.
Greenland has gone through three brokerages in its effort to sell the units at all three towers, most recently replacing the Agency with Polaris Pacific at the start of this year. Sources told The Real Deal earlier that high pricing at Metropolis was discouraging sales.
Last year was a slow one for condo sales in Downtown L.A., thanks in part to high pricing and plenty of supply.
The future of Tower III has been uncertain since early 2018 when news broke that Greenland USA was looking to sell the unfinished tower. But then later that year, around the time Greenland completed Tower II, the firm closed a $310 million construction loan for Tower III. [Urbanize] — Dennis Lynch