18 February 2014
Following recent acquisitions in London and New York, Chinese mega real estate developer Greenland Holding Group has revealed plans for a $1-billion development set to reshape the skyline of Los Angeles, California.
Work is set to begin shortly on a high-rise hotel and residential skyscraper together comprising the ‘Metropolis Los Angeles’ scheme on what is now a vast parking lot along the 110 Freeway.
The buildings should be open by 2016, the LA Times reported.
"Greenland USA is pleased to join the downtown Los Angeles community and to make one of the largest investments in downtown in recent history," Greenland chief executive Ms. Ifei Chang said in a statement.
Greenland USA is a subsidiary of Greenland Group, a Shanghai developer that bought the 6.3-acre site last month for nearly $150 million.
Work is set to begin shortly on a high-rise hotel and residential skyscraper together comprising the Gensler-designed ‘Metropolis Los Angeles’ scheme (Gensler)
Designed by architects Gensler, the hotel is expected to be 19 storeys tall with 350 rooms. Greenland has not identified an operator for the inn, but hopes it will earn a four-star rating. The residential tower is anticipated to be 38 storeys high.
Greenland Holding Group was formed in 1992 to build green belts around Shanghai and has evolved into a Fortune Global 500 company with major developments in London, Seoul and Sydney, Australia.
In January Greenland announced investments of $1.97bn in two London development projects. The firm signed a contract with Minerva, the property investment and development group, to purchase the Ram Brewery development site in Wandsworth, London, and said it would invest in a high-end residential development in London’s Canary Wharf
In December, Greenland agreed to become the majority owner-developer of the $4-billion Atlantic Yards residential complex planned in Brooklyn, N.Y.