tag:blogger.com,1999:blog-3857633056849153171.post4791329234401639487..comments2023-09-05T03:55:57.948-07:00Comments on Building Los Angeles: Metropolis Scheduled to Break Ground on Valentines DayAnonymoushttp://www.blogger.com/profile/10939514266523110682noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-3857633056849153171.post-38499826198412711552014-01-29T12:26:29.966-08:002014-01-29T12:26:29.966-08:00The idea that Greenland doesn't have the money...The idea that Greenland doesn't have the money to fund the project doesn't jibe with their previous statements about billion dollar investments and accelerated timelines. That being said, they're clearly aware that AEG, Related Cos. and Korean Air have all receievd tax breaks for their hotel projects. Given the recent statements from the city about adding 4,000 hotel rooms near the Convention Center, I'd guess that Greenland gets their financial "assistance." <br /><br /><br />There are multiple permits required to construct both buildings. I'm not sure what their plans are for the rest of the site. My guess is that they just do Phase I for now and save the rest of the lot for later. Phase II is quite a bit larger, so I suppose they want to see if the market holds up.Anonymoushttps://www.blogger.com/profile/10939514266523110682noreply@blogger.comtag:blogger.com,1999:blog-3857633056849153171.post-66328466522531585342014-01-29T11:25:19.110-08:002014-01-29T11:25:19.110-08:00Just re-read your January 6th post and the link to...Just re-read your January 6th post and the link to the shoring permit. It looks like only the shoring permit has been applied for, which means Greenland can only dig a hole in the ground. Hopefully, everything else will go smoothly for them. I wonder if they are going to dig out the whole site or just Phase I?<br /><br />Anyway, great to see progress finally happen on this.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3857633056849153171.post-70826705838876038612014-01-29T11:09:22.359-08:002014-01-29T11:09:22.359-08:00The timing of all of this seems weird. Greenland j...The timing of all of this seems weird. Greenland just bought the property but are already about to break ground - when were the plans submitted to plan check? I don't remember hearing anything about them and when building high-rises, usually the whole building needs to be far along on the design before being able to get a grading permit. Also, Greenland plans to start building the hotel in less than a month yet their financing is not in place. The City's analysis is going to take at least a month, which means Greenland is going to start building before they know if they really get between $82-92 of government tax rebates. If the City rejects their request, won't Greenland need to change the design? If not, doesn't that mean Greenland doesn't need the subsidy? In regards to amount requested, that number seems very high. If Onni's tower at 32-stories is around $100 million to build, why does Greenland need so much money from the city to build a hotel of similar size? Finally, hotels are doing a huge amount of business in this area, which shrinks the need for any subsidy. So again, why are they asking for so much money?Anonymousnoreply@blogger.com