Metropolis Scheduled to Break Ground on Valentines Day

The Greenland Group raised more than a few eyebrows when they boldly proclaimed that they'd break ground on the long awaited Metropolis development before the end of 2013.  Turns out that they might not have been that far off.  According to a document from the city's Chief Legislative Analyst, the Chinese developer plans to start shoring and grading work for phase one of Metropolis on February 14.  Phase one will emerge at the intersection of Francisco Street and James M Wood Boulevard, consisting of two high-rise structures above a pedestrian plaza.  The first tower, a 350-room Hotel Indigo, will rise approximately 19-stories.  Guest rooms will stand above a podium structure containing food and beverage outlets, meeting space, recreational amenities, and street level retail.  Records from LADBS indicate that the second tower is intended to rise 38-stories, containing 290 residential units above a parking podium.  Phase two, which has no scheduled groundbreaking date, will consist of three two towers with a "mix of residential and commercial uses."

Unfortunately, not all is not well on Metropolis' 6.3 acre parking lot.  The Greenland Group claims that the project's hotel component is facing an $82-92 million finance gap, and requests assistance from the city to make up for the deficit.  In years past, Los Angeles has granted tax rebates to both the J.W. Marriott and the Wilshire Grand for this purpose.  While the city will conduct its own analysis of Greenland's project before making a decision, representatives of the Convention Center have already indicated a willingness to provide financial incentives to get 4,000 new hotel rooms by 2020.  In other words, it seems likely that the Greenland Group will get their tax break.  In the meantime, get your popcorn ready and keep your eyes peeled for construction equipment come Valentines Day.  Or go spend time with your loved ones...whatever.  Either way, Downtown's long delayed mega-project will finally get shovels in the ground.

• Economic Development Incentives for the Metropolis Hotel Project (LA City)
• Greenland Group Gets Serious About Metropolis (Building Los Angeles)

Metropolis Rendered in the LA Skyline

Images from Kilograph

When IDS Realty put the long stalled Metropolis development on the market earlier this year, they commissioned a series of renderings showing the approximate size and scope of the project's full build out.  The 6.3 acre site is entitled for a total of 1.65 million square feet of hotel, residential, office and retail uses divided between five towers.  The completed development would include roughly 400,000 square feet of office space and up to 1,676 hotel rooms.  Entitlements also allow for some of those hotel rooms to be replaced with as many as 555 residential units.  The towers could stand as tall as 456-feet above grade.

Viewed from across the 110 freeway.  Image from Kilograph

As reported by the LA Times, IDS recently entered into discussions with Chinese based Greenland Holdings Group about a potential purchase of the site.  The exact price of the land was unclear, but a press release from Greenland indicated that the project could cost up to $1 billion to complete.  With entitlements already in place, construction would begin relatively soon after completion of the deal.

The Metropolis project is critical to the proposed "Avenue of the Angels," which seeks to transform Francisco Street into a active pedestrian corridor linking the Financial District to the Sports and Entertainment District.  Developer AEG envisions a similar atmosphere to that of San Diego's Gaslamp Quarter, book ended by the Wilshire Grand Tower in the north and LA Live in the south.

Artists concept of the "Avenue of the Angels."  Image from Metropolis.

• Metropolis (Official Website)
• Downtown LA 'Metropolis' Deal Under Negotiation (Los Angeles Times)
• Plans for "LA's French Quarter" Between South Park and FiDi (Curbed LA)