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Greenland unit markets condo tower at $1B Los Angeles complex


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Greenland unit markets condo tower at $1B Los Angeles complex

The U.S. arm of Shanghai-based Greenland Group is looking to sell one of its condominium towers at the $1 billion Metropolis complex in downtown Los Angeles, The Real Deal reported, citing CoStar.

Earlier in February, the developer was reported to be planning to sell all proposed rental units at the site to a multifamily operator upon completion of the project. It now seeks to sell the unfinished 736-unit, 56-story Metropolis Tower 3 to a developer that will be able to complete it and rent out the units as luxury apartments, according to the Feb. 21 report.

Construction on the entire 3.3 million-square-foot project, which is set to offer 1,500 units and 70,000 square feet of retail space, is mostly complete. The 6.5-acre site also includes the 308-unit Tower 1, which was about 80% sold as of December 2017, the report said, adding that the 514-unit Tower 2 is in pre-sale.