L.A. Live is getting a mammoth new neighbor in Metropolis, a billion-dollar project whose latest renderings were released this week by Chinese developer Greenland Group.
The megaproject, which is located at Francisco Street between 8th and 9th streets, has been split up into two phases. The first comprises an 18-story boutique hotel and “Tower 1,” a 38-story tower of condominiums, which will reportedly be priced at $600,000—for a studio. One- and two-bedroom residences will also be available, while a penthouse will cost upwards of $2 million. Phase One, which broke ground in February, has an expected completion date of 2016.
As the project’s breakdown would suggest, there’s more: two additional condominium towers—one at 40 floors, and the other at 56—will be completed during Phase Two, which broke ground in December and will be completed by 2018.
Amid the new, 6.3-acre concrete jungle will be a sizable green space complete with trees, walkways, fire pits, and reflecting pools.
Renderings by architecture firm Gensler show four modern towers with angular tops and a geometric look.
Despite a flurry of new development downtown, a project across from L.A. Live has been in the idea stage for decades. City Centre Development proposed building a hotel along with office and retail space on the Metropolis site in the late ’80s but the plan was never carried out, and the land was sold to IDS Real Estate Group in 2005. IDS developers tried to get the project off the ground themselves for years but then sold the parcel to Greenland Group for $150 million in 2014. Metropolis is the Shanghai-based company’s U.S. debut.