LOS ANGELES — Greenland Group has purchased Metropolis, a 6.33-acre development site in Downtown Los Angeles, for a reported $150 million. The five-parcel site is located along Francisco Street. It spans from 8th Street to James W. Wood Boulevard between the Convention Center/LA Live Entertainment District and the Financial District.
The land is entitled for about 1.65 million square feet of multifamily, hotel, office and retail space. The China-based group intends to break ground in the next 30 days. The seller, a joint venture between IDS and an institutional pension fund, was represented by Patrick Spillane and Rob Fuelling of IDS Real Estate Group, and by CBRE’s Laurie Lustig-Bower, Onno Zwaneveld, Brad McCarthy, Rod Apodaca, Bob Kaplan and Andrew Behrens.