China-Based Developer to Partner With LaTerra on $125M Mixed-Use Project in Hollywood
HOLLYWOOD, CALIF. — Gemdale Properties and Investments, a subsidiary of Gemdale Corp., one of China’s largest real estate developers, and Los Angeles-based LaTerra Development have formed a joint venture to develop Deluxe Hollywood, a $125 million mixed-use project located in Hollywood.
This project will be the first real estate investment in Hollywood by a major Chinese company. “This inaugural Los Angeles investment promises to be the first of many deals as we ramp up our capital investment and property development business in Los Angeles, a market that we are confident presents great value,” says Jason Zhu, CEO of Gemdale USA.
The four-acre mixed-use project, located at 1350 N. Western Ave. at Sunset Boulevard, will include office, retail and multifamily space. The site is within two blocks of Icon at Sunset Bronson Studios, and is in close proximity to the Hollywood and Western station of Metro’s Red Line connecting to downtown Los Angeles.
LaTerra Development is a residential and mixed-use development company with a focus on urban infill locations throughout Los Angeles, Orange County and San Diego.
Gemdale Properties and Investments is a leading real estate developer in the greater China region. Gemdale was founded in 1988 and is listed on the Hong Kong Stock Exchange (535.HK).
The company’s roots are primarily in the residential condominium sector, with over 30,000 residential condominium units built and sold in China in 2013 alone. In recent years, Gemdale Properties has embarked on several commercial/mixed-use developments as well as real estate private equity fund management.
— Katie Sloan