Leading developer tops off third and final residential tower at $1B property in downtown Los Angeles; prepares for grand opening of project’s first residential tower

LOS ANGELES, CA (May 17, 2017) – Greenland USA, a leading developer of residential and commercial properties, today celebrated the topping off of the third and final residential tower at Metropolis, placing the last steel beam across the top of the 56-story tower. Additionally, the project’s first residential tower, which stands 38 stories high with 308 condominiums, is ready for its official grand opening on June 15, 2017.

Metropolis is a more-than $1 billion, 6.3 acre, luxury, mixed-use property poised to elevate the standard of urban living in Los Angeles. Built on one of the last substantial parcels of undeveloped land in downtown Los Angeles, it is comprised of three residential towers, Hotel Indigo and retail space, all encompassed in towers reaching 18- to 56-stories high.

“We are so proud of the incredible strides made in the three years since we first broke ground on Metropolis, and we are grateful to the construction crew who have transformed our downtown skyline and helped build a true city within a city," said Gang Hu, president and CEO, Greenland USA. “We share this success with these dedicated workers, and our partners and collaborators on this project – a place where people will be able to experience everything L.A’s vibrant downtown community has to offer.”

Raymond Chan, Deputy Mayor of Los Angeles, commented during his remarks at the official top off ceremony, “In January 2014, this was a vacant parking lot with no architectural plan to build on. Today, forty months later, we have completed two buildings and today is the top off ceremony for the project’s last and tallest building.” Chan continued, “L.A. is experiencing the longest and strongest development boom we have ever seen. This year we have a total permit valuation of $7.7 billion, which is at least 40 percent more than what it was twelve years ago at the peak of the last development cycle. And, the better news is that we have not reached the peak yet; we have even more proposed projects in the pipeline. I'd like to thank Greenland USA for your trust in Los Angeles, and I look forward to working with you on future projects in Los Angeles.”

Greenland USA marked the latest milestone at Metropolis with employees; partners, including Pankow-PENTA Builders, AECOM, and Gensler; as well as more than 300 construction workers signing the beam. At the peak of construction, roughly 1,700 construction workers have been on the site, and more than 15,000 full-time equivalent jobs are expected to be created over the duration of the property’s development, including nearly 200 professionals currently working at Hotel Indigo.

Ron Miller, executive secretary of the Los Angeles/Orange County Building and Construction Trades Council, commented on the impact of Metropolis on Los Angeles the local economy, stating, “Thanks to Greenland USA and the work here at Metropolis, we are able to provide more and more jobs right here to workers within our local community, more than 15,000 total for this project. Before Greenland USA, when Metropolis was still a vacant lot, there was great difficulty getting this project off the ground. Now, three years later and thanks to Greenland and everyone involved, we’ve completed two towers and are topping off the final residential tower – all in record time.”

“On behalf of PENTA and Pankow, I want to thank Greenland USA for trusting in us and having the vision to build the tallest residential tower on this side of the Mississippi and the tallest residential project in L.A.,” said Jack Mollenkopf, senior vice president, Southern California, Charles Pankow Builders. “We want to thank all the men and women who work for the sub-trades and all our partners, who are out here every day in the field putting this project together. We feel very proud and excited about the things to come for PENTA and Pankow together and for Greenland USA.”

The design and décor of Residential Tower III will be influenced by the sunny California spirit and local community. The indoor-outdoor connection will be enhanced with multiple gardens from the ground floor up to the 26th floor and will feature a sky garden, leaving the Los Angeles skyline gracefully transformed. With interiors envisioned and executed by the internationally-acclaimed design firm, BAMO, the residences at Metropolis Residential Tower III will draw aesthetically from the concept of an ocean wave, a tribute to both its West Coast locale and the energy, freedom and kinetic flow that is uniquely Los Angeles.

“We had the privilege of visiting China and seeing how big Greenland is, and this is just the start of great things to come if they are going to do the same work here in the U.S.,” said John Cannito, COO, PENTA Building Group. “Greenland USA is a fantastic partner and we're looking forward to seeing great things in the future for the city of Los Angeles.”

Located conveniently between Los Angeles’ financial district to the north and the entertainment district to the south, Metropolis will provide guests and residents with expansive views of the city, mountains and coastline. It will feature contemporary finishes and a variety of luxury amenities and desirable conveniences that are the hallmark of urban living. These include a gym, outdoor four-lane swimming pool and spa, outdoor kitchen pavilion, dog park and a children’s play area.

The grand opening of Residential Tower I in June will mark the completion of phase one of development. The second phase of Metropolis, which includes a curated retail experience and openings of Residential Towers II and III, is slated for completion in 2019.

About Metropolis (www.metropolislosangeles.com)
Metropolis is more than 6.3 acres of residential, retail and hospitality property located in downtown Los Angeles. Just two blocks from Staples Center and L.A. Live, Metropolis will span two full city blocks, and connect the financial and entertainment districts, while adding to the L.A. skyline and the vibrancy of the downtown scene. Metropolis will provide guests and residents alike with expansive views of the city, mountains and coastline, and offer a new standard for urban living. Phase II of construction is slated for completion in 2019.