LOS ANGELES | Downtown Project Rundown 6.0 - Page 335

bhunsberger · #**6681** Posted **Feb 1, 2018, 5:14 AM**

There was what seems to be some testing on the screen at Circa tonight. Few panels are bad, I assume.

Eightball · #**6682** Posted **Feb 1, 2018, 3:47 PM**

Nice catch! That's gonna be cool, another visually interesting aspect added to downtown.

Speaking of, I need to update my avatar my view has changed quite a bit since I uploaded that one

LAsam · #**6683** Posted **Feb 1, 2018, 6:51 PM**

Quote:

Originally Posted by Blesha13

The last crane from the Metropolis site has been taken down. Will definitely miss the cranes at Metropolis.

Hopefully those cranes will be replaced with ones for the Olympia.

Steve8263 · #**6684** Posted **Feb 1, 2018, 8:12 PM**

Quote:

Originally Posted by LAsam

Hopefully those cranes will be replaced with ones for the Olympia.

News flow isn't promising-

https://therealdeal.com/la/2018/02/0...lock-for-280m/

Greenland puts Indigo Hotel inside Metropolis on block for $280M
The move signals more issues with the firm's $1B Metropolis project

Greenland is also mulling the conversion of the 1,500 planned condos at the project into rentals

^^^ That suggests the condos aren't selling obviously.

bhunsberger · #**6685** Posted **Feb 2, 2018, 1:54 AM**

Quote:

Originally Posted by Steve8263

News flow isn't promising-

https://therealdeal.com/la/2018/02/0...lock-for-280m/

Greenland puts Indigo Hotel inside Metropolis on block for $280M
The move signals more issues with the firm's $1B Metropolis project

Greenland is also mulling the conversion of the 1,500 planned condos at the project into rentals

^^^ That suggests the condos aren't selling obviously.

I am not an expert, but my thoughts are people just aren't ready to embrace Downtown just yet. I mean, we are in LA for crying out loud. I can't speak for the finishes, layouts, or pricing but it seems none/most don't have balconies or windows you can open but those small ones near the floor. Regardless, kind of unfortunate.

ocman · #**6686** Posted **Feb 2, 2018, 6:05 AM**

Another issue is that this was a project marketed mainly towards international buyers, so that probably means a lot of their units were likely reserved for Chinese nationals. With China trying to reign in overseas investments, a lot of them may be pulling out, and that means they have a very late start to switch their market strategy for these units to locals. But Greenland won’t reveal their numbers so we may never know.

Wanda is selling the Beverly Hills location, they just sold their London location at a loss, and now they’re selling a 900 million dollar tower in Chicago. This seems like the beginning of something major happening that might not be an LA specific thing, except that a lot of Chinese investments are in California.

colemonkee · #**6687** Posted **Feb 2, 2018, 3:46 PM**

I agree with ocman. This seems to be a larger phenomenon than just limited to Los Angeles, but will likely affect Los Angeles, as most of the large development projects are Chinese-backed.

Steve8263 · #**6688** Posted **Feb 2, 2018, 5:31 PM**

We still have Onni thankfully, but they are focused on rentals instead of condos. Many of these late cycle condo proposals from Chinese developers are probably in deep trouble. Will be interesting to see if Shenzen Hazens starts the W hotel tower, would be good to get that going at least and they can always add the condo tower at a later date.

LAsam · #**6689** Posted **Feb 2, 2018, 5:58 PM**

Quote:

Originally Posted by colemonkee

I agree with ocman. This seems to be a larger phenomenon than just limited to Los Angeles, but will likely affect Los Angeles, as most of the large development projects are Chinese-backed.

I'm just hoping the Olympia, backed by Chinese City Century, will survive. Not terribly optimistic at this point though. On the plus side, the new tax act makes foreign investment in US real estate more lucrative, so this could create new tailwinds to offset what's happening in China.

202_Cyclist · #**6690** Posted **Feb 2, 2018, 7:58 PM**

Interest rates and bond yields are both up pretty significantly in recent weeks, making it more difficult to finance projects.

Jun · #**6691** Posted **Feb 3, 2018, 3:47 AM**

Quote:

Originally Posted by Steve8263

News flow isn't promising-

https://therealdeal.com/la/2018/02/0...lock-for-280m/

Greenland puts Indigo Hotel inside Metropolis on block for $280M
The move signals more issues with the firm's $1B Metropolis project

Greenland is also mulling the conversion of the 1,500 planned condos at the project into rentals

^^^ That suggests the condos aren't selling obviously.

HUNTER where you at!? The cycle is finished I think.

plutonicpanda · #**6692** Posted **Feb 3, 2018, 8:22 AM**

Quote:

Originally Posted by Quixote

LASHP is an example of what LA needs more of: park space and simple, non-fussy design. I love all the open grassy space; it reminds me of Central Park's Great Lawn. Can't wait for the trees to grow out and provide more shade.

I agree except for the large fences and gates that shut down after dark. I like fences around parks such as stone walls or the like, but they shut this park down and I don't like that.

Resident · #**6693** Posted **Feb 3, 2018, 1:04 PM**

Quote:

Originally Posted by Jun

HUNTER where you at!? The cycle is finished I think.

He sure did call the end of the cycle. 31 months ago. He is just a little before his time.

black_crow · #**6694** Posted **Feb 3, 2018, 8:08 PM**

Quote:

Originally Posted by Jun

HUNTER where you at!? The cycle is finished I think.

No, it isn't.

It's too late anyway. It should have been over (according to his prognosis) a long time ago and for very different reasons.

By the way, we should leave Hunter alone. He stopped the "cycle talk" a long time ago.

Illithid Dude · #**6695** Posted **Feb 3, 2018, 9:13 PM**

To be fair, this could be a Greenland specific issue. The Real Deal wrote this excellent article about the troubles the company face.

https://therealdeal.com/2018/01/23/f...-dives-deeper/

CaliNative · #**6696** Posted **Feb 4, 2018, 10:37 AM**

Quote:

Originally Posted by Resident

He sure did call the end of the cycle. 31 months ago. He is just a little before his time.

If the cycle is winding down, it was a heck of a cycle. Best ever. Just hope they get the Angel's Landing project and the 65 story on south Fig built. Cherry on top of the sundae.

bhunsberger · #**6697** Posted **Feb 4, 2018, 5:48 PM**

Quote:

Originally Posted by CaliNative

If the cycle is winding down, it was a heck of a cycle. Best ever. Just hope they get the Angel's Landing project and the 65 story on south Fig built. Cherry on top of the sundae.

Eh. I just want the Luxe Redevelopment. Get the area by LA Live looking complete.

Mojeda101 · #**6698** Posted **Feb 4, 2018, 6:14 PM**

Quote:

Originally Posted by Jun

HUNTER where you at!? The cycle is finished I think.

To be fair he called it that Metropolis would switch to rental because he knew there wouldn't be demand for the condos, to roughly 2 years on the dot.

mhays · #**6699** Posted **Feb 4, 2018, 6:28 PM**

Quote:

Originally Posted by ocman

30,000 units expected for DTLA in just the next 3 years. Insane. Unfortunately and problematically, almost all are marketed at the higher end.

https://www.bloomberg.com/news/artic...-of-apartments

That sounded way off. Turns out the article says LA in general, with many being Downtown.

hughfb3 · #**6700** Posted **Feb 5, 2018, 2:34 AM**

Quote:

Originally Posted by Mojeda101

To be fair he called it that Metropolis would switch to rental because he knew there wouldn't be demand for the condos, to roughly 2 years on the dot.

Metropolis switching to rental is the result of a number of factors, mainly China reeling back overseas investment in real estate. Now that this is being released and advertised to local people, it will fill up much quicker. They can switch to condo later.

All in all it’s a good sign!!! More housing going to supply people who will actually live here until they sell the project and someone later comes in and switches it back to condo.