Posted Sep 26, 2015, 3:04 AM
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Registered User
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Join Date: Sep 2005
Posts: 3,132
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Quote:
Big Chinese developer plans apartment-and-retail complex in Hollywood
One of China's largest developers plans to build a $125-million apartment and shopping complex in Hollywood — marking the expansion of mainland Chinese builders in the Los Angeles area beyond downtown and Beverly Hills.
Gemdale Corp., which has constructed some of the largest residential communities in China over the last two decades, has formed a partnership with LaTerra Development of Los Angeles to erect a six-story residential and retail complex on Western Avenue near Sunset Boulevard.
Gemdale, based on the mainland in Shenzhen, is listed on the Hong Kong stock exchange and has built more than 30,000 condominiums in 25 Chinese cities in 2013 alone, the company said.
Its move into Hollywood comes after other large Chinese developers, including Greenland Group, Oceanwide Real Estate Group and Shenzhen Hazens Real Estate Group Co., have started work on billions of dollars worth of new condominium, hotel and retail projects near Staples Center.
Wanda Group, another Chinese firm, is set to build a $1-billion condominium and hotel complex in Beverly Hills on the former site of a Robinsons-May department store on Wilshire Boulevard.
Construction should start on the garage by the end of this year, he said, and the entire project should be finished by early 2018. An outstanding question is the exact number of units. The plan is to build as many as 254, more than typically would be allowed on the property, by setting aside 21 apartments for "very low-income" residents, Tourtellotte said. Developers can be rewarded when they include affordable housing in a project.
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http://www.latimes.com/business/la-f...925-story.html
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