Chinese developer Greenland USA — a subsidiary of Shanghai-based Greenland Group — successfully purchased the site from IDS Real Estate Group closing escrow on Jan 31, 2014 for nearly $150 million. Greenland Group is the largest diversified company in China with major real estate developments around the world including London, Seoul, Sydney and the massive forthcoming $4 billion Atlantic Yards project in New York.
Work will begin shortly on the first phase of Metropolis, which includes two high-rise towers along 9th Street: a 19-story, 350-room Indigo boutique hotel and a 38-story residential tower (rentals or condos have not been determined yet). The trendy Hotel Indigo, part of Intercontinental Hotel Group (IHG), will be the first one in Los Angeles County (they’re also in Anaheim and San Diego). The hotel is slated to open on February 14, 2016, exactly two years from now.
The entire Metropolis project — with a total of four towers planned — is being designed by global architect firm Gensler. The second and final phase, which consists of two towers, will break ground at an unspecified time in the hopefully not-too-distant future. These two residential towers along 8th Street will rise to 50 and 60 stories giving the Metropolis project a skyline defining height.