When IDS Realty put the long stalled Metropolis development on the market earlier this year, they commissioned a series of renderings showing the approximate size and scope of the project's full build out. The 6.3 acre site is entitled for a total of 1.65 million square feet of hotel, residential, office and retail uses divided between five towers. The completed development would include roughly 400,000 square feet of office space and up to 1,676 hotel rooms. Entitlements also allow for some of those hotel rooms to be replaced with as many as 555 residential units. The towers could stand as tall as 456-feet above grade.
As reported by the LA Times, IDS recently entered into discussions with Chinese based Greenland Holdings Group about a potential purchase of the site. The exact price of the land was unclear, but a press release from Greenland indicated that the project could cost up to $1 billion to complete. With entitlements already in place, construction would begin relatively soon after completion of the deal.
The Metropolis project is critical to the proposed "Avenue of the Angels," which seeks to transform Francisco Street into a active pedestrian corridor linking the Financial District to the Sports and Entertainment District. Developer AEG envisions a similar atmosphere to that of San Diego's Gaslamp Quarter, book ended by the Wilshire Grand Tower in the north and LA Live in the south.
- Metropolis (Official Website)
- Downtown LA 'Metropolis' Deal Under Negotiation (Los Angeles Times)
- Plans for "LA's French Quarter" Between South Park and FiDi (Curbed LA)