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Metropolis
See how LegacyFirst’s leadership in the Metropolis project transformed one of downtown L.A.’s most valuable undeveloped parcels—navigating complex entitlements, attracting global buyers, and delivering a profitable exit that paved the way for a landmark mixed-use development.
Investment Management
Development Management
/01
Year
Purchased in 2005; Sold in 2014
/02
Asset Type
Hotel, Retail and Residences
/03
Location
Los Angeles
Institutional
Overview
In 2005 IDS Real Estate Group led a consortium of institutional owners to purchase Metropolis, one of the most significant parcels in downtown Los Angeles.
Located on six acres along the Harbor Freeway bounded by 8th and 9th streets, Metropolis featured the best visibility, freeway ingress/egress, and access to amenities and public transportation of any large developable parcel in downtown.
Challenge
In response to changing market dynamics and with the objective of positioning Metropolis for a global marketing effort, IDS successfully took the project through three different entitlement processes.
Our Approach
IDS team found the opportunity.
IDS investment group put together the capital stack to buy it (debt + equity).
IDS designed and entitled it. Received first phase construction documents.
The institutional owner decided they wanted to sell.
Hired CBRE global to market it globally… 50 inquiries, 15-20 qualified prospects.
1 offer from Canada +, 2 from United States, 3 from China (highest offers)
Greenland, subsidiary of the city of Shanghai government.
- Moved in upstairs at IDS office for a year to help set up their american subsidiary, until they leased office space on 6th street near Metropolis
In response to changing market dynamics and with the objective of positioning Metropolis for a global marketing effort, IDS successfully took the project through three different entitlement processes.
Results
Sold the entire site to an international buyer in 2014 (Chinese Government).
Value Created
Investment was profitable for institutional investors.
Project got built.
Institutional
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