One of China's Largest Developers Enters LA Market
Gemdale Corp, one of China’s largest developers, has partnered with LA developer LaTerra Development to build a $125M mixed-use project at the intersection on North Western Avenue in Hollywood, between Fernwood and De Longpre.
Formerly occupied by a post-production company, the four-acre site contains a three-story office building, which the developer plans to refurbish and rent. In addition, a residential structure will rise on a parking lot and include 244 apartments. The developers' plan offers about 10% of units for affordable housing in exchange for a density bonus from the city.
Based in Shenzhen, Glemdale built more than 30,000 condos in China in 2013. The company’s entry into LA comes on the tails of other Chinese investors, including Greenland USA, Oceanwide Real Estate Group and Hazens Real Estate Group, all of which have mega-projects rising in Downtown LA. [LAT]