Gemdale Properties and Investments, a subsidiary of Gemdale Corporation, one of China’s largest blue chip real estate developers, is making its first investment in Los Angeles in partnership with LaTerra Development, a Los Angeles-based developer.
Gemdale and LaTerra have formed a joint venture to develop a $125 million mixed-use project in Hollywood, which will be the first real estate investment in Hollywood by a major Chinese company.
“We are excited to be in Hollywood, one of the strongest submarkets in Los Angeles, and LaTerra is fortunate to have Gemdale as a strategic partner. Both LaTerra and Gemdale are committed to topflight design, amenities and sustainable building practices”
Gemdale has developed one of the strongest brands in China for residential and mixed-use development, with projects in over 25 major cities. Upon realising significant opportunity in Southern California, the company established its US headquarters in Los Angeles in 2015.
LaTerra is a rapidly growing Los Angeles-based residential and mixed-use development company with a focus on urban infill locations. LaTerra consistently integrates green building practices into its projects and has a diverse portfolio of land entitlement and development projects throughout Los Angeles, Orange County and San Diego.
Jason Zhu, CEO of Gemdale USA, said: “This inaugural Los Angeles investment promises to be the first of many deals as we ramp up our capital investment and property development business in Los Angeles.”
The approximate 4-acre mixed-use project, located at 1350 N. Western Avenue at Sunset Boulevard, is an infill development opportunity in a prime Hollywood location and is planned to be developed with office, retail and apartments, explained Charles Tourtellotte, President and CEO of LaTerra.
The Gemdale-LaTerra project is in close proximity to numerous public transit options and two blocks from the Hollywood and Western station of Metro’s Red Line that runs along Hollywood Boulevard and connects to downtown Los Angeles.
