LaTerra and Gemdale Join Forces to Acquire World Class Los Angeles Site
Los Angeles, CA (April 26, 2016)
Los Angeles based LaTerra Development and Gemdale Properties and Investments Corporation Limited (“Gemdale PI”, 535.HK), an affiliate of Gemdale Corporation (600383.SH) which is one of China’s largest and leading real estate developers, announce their formation of a joint venture to purchase the 2.9 -acre development property, formerly known as Temple Hospital. The residential development is planned for four stories of 212 residential units over two levels of subterranean parking. This development will create 360-degree panoramic view for the residents.
Pinnacle 360 is located at 235 N Hoover Street, Los Angeles at the confluence of the emerging market neighborhoods of Silver Lake, Koreatown, Hollywood, and Filipino Town, where 30,000 residents live within one mile. The new residences will sit on top of a hill, with the building carefully designed to maximize views in every direction. Residents will have unobstructed views of Hollywood, the Hollywood Hills, the Hollywood sign, Griffith Observatory, Silver Lake, Koreatown, Century City, and the Downtown Los Angeles skyline . Pinnacle 360 is planned to offer resort style amenities such as a modern fitness center, two pools with cabanas, fire pits, hot tubs, and roof top decks creating an unparalleled lifestyle, all with spectacular 360 degree views.
LaTerra Development President Charles Tourtellotte said, “This is a distinctive site that demands a special design with contemporary living features and conveniences.” Tourtellotte also added, “This site is located adjacent to what has been referred to as Los Angeles’ second biggest ‘boom town’ by Realtor.com. The study also noted that in 2016, Los Angeles County will host more than 22,000 new housing starts and 65,000 brand new jobs, which is 5 and 7 times more than the Top 100 Counties in the country, respectively.”
According to Jason Zhu, Chairman of Gemdale USA , “We are delighted to deliver this iconic residential development . The site is ideally located in Beverly Junction, a neighborhood is known for adjacent landmarks, local artists, good food and music venues. It is only a 15-minute walk from the site to Vermont/Beverly station which is the main transportation junction of the Redline between Downtown LA and Hollywood. This development is also close to US 101 – one of the busiest freeways in the country and the closest entrance takes only 4 minutes to drive.”
According to Michael Krupa, President of Gemdale USA, “We are truly delighted to work with LaTerra Development on a second exciting Los Angeles area project.”
About LaTerra Development
LaTerra Development is a privately owned, Los Angeles based land investment and development company, focused on urban infill locations in California. LaTerra specialize in project entitlement, land development/re-development, and community design. Its mission is to create dynamic mixed -use and residential developments that provide positive fiscal impacts to neighborhood communities, while utilizing designs to incorporate green building practices and sustainable materials.
About Gemdale Properties and Investment
Gemdale Properties and Investment, a subsidiary of Gemdale Corporation, is a leading real estate developer and operator in the Greater China region. Gemdale PI is listed on the Hong Kong Stock Exchange (535.HK) and is principally engaged in residential, commercial and business park property investment, development and management. Gemdale PI currently operates 43 projects covering 15 major cities in China. Since its first investment in the U.S., in Los Angeles in 2015, Gemdale PI has expanded rapidly in the international property market and intends to expand its presence in other carefully selected major metropolitan cities around the world.
Gemdale Corporation (600383.SH) was founded in 1988 and listed on the Shanghai Stock Exchange in 2001. Gemdale Corporation is renowned for being a large-scale national property developer in China with highly regarded projects throughout the country. While Gemdale’s roots are in the residential condominium sector, with over 45,000 residential condominium units built and sold in 29 major cities in China in 2015 alone, Gemdale has also embarked in recent years on commercial/mixed-use developments as well as real estate private equity funds management. Gemdale has received numerous real estate industry awards over the years, including “Top 10 China Listed Real Estate Companies in terms of Comprehensive Strength,” “Blue Chip Property Developers in China,” and the “Most Valuable Listed Real Estate Enterprise in China,” amongst other honors.