De Niro developing huge Shanghai property project

De Niro developing huge Shanghai property project

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NEW YORK (MYFOXNY) -

Actor Robert De Niro and his son are part of a group that plans to develop a huge property project in a historic area of Shanghai, China.

It's being called Project 179 and will end up being a 850,000 square-foot complex when fully realized in 2016.

The complex will include a boutique hotel, restaurants, retail stores, a movie theater and a performing arts center.

De Niro was in Shanghai Thursday for a signing ceremony.

"By ensuring a design that reflects the vibrant history of Shanghai, Project 179 can serve as a jewel in its crown: ushering in a bright future while paying homage to its rich and storied past,” De Niro said.

The complex will transform a strip of land along the river. It will eventually include four buildings.

Tribeca Enterprises is cooperating with the government-backed Shanghai Bund Investment Group, which won the right to develop the property.

De Niro has helped develop the successful Greenwich Hotel in New York, along with other properties.

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