PLAYA VISTA, Calif.--(BUSINESS WIRE)--A recent California Supreme Court action has cleared the way for the development of the 111-acre Village at Playa Vista -- the second and final phase of the Playa Vista community. Today, Playa Capital Company announced the first major transaction in the Village – the sale of 14 acres to a development group led by Lincoln Property Company, with its partners Phoenix Property Company and Paragon Commercial Group.
In June of this year, the partnership will begin construction of Runway at Playa Vista, a mixed-use commercial and social center that includes a 200,000-square-foot shopping center, 420 apartments, and 25,000 square feet of office space, on the site of the former runway of Howard Hughes' aerospace empire.
Including Runway, The Village at Playa Vista will contain a total of 2,600 residential units, 200 units of senior/assisted living, 50,000 square feet of office space, 40,000 square feet of community-serving space, 11.5 acres of parks and another 12 acres of open space. All of the 200,000 square feet of retail space in the Village will be contained in Runway.
“The Village completes the vision of Playa Vista as one of the nation’s most innovative, smart growth communities,” said Playa Capital Company Co-President Patti Sinclair. “We are following through on our commitment to move forward with the retail center first, and we couldn’t be more pleased to work with the outstanding Runway team,” she added.
The development partnership behind Runway is a compilation of exceptional talent in architecture, landscape design, real estate development and management. Lincoln has been an active builder and office owner in the commercial campus of Playa Vista since 2006. Its partners in the Runway project are Phoenix Property Company, nationally known for its urban in-fill multi-family and mixed use projects, and Paragon Commercial Group, which focuses on West Coast retail projects. The architecture team is led by Scott Johnson of Johnson Fain. Rios Clemente Hale is leading the landscape design for the project. CBRE is leading efforts to secure retail and office tenants.
“We assembled a dream team for Runway, and won a very competitive design competition to get selected by Playa Capital for this important project,” said David Binswanger, Executive Vice President of Lincoln. “Runway will be the heart of Playa Vista, a completely unique destination that celebrates the California way of life. We can’t wait to get started.”
Runway is expected to offer a tenant mix including independent restaurants and cafes, fashion merchants, and an innovative, high-tech movie theater. The center, designed to reflect the Southern California coastal culture, also will include a gourmet grocer, pharmacy and other neighborhood-serving retailers. The mixed-use design, featuring open public spaces, landscaped walkways and a built-in technology infrastructure providing universal wi-fi, will make Runway a natural gathering place.
“We designed Runway to be relevant for how people will live a decade from now,” said project architect Scott Johnson of Johnson Fain. “What we have created is a Main Street that is intimate, walkable and substantially landscaped. The modern setting will brim with authenticity and a range of spaces that are creative, relaxed and comfortable. Communal seating, native plants and outdoor fire pits will support a place for visitors to relax and come together,” he said.
Playa Vista and nearby areas are home to growing technology, internet and entertainment companies, including Facebook, YouTube, Electronic Arts, Sony, Fox Sports and Belkin, as well as leading ad agencies Chiat/Day and Deutsch, socially conscious manufacturers like Tom’s Shoes, and legendary Hercules Studio—the film stage for Avatar and Iron Man 3.
“Runway couldn’t be located in a better, more vibrant area that is teeming with creative talent,” said Blake Pogue, President of Phoenix Property Company. “We are delighted to partner with Lincoln on a mixed-use center that will bring 420 new apartment homes to a popular in-fill environment that is surrounded by terrific companies with expanding workforces."
"We fully expect Runway to meet the needs of the growing Playa Vista neighborhood and become the center for our community," said Playa Capital's Sinclair.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 100 million square feet of commercial space and over 185,000 multifamily residential units. Lincoln Property Company is one of the largest commercial real estate companies in the world. Access www.lpc.com for more information.
About Phoenix Property Company (PPC)
Phoenix Property Company (PPC) was formed in 1994 to focus on specific multifamily development opportunities. Since its inception, PPC and the affiliated GrandMarc have developed residential and mixed-use communities with a construction cost of over $1 billion. These properties comprise over 6739 units and 240,835 sf of retail space. PPC develops in partnership with outside equity investors, many of which have chosen to invest in more than one project. Significant institutions such as AIG Global Real Estate, Behringer Harvard, Brookfield Real Estate Opportunity Fund and IBV Real Estate have chosen to invest in several PPC developments.
About Paragon Commercial Group
Paragon Commercial Group is led by an institutional team of senior real estate executives focused on retail acquisition and development opportunities on the West Coast. With over 50 years of collective experience and a retail resume in excess of 10 million square feet of neighborhood and community centers, Paragon's deep market knowledge and extensive tenant relationships provide a constant pipeline of retail investment opportunities. Paragon enters into each development with the expectation of long-term ownership and delivers only the highest quality retail product. This commitment to quality extends to each constituency involved in the development process including government agencies, lenders, property owners, tenants and partners.
About Playa Vista
The Playa Vista community, situated between Marina del Rey and Westchester in West Los Angeles, is one of the most innovative urban infill projects in the United States. Located on land once occupied by Howard Hughes' aircraft plant, runway and hangars, the property today is a thriving and evolving mixed-use community featuring residential, commercial, retail and open space uses. More than 6,500 people now live and work at Playa Vista, and the community includes a commercial campus featuring modern office buildings, historic structures and new parks. Facebook, YouTube, Electronic Arts, Belkin, USC's Institute for Creative Technologies and X Prize Foundation are some of the employers located at Playa Vista. The Los Angeles Clippers’ state-of-the-art training facility is located in the community. With 70 percent of its original land area designated as parks and open space, and with modern sustainable development featured throughout the community, Playa Vista is a model for urban development. Visit www.playavista.com for more information.
Note: High resolution renderings of Runway are available upon request.
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