Joint Venture Begins Construction on $260M Mixed-Use Property in California
Playa Vista, Calif.— Phoenix Property Company has joined forces with Paragon Commercial Group and Lincoln Property Company to develop Runway, a new $260 million mixed-use center in the heart of the Playa Vista, Calif., community.
The development team has already secured leases with retail tenants including Whole Foods, Cinemark, CVS Pharmacy and Veggie Grill.
“The convenience of the adjacent retail and entertainment venues will be the big appeal for potential Runway residents,” Rusty Ross, Phoenix Property Company’s vice president development, tells MHN. “Additionally, residents will benefit from the shared amenities of the apartment community, the Playa Vista community recreation center as well as Runway’s convenient location near freeways, LAX airport and local employment centers.”
With help from a $150 million construction loan through a syndicate of banks led by Bank of America, the project broke ground in April and is expected to be complete before the holiday shopping season in 2014.
When finished, the project will include 221,000 square feet of retail, 420 apartments and 35,000 square feet of office space spread across three separate buildings. The apartment homes at Runway will range from studios to two-level, two-bedroom units with large windows, balconies and articulating walls.
“Residents at Runway will be right in the middle of the action, with restaurants, stores, and entertainment venues just steps from their front doors,” Ross says. “The residential community will have an abundance of open space, as well as an 8,000-square-foot club house, rooftop terraces and dedicated resident parking that is distinct from the retail parking and includes its own separate entrance.”
The clubhouse will most likely include a fitness area, business center and game room, although those plans are still in the planning stages.
In addition to the Runway project, 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.
According to Ross, the residences at Runway will be consistent with the townhomes and apartments found in Phase I at Playa Vista, with similar wide sidewalks and ample open spaces and parks throughout.
The retail complex, designed by Johnson Fain, will feature wide sidewalks for outdoor dining, soothing water features, communal seating areas, fire pits and a direct connection to Playa’ Vista’s Linear Park. A lantern-shaped tower with a steel mesh exterior and dramatic lighting will house a central lanai lounge that anchors the center and serves as Runway’s central meeting place.
“This project has been a long time coming, so we are excited to be moving to the next stage in the development process and to be that much closer to injecting more energy into this already vibrant community,” David Binswanger, Lincoln Property Company’s executive vice president, said in a company statement. “We want Runway to be at the forefront of everything new in the worlds of fashion, art, design and technology and to be a real center of the community where people come to shop, eat, and to just relax.”Tags: Lincoln Property Company, Mergers and Joint Ventures, mixed-use, New Development, Paragon Commercial Group, Phoenix Property Company