Lincoln, Phoenix Property Company and Paragon Announce Six New Leases for Runway at Playa Vista
- Nov 25, 2013
A trio of companies that are currently in charge of the development process for a major Los Angeles retail project recently announced a number of new leasing agreements. Lincoln Property Company, Phoenix Property Company and Paragon Commercial Group have agreed on terms with six new tenants for space at their Runway at Playa Vista retail center, currently underway. The property’s tenant roster will add the names Chase Bank, Wells Fargo Bank, Lyfe Kitchen, Panini Café, Hopdoddy Burger Bar and Sol Cocina. According to the developers, an influx of fashion retailers signing leases at the Runway is expected in the near future.
The new names at the Runway will occupy approximately 25,000 square feet out of the total 220,000 square feet of retail planned for the mixed-use development. Also planned for the site are 420 apartments and around 35,000 square feet of office space. The space will be divided into three distinct buildings featuring a modern design by architect Johnson Fain.
An emphasis will be put on outdoor space, water features, common areas and firepits. Also important in the design scheme is the link between the Runway at Playa Vista development and the nearby Linear Park. The multifamily sector is booming in the Playa Vista community, with figures for the area’s build-out pointing towards 2,600 for-sale and apartment homes, according to a recently issued press statement. Additionally, 200 independent/assisted living homes as well as more office space and new parks and open space will be developed in the area.
With a number of tenants already locked down including names such as Whole Foods, CVS Pharmacy and Veggie Grill, as well as entertainment companies such as Cinemark, set to open a new nine-screen multiplex, the property seems to be thriving while still in development. The project is located in one of the fastest growing submarkets of the greater Los Angeles area—Playa Vista is already garnering names such as “Silicon Beach 2.0” and “lower Westside”.
Rendering courtesy of therunwayplayavista.com