$250M Mixed-Use Project To Break Ground In August
PLAYA VISTA, CA-Groundbreaking is set for August on the long-anticipated town center here, a mixed-use development called Runway. A developer group including Lincoln Property Co. Southern California, Phoenix Property Co. and Paragon Commercial Group will build the first project in the 111-acre Village at Playa Vista, the second and final phase of the community recently given the go-ahead.
The $250 million, four-story project will contain a 200,000-square-foot retail center, 420 apartments, 25,000 square feet of creative office space and 3 acres of open space. It will be located on the legendary runway that once gave rise to Howard Hughes’ aerospace empire.
Playa Vista, the first new master-planned development on the Los Angeles coast in 50 years, already includes more than 3,200 residences and 2 million square feet of office space but has lacked a major town center. The center will bring retail, food and beverage, a premium grocery store, pharmacy and entertainment center to local residents and neighbors.
Scott Johnson, design partner at architecture and urban-design firm Johnson Fain, calls Runway’s design “beach industrial,” reflecting the Southern California coast culture and its location among a growing number of technology, Internet and entertainment companies frequently referred to as “Silicon Beach.”
“Runway is designed to suit lifestyles and entertainment trends that we see ahead for the digital generation,” said Johnson in a prepared statement. “What the design does is to merge contemporary architecture with a Main Street that is intimate, pedestrian-friendly and sociable. Communal seating, California native landscaping, outdoor fire pits and an array of fine arts will invite visitors to come together, people-watch, relax and enjoy this unique beach setting.”
Runway will be four city blocks of highly individualized small-scale buildings reminiscent of shopping districts such as Venice’s Abbot Kinney Blvd., Melrose Ave. and the Malibu Country Mart. The central entrance will feature a striking five-story lantern filled with art; other features include state-of-the-art digital way-finding signage, universal Wi-Fi and building materials familiar to coastal residents including Corten steel, galvanized sheet metal, rough-sawn cedar planks and colored glass and tiles.
The Residences at Runway will include two-story townhomes and a collection of contemporary apartments on upper levels surrounding garden courtyards, recreational decks and a swimming pool. Additionally, the complex will have access to an indoor/outdoor fitness center, social lounges with fire pits, barbecues, a large event space and private parking.
“We are very excited about Scott’s design that is both forward-looking and very informed by how people enjoy using space,” said David Binswanger, EVP of Lincoln Property, in a prepared statement. “His design for Runway will create memories for years to come.”
Runway’s retail tenants will include a premium grocer, state-of-the-art movie Cineplex, chef-driven restaurants, sidewalk cafes, cutting-edge fashion retail and community-serving businesses, according to Binswanger.
As GlobeSt.com previously reported, in May California Pizza Kitchen became the latest tenant to sign a long-term sublease agreement with Fox for space at The Bluffs at Playa Vista, formerly known as Horizon at Playa Vista. The global restaurant brand has taken nearly 34,000 square feet for its headquarters on the top floor of the two-building project’s West building; expected move-in is in the fall. The LEED Gold project is a 501,000-square-foot complex at 12121 and 12181 Bluff Creek Dr. that J.P. Morgan Asset Management bought for $300 million last year. Tenants have been subleasing space from Fox, which had planned to move its Fox Interactive Media division into the project and had signed a 12-year lease valued at an estimated $350 million before deciding not to occupy the campus because of falling fortunes at Fox Interactive. Fox currently has almost 275,000 square feet of space remaining at this property, and its sublease term runs through April 2021.
