PLAYA VISTA, CA—has begun on Runway, the $260 million mixed-use project in The Village of Playa Vista. A $150 million construction loan through a group of banks lead by Bank of America, gave the development team the chance to begin building the lifestyle center. Lincoln Property Co., Phoenix Property Co., and Paragon Commercial Group compose the development team.
“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,” said David Binswanger, executive vice president of Lincoln Property Co., in a 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.”
When complete, the project will include 221,000 sq. ft of retail, 420 apartments and 35,000 sq. ft. of office space. Development is expected to take two years and the owners hope to be completed before the start of the 2014 holiday season. Several companies have already agreed to take space at Runway. Whole Foods will take 35,755 sq. ft. of space on the ground floor. A 9-screen, 46,000-sq.-ft. Cinemark multiplex theater is also in the works.
“We are pleased to see such early interest from a great group of top national retailers. The fact that we are signing best-in-class tenants in every category we are pursuing is a testament to our vision for Runway,” said Mark Harrigian, principal of Paragon Commercial Group. “When complete, Runway will be brimming with chef-driven restaurants and a unique mix of retailers offering anything from upscale couture tolifestyle and beach-chic fashions.”