Construction Begins on $260M Runway in Playa Vista

Construction began this week on the long-anticipated lifestyle center that will soon connect the Phase I residential community and the Campus at Playa Vista. A development team led by Lincoln Property Co., Phoenix Property Co. and Paragon Commercial Group spearhead the $260-million shopping and apartment project called Runway, which is intended to be the commercial and social heart of the planned mixed-use community that has been under construction for more than a decade on land south of Marina del Rey, once controlled by aviation mogul Howard Hughes.

"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 Company. "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."

"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 to California lifestyle and beach-chic fashions."

Aided by a new $150 million construction loan through a syndicate of banks led by Bank of America, the newly begun project will include 221,000 square feet of retail, 420 apartments and 35,000 square feet of office space spread across three separate buildings. Whole Foods has already committed to move into a 35,755 square-foot space adjacent to McConnell Avenue, on the retail center's ground level. Down the street, the Cinemark multiplex at Runway will feature nine screens in over 46,000 square feet and the company's NextGen design concept with RealD 3D capability, self-serve concession stands and an open plaza with a cocktail lounge. Shoppers can also expect to find a CVS Pharmacy, Veggie Grill and a national bank branch at Runway.

For more news and information visit Blumberg Capital Partners.