Ceremonial hardhats were worn and lukewarm coffee was served yesterday as ground broke on the massive Runway mixed-use development in the massive Playa Vista planned community (and not even a year late). Developers Lincoln Property, Phoenix Property, and Paragon Commercial Group recently obtained a $150 million loan that enabled work to begin on the $260 million Runway--the developers are bullish on construction, saying in a statement that all 420 apartments, 35,000 square feet of office space, and 221,000 square feet of retail will be up and running in less than two years, with stores operating in time for the 2014 holiday shopping season. Speaking of retail, Johnson Fain is doing the design and a Whole Foods has already committed, as well as a movie theater, drugstore, vegetarian restaurant, and bank. "A lantern-shaped tower with a steel mesh exterior and dramatic lighting will house a central lanai lounge that anchors the [retail] center and serves as Runway's central meeting place," according to the developers. The apartment units will include everything from studios to two-level, two-bedroom units with balconies. No word yet on rents, but we can say with near certainty it won't be cheap.
· Runway at Playa Vista [Official Site]
· Work on Playa Vista's Fake-Old Downtown Starts in June [Curbed LA]