PLAYA VISTA, Calif.--(BUSINESS WIRE)--With construction of Runway at Playa Vista well underway, developers Lincoln Property Company, Phoenix Property Company and Paragon Commercial Group announced today the addition of six new tenants to the mixed-use center that will soon offer unique shopping, dining, entertainment and living space in Playa Vista. Chase Bank and Wells Fargo Bank will open their doors at Runway, along with several new restaurants, including Lyfe Kitchen, Panini Café, Hopdoddy Burger Bar and Sol Cocina. In all, these deals comprise nearly 25,000 square feet of additional leased space at Runway.
These new tenants will join several additional top brands that have already signed on to be a part of the action at Runway, including upscale grocer Whole Foods, CVS Pharmacy and Veggie Grill. Cinemark will also open a multiplex at Runway with nine screens and the company’s NextGen design concept with RealD 3D capability, self-serve concession stands and an open plaza with a cocktail lounge.
“With more than 50% of the retail space at Runway currently leased, we are pleased to see that the original vision for Runway at Playa Vista is becoming a reality,” said David Binswanger, Executive Vice President of Lincoln Property Company. “This group of newly announced retailers will ensure Runway is a real gathering spot in the community. We look forward to sharing more exciting news about additional tenants in the months ahead.”
Hopdoddy Burger Bar at Runway will offer a large variety of beers from local, small batch and artisan brewers as well as handcrafted burgers made from extremely fresh ingredients, including fresh-baked buns, fries cut in-house and humanely raised beef. The Playa Vista location will be the first California restaurant for Hopdoddy, which has four other locations across Texas and Arizona.
Also coming to Runway is Lyfe Kitchen, a new fast casual restaurant concept spreading across the country that features healthy food and a focus on sustainability, with all dishes containing less than 600 calories along with locally and sustainably sourced ingredients. SOL Cocina at Runway will specialize in fresh, seasonal dishes and authentic Mexican flavors, and feature a bar that honors the flavors of the Baja region with more than 60 artisan tequilas.
Panini Café, a popular Italian and Mediterranean concept with restaurants across Southern California, will offer an incredible variety of healthy, fresh foods for breakfast, lunch and dinner. The restaurant is known for using the finest quality ingredients, including the best imported olive oil and low fat cheeses, with all produce and breads delivered fresh daily.
“We are continuing to see a tremendous amount of interest from both nationally recognized and regional retailers, who are excited by the opportunity to be located in the heart of Playa Vista,” said Mark Harrigian, Principal of Paragon Commercial Group. “We anticipate our next wave of tenants at Runway will be focused in the fashion, speciality retail and fitness space.”
“These six new tenants will be a fantastic addition to Playa Vista and will help ensure that Runway becomes the true heart of our community, as it was originally envisioned,” said Randy Johnson, Executive Vice President at Brookfield Residential, the community developer of Playa Vista. “Residents, potential new homeowners and our neighbors are extremely enthusiastic about the expanding tenant line-up at Runway, and are looking forward to having such unique shopping, dining and entertainment options at their fingertips in just over a year.”
Construction is anticipated to be completed next year,with tenants opening their doors before the holiday shopping season in 2014. When complete, Runway at Playa Vista will include approximately 220,000 square feet of retail, 420 apartments and 35,000 square feet of office space spread across three separate buildings. The architectural design will play a large role in the vibrant, yet relaxing atmosphere at Runway. The retail complex, designed by Johnson Fain, will feature wide sidewalks for outdoor dining, soothing water features, communal seating areas, firepits and a direct connection Playa Vista’s Linear Park. A lantern-shaped tower with a steel mesh exterior and dramatic lighting will house a central lanai lounge that anchors the center and serves as Runway’s central meeting place.
In addition to Runway, the final development area in Playa Vista’s build-out will include 2,600 for-sale and apartment homes, 200 independent/assisted living homes, additional office space, a second resident activity club and new parks and open space.
Playa Vista, recently dubbed the “lower Westside” and “Silicon Beach 2.0,” and nearby areas are home to growing technology, internet and entertainment companies, including Facebook, YouTube, Konami, Electronic Arts, Microsoft, Fox Sports, Belkin and TMZ as well as leading ad agencies 72andSunny, Chiat/Day and Deutsch, socially conscious manufacturers like Tom’s Shoes, and legendary Hercules Studio — the film stage for Avatar and Iron Man 3.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 100 million square feet of commercial space and over 185,000 multifamily residential units. Lincoln Property Company is one of the largest commercial real estate companies in the world. Access www.lpc.com for more information.
About Phoenix Property Company (PPC)
Phoenix Property Company (PPC) was formed in 1994 to focus on specific multifamily development opportunities. Since its inception, PPC and the affiliated GrandMarc have developed residential and mixed-use communities with a construction cost of over $1 billion. These properties comprise over 6739 units and 240,835 sf of retail space. PPC develops in partnership with outside equity investors, many of which have chosen to invest in more than one project. Significant institutions such as AIG Global Real Estate, Behringer Harvard, Brookfield Real Estate Opportunity Fund and IBV Real Estate have chosen to invest in several PPC developments.
About Paragon Commercial Group
Paragon Commercial Group is led by an institutional team of senior real estate executives focused on retail acquisition and development opportunities on the West Coast. With over 50 years of collective experience and a retail resume in excess of 10 million square feet of neighborhood and community centers, Paragon’s deep market knowledge and extensive tenant relationships provide a constant pipeline of retail investment opportunities. Paragon enters into each development with the expectation of long-term ownership and delivers only the highest quality retail product. This commitment to quality extends to each constituency involved in the development process including government agencies, lenders, property owners, tenants and partners.