After 8 years of delays from environmental lawsuits, "The Runway" is finally ready for take-off. The 14-acre complex will break ground in June and will host a premium grocery store, 10-screen movie theater, restaurants, shops, apartments, and office space. Currently, there are practically no amenities in Playa Vista, so this project will provide something drastically needed in order to spur some more appeal from companies looking for their new home.
This development means the world to Playa Vista's office leasing market, as more than half of the rentable building area (931,678 square feet) is currently available. The 2009 construction completion of several large, state-of-the-art and LEED certified buildings has slowly been attracting established, expanding and experienced tenants. These companies include Facebook, Fox, Belkin, ICANN, Cyber Coders, and Rovi.
The two year time-frame given for the project is probably a massive understatement, but either way, the returns to Playa Vista's office leasing market aren't going to come for some time still. However, it seems as if Playa Vista, for the first time, will start to become a much bigger player in the market in the not too distant future.
*Shared by Ted Simpson, Scott Steuber & Jeff Vertun