Last week, DJM Capital Partners broke ground on a $9.1-million makeover of the Runway complex in Playa Vista which will remove automobile travel lanes to create a pedestrian mall.
Considered to be the commercial anchor of the master-planned Playa Vista community, Runway opened in 2015 along the north side of Lincoln Boulevard between Village Drive and McConnell Avenue. The approximately 14-acre property includes 420 apartments, 221,000 square feet of retail space, and 35,000 square feet of offices. Current occupants include Cinemark Theatres, Whole Foods Market, and Cedars-Sinai.
The new configuration for Runway will close portions of its central spines - Runway Road and Town Center Drive - to automobile traffic, redirecting cars toward existing entry points on McConnell, Jefferson, and Village. The changes to vehicle circulation will be accompanied by other improvements, including new landscaping and a designated ride-share drop-off area.
Construction is expected to occur over an approximately one-year period.
Runway is currently owned by Invesco Real Estate, which purchased the mixed-use complex from original developer Lincoln Property Company for $475 million in 2016. DJM Capital Partners was hired last year to manage the property.
- Playa Vista (Urbanize LA)