LA: The Rise of Playa Vista
More than 500 joined us at Lincoln Property's Latitude 34 building in Playa Vista this week for a summit on that booming submarket. One of the things that makes Playa Vista unique, says MVE principal Ken Nilmeier, is that it has the benefits of being a master-planned community yet doesn't feel like one. Lincoln EVP David Binswanger says his firm came to Playa Vista in '06 because large, entitled office development sites don't exist elsewhere on the Westside. In the next five years, he says, Playa Vista rents will match or exceed tony Santa Monica's.
Brookfield Residential EVP Randy Johnson says the company, which bought Playa Capital in December 2012, has 2,500 units under construction. How the market's changed: He says the first residential phase was less bedroom-centered, catering to residents who had more pets than kids. Today, Playa Vista is home to 7,000 residents, including the 200 babies born in 2012. Belying the adage that retail follows rooftops, he wants lifestyle uses brought on earlier. YouTube's Taylor Magenheim said one challenge to developing a community has been getting employees to stay and hang out, due to currently limited food options—now YouTube is bringing in food trucks. (Can't they snack on Annoying Orange?)
