Combined, the contracts and the opening of the visitor center serve as one of the biggest milestones yet in the history of the 1,087-acre parcel in Playa del Rey. When the project is finished several years from now, it is expected to include 13,000 homes, 750 hotel rooms, and 5.1 million sf of commercial space.

The project will also include more than 40 community parks. To get the required approvals, Playa Vista—which is backed by a consortium of lenders than include Morgan Stanley and Goldman Sachs--also agreed to pay for the costly restoration of 340 acres of adjacent wetlands and habitat and to reserve 25% of the homes for low- and moderate-income renters and buyers.

At a press conference inside the new visitor's center, Playa Vista president Peter Denniston said his company has already closed sales for land inside the development with builders that include Fairfield Residential, the Lee Group and Shea Homes. Several other deals will close within weeks with companies that include Standard Pacific, Warmington Homes, John Laing Homes and Western Pacific Housing.