The Runway project was revealed last summer, but “slight delays” in getting leasing agreements signed pushed things back, Binswanger says, adding that the initial announcement was merely that they had purchased the location. Initially financed with cash, the project has also closed a $150 million construction loan through a syndicate of banks led by Bank of America. HFF arranged the equity financing through Alcion Ventures, a Boston-based real estate private equity firm.

The development of the Playa Vista site has been controversial since it was first proposed, with environmentalists raising issues over the surrounding wetlands and nearby residents objecting to the traffic that would be generated. However, Binswager says, “all of the issues are cleared, the building permits are cleared, we're going forward.” Pile drivers are on site and contractors started actual work this week.

In addition to the Runway project, the overall Village at Playa Vista is a master-planned community that will contain a total of 2,600 residential units, 200 units of senior/assisted living, 50,000 square feet of office space, 40,000 square feet of community serving space, 11.5 acres of parks, and another 12 acres of open space. All of the 221,000 square feet of retail space in the Village will be contained within Runway.

Binswager anticipates a daytime popular of 45,000 people within a five-minute drive of Runway. “We have an obligation to that community both for daily needs and entertainment,” he says. “We first termed this as a neighborhood center serving the community. While it is master-planned, it feels very organic and real and has the right vibe. If you look at the types of restaurants we will put in there, we won't have every chain. Same on the retailer side. We would like to get special retailers that appeal to the hipster demographic that's moving into the area.”

Playa Vista and nearby areas are home to growing technology, internet and entertainment companies, including Facebook, YouTube, Electronic Arts, Sony, Fox Sports and Belkin, as well as ad agencies Chiat/Day and Deutsch and socially conscious manufacturer Tom's Shoes. The nearby Hercules Studio was the film stage for “Avatar” and “Iron Man 3.”

As previously reported in GlobeSt.com, Runway residences will include two-story townhomes and a collection of contemporary apartments on upper levels surrounding garden courtyards, recreational decks and a swimming pool. Additionally, the complex will have access to an indoor/outdoor fitness center, social lounges with fire pits, barbecues, a large event space and private parking.