PLAYA VISTA, CA-The Runway at Playa Vista, a new mixed-use community currently under construction, has signed six new commercial tenants. The new group of tenants consists of four restaurants—Lyfe Kitchen, Panini Café, Hopdoddy Burger Bar and Sol Cocina—and two banks—Wells Fargo and Chase. In total, the tenants will occupy nearly 25,000 square feet of the center's available commercial space.
“We are continuing to see a tremendous amount of interest from both nationally recognized and regional retailers, who are excited by the opportunity to be located in the heart of Playa Vista,” says Mark Harrigian, principal of Paragon Commercial Group, one of three developers working on the project. “We anticipate our next wave of tenants at Runway will be focused in the fashion, specialty retail and fitness space.”
In addition to this new group of tenants, Runway has signed leases with Whole Foods, CVS Pharmacy and Veggie Grill. In total, the complex has 220,000 available square feet of commercial space. The development also includes 420 apartments and 35,000 square feet of office space, and will feature community areas, fire pits and water fountains.
“With more than 50% of the retail space at Runway currently leased, we are pleased to see that the original vision for Runway at Playa Vista is becoming a reality,” says David Binswanger, EVP of Lincoln Property Co., another of the project's developers. “This group of newly announced retailers will ensure Runway is a real gathering spot in the community. We look forward to sharing more exciting news about additional tenants in the months ahead.”
Mixed-use properties are a popular trend in the multifamily sector, offering tenants access to retail and sometimes office space. Although these properties target millennials, baby boomers are also attracted to the property type, according to Bruce Knoblock, first VP of development for Essex Property Trust, in an exclusive video on GlobeSt.com.
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