Nearly four decades after developers first began dreaming up plans for an idyllic L.A. community near the beach called Playa Vista, construction there has begun in earnest on its second and final phase.
Thousands of homes are in early stages of construction, with the sales effort for the master-planned community, which is nestled between Westchester and Marina del Rey, slated to begin later this month. The mix of single-family homes, condominiums, apartments and senior living facilities, will bring an additional 2,800 residential units to Playa Vista. The majority of the first phase, with 3,100 units, was completed six years ago.
Canadian homebuilder Brookfield Residential Properties Inc., which in 2012 bought Playa Vista developer Playa Capital Co. for about $250 million, will build two of six total for-sale communities. One, called Trevion, will offer the largest and most expensive options in Playa Vista, with a series of two- and three-story detached homes with small private yards and two-car garages. The other, dubbed Camden, will offer the smallest and least expensive floor plans in a series of sixplex condominium buildings, also with private two-car garages.
While Brookfield Residential has held on to some parcels, it has sold off pieces of the sprawling site, once owned by Howard Hughes, to KB Home of Westwood, Irvine Co. and Tri Pointe Homes of Irvine, Lincoln Property Co. of Dallas and the Los Angeles Jewish Home of Reseda, all of which have begun developments.
Marc Huffman, vice president of planning and entitlements for Brookfield Residential, said the homes are a necessary component of the overall plan for Playa Vista, which aims to provide residents a unified live-work community. Covering roughly two-thirds of the site’s developable area, the nearly 6,000 homes will complement approximately 3 million square feet of office space already built at the east end of the project, including the Hercules Campus and the Bluffs at Playa Vista. Those Class A office campuses have become home to technology companies such as YouTube, Facebook and Belkin. And so many ad agencies have moved into the area that people are beginning to refer to it as a mini-Madison Avenue, as reported in the Business Journal’s Jan. 6 issue. Employees at those companies are squarely in developers’ sights.
“West L.A. is very jobs rich; you’ve got something like three jobs for every housing unit out here,” Huffman said. “People who want to live closer to where they work can’t, so we’re making that possible.”
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