Earlier this month, in the first week of May 2019, DJM Capital Partners broke ground on a $9.1-million makeover of the Runway in Playa Vista. This change of plan will end access for cars to create a pedestrian- only mall. Construction is expected to occur over an approximately one-year period.
According to UrbanizeLA, Runway is currently owned by Invesco Real Estate, which purchased the mixed-use complex from original developer Lincoln Property Company for $475 million in 2016. DJM Capital Partners was hired last year to manage the property.
The commercial anchor of the Playa Vista community, Runway opened in 2015 along the north side of Lincoln Boulevard between Village Drive and McConnell Avenue. The approximately 14-acre property includes 420 apartments, 221,000 square feet of retail space, and 35,000 square feet of offices. Current occupants include Cinemark Theatres, Whole Foods Market, CVS Drugstore, and a Cedars-Sinai medical clinic.
The new Runway will close parts of the main corridors – Runway Road and Town Center Drive – to automobile traffic, redirecting cars toward existing entry points on McConnell, Jefferson, and Village. The changes to vehicle circulation will be accompanied by a designated ride-share drop-off area.