Rising interest rates threaten viability of project; arbitration could decide controlling interest.
The Wall Street Journal reports that real estate heavyweight Robert F. Maguire III entered into arbitration with partner Playa Capital over plans to sell a commercial parcel at Playa Vista. At issue are the rights to develop Playa Vista, which includes six million square feet of office and retail space, 750 hotel rooms, 13,000 housing units -- all valued at $8 billion. McGuire would need as much as $500 million to buy out his Playa Vista partners on the 1,087-acre commercial and residential project. Construction has already begun on a 400+ unit apartment building and visitor center, although last year DreamWorks SKG dropped plans to build a studio on the site.
Thanks to Chris Steins
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Chaddick Institute at DePaul University
HUD's Office of Policy Development and Research
California High-Speed Rail Authority (Authority)
Missoula Redevelopment Agency
City of Joliet
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.