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
Read the full story: Playa Vista Project Faces Arbitration
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City of Rosemead
Rutgers University, Edward J. Bloustein School of Planning and Public Policy
One Hundred Miles
University of Michigan School for Environment and Sustainability (SEAS)
Hunter College, City University of New York (CUNY)
The Architects Foundation
City of Cambridge
The Pocatello Development Authority
The Urban Renewal Agency of the City of Pocatello