Playa Vista In Arbitration
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