The Argonaut Nov. 22, 2012

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November 22, 2012

G de i t f s Gi in

Local News & Culture. Marina del Rey

Westchester

Free S a n ta M o n i c a

P l aya d e l R e y

P l aya V i s t a

M a r V i s ta

Del Rey

VenicE

The Irvine Co. said to be one of the top bidders for Phase Two acreage

By Gary Walker The remaining residential acreage in Playa Vista’s second stage of development is slated to be sold by the end of the year, multiple sources within the real estate community confirmed recently to The Argonaut. The pending transaction has been discussed previously in real estate circles for months and a noted prospective buyer could be in line to purchase the property, according to one of the sources. “There has been a process in place since earlier this year to solicit bids for acquisition of the residential com-

ponent (of the Village),” the source said. The Village is a 111-acre development that will contain 2,600 residential units, 175,000 square feet of office space, and 150,000 square feet of retail space. It is the second stage of the planned community’s mission to create a live, work and play atmosphere for the more than 6,000 current residents of Playa Vista. “I don’t think (news of the sale) will come as a great surprise to many outside the real estate community,” another source said. The Irvine Co., one of California’s largest real estate

Photo by Jorge M. Vargas Jr.

PLAYA Capital TO SELL VILLAGE RESIDENTIAL PARCEL

companies and master planners, is rumored to be one of the potential buyers. The Newport Beach-based real estate investor owns the 1221 Ocean Ave. property in Santa Monica, a condominium high rise in that coastal city where rents begin at nearly $6,000 a month. The company, which is led by billionaire real estate mogul Donald Bren of Newport Beach, owns 480 office buildings, and 40 retail centers, as well as hotels, marinas, and golf courses, according to its company profile. It also owns one of the largest planned communities (Continued on page 10)

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