A Canadian developer is in the process of purchasing Playa Vista’s parent company and will take control of about 110 acres of coastal land, according to the Wall Street Journal and L.A. Times.
The transaction, valued at approximately $250 million, is set to close at the end of November, according to reports in The Times.
The new owner, Brookfield Asset Management, plans to develop the vacant land with about 600 to 800 homes, 1,500 apartment units and a downtown area with a supermarket, movie theatre and office buildings. The sale has yet to be announced publicly, according to the Wall Street Journal. Playa Vista has been under development for more than a decade. The 1,000-acre community already has more than 3,200 residences and 2 million square feet of offices. The land Brookfield is taking over is zoned for an additional 2,000 housing units.
Other developers in Playa Vista include Ratkovich Co. and Lincoln Property Co. and are in the process of repurposing buildings that once housed planes at Howard Hughes’ aviation company into office buildings and a $260 million shopping complex.