KB Home to build more residences at Playa Vista

December 13, 2012|By Roger Vincent

Playa Vista Elementary School opened this year in the planned community… (Anne Cusack / Los Angeles…)

KB Home plans to build more than 100 residences in the final phase of the Playa Vista community near Marina del Rey.

KB Home bought land from Brookfield Residential Properties Inc., the new master developer of Playa Vista. Brookfield gained command of more than 50 acres of land near the coast in a transaction this month valued at more than $250 million.

"Playa Vista has become one of the crown jewels of Los Angeles' Westside, and we're very pleased to be a part of its next evolution," said Jeffrey Mezger, president and chief executive officer of KB Home. "Our new homes planned for the final phase of Playa Vista are designed to appeal to the discerning Westside buyer."

Construction is to begin in the spring on three-story detached homes with as many as four bedrooms and 3 1/2 in up to 2,800 square feet. KB Home also plans to build 2,000-square-foot single-level condominiums with private elevator access to each unit.

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 bought is zoned for an additional 2,000 housing units.

Brookfield is expected to sell rights to develop 1,500 apartments to Irvine Apartment Communities, a division of Irvine Co.

KB Home built the Prima Terra condominium project in the first phase of Playa Vista. The complex sold out this year.

ALSO:

Playa Vista selling to Brookfield Homes for $250 million-plus

Howard Hughes' Playa Vista office finally gets a new occupant

KB Home posts profit as chief says company is now "on offense"

MORE: