A massive new development is on its way to Playa Vista, and there’s not a single tech company attached to the project. Instead, The Real Deal reports that auto sales tycoon Hooman Nissani will be developing a whopping total of eight car dealerships on an eight-and-a-half acre site at the intersection of Jefferson and South Centinela Boulevards—just east of the massive airplane hangar Google recently purchased.
Even crazier, Nissani’s plan for the site apparently has two phases. In the first phase, he’ll move six of his existing dealerships to the site and convert a 128,340-square-foot former supermarket into an auto center. In the second phase, Nissani plans to demolish the newly renovated auto center and construct a mixed-use complex that includes a residential tower or hotel (apparently whichever he can get approved easier) and an additional two dealerships.
That’s a lot of dealerships, but Nissani believes the demand is there. He tells the Los Angeles Business Journalthat he expects the complex will bring in close to $700 million annually when it’s complete. Techies are known to be somewhat driving-averse, but Nissani is also reaching out to Tesla and other cutting-edge automakers to see about a “joint venture.”
Nissani paid $83 million for the property and plans to spend around $400 million on its redevelopment. Currently, Nissani’s auto group operates a Chevrolet dealership just a half-mile from the site.
- Hooman Nissani buys 8.5 acres in Playa Vista for $83M, plans massive mixed-use project [The Real Deal LA]
- Playa Vista Land Sells for $83M in Auto Park Plan [LA Business Journal]
- Google Moving Into Restored Spruce Goose Hangar in Playa Vista [Curbed LA]
- 6 Things Tech-Wealthy Silicon Beachers Want in Their New Mansions [Curbed LA]