For years the City of Inglewood has gotten a bad rap for something that doesn’t exist. It has been 25 years since the Lakers left, and there is a preconceived notion that the city had suffered since their departure. However, with the recent news of the return of the Rams and the construction of a stadium complex, it is apparent that developers have finally seen the light and Inglewood will once again be known as the “City of Champions.”
Inglewood, I’ve got my eye on you
As Los Angeles County continues to become more dense, it is only natural that its surrounding areas are going to become more attractive to developers and potential residents alike. One of these surrounding areas would be Inglewood. Located just a few miles from Downtown Los Angeles and the Silicon Beach tech corridor, Inglewood is a centrally located area whose potential value is only going to increase with the construction of a new NFL stadium funded entirely by Rams owner Stan Kroenke. Ironically, Kroenke made his fortune as a real estate developer.
Much more than a stadium
The redevelopment of the old Hollywood Park Racetrack site is more than a stadium–it will be a 300 acre sports and entertainment district that is projected to create a vibrant new city center with year-round sports, music, and entertainment events. Alongside the 80,000 seat football stadium and 6,000 seat performing arts venue there will be restaurants, retail shops, entertainment attractions, 780,000 square feet of office space, 2,500 residential units, a 300 room hotel, public parks, and art exhibits.
Many developers have already shown interest or have already started projects in Inglewood, as they join in on the ‘Inglewood Renaissance’. In an interview with Urban Land Magazine, Inglewood Mayor James T. Butts is giving them a reason to be interested.
“According to Moody’s Analytics, Inglewood’s new sports and entertainment district is expected to generate nearly $1 billion in tourist traffic for the city annually, pump $3.8 billion per year into the local economy, and add $18.7 million to $28 million yearly to the city’s general fund. The project will also provide 40,000 union-wage construction jobs over the next seven to ten years and a projected 3,300 permanent jobs at buildout” Patricia Kirk, Urban Land Magazine
It seems that everyone is on board and excited for a change, including the site of the redevelopment–Hollywood Park. According to Hollywood Park Life, The City of Champions Revitalization Project includes significant public infrastructure improvements paid for by the project developers, such as modernizing traffic systems, upgrading streets and creating new public parks. Most importantly…
“This project will transform underutilized asphalt lots and the former racetrack into a vibrant mixed-use community for all of Inglewood.” The Revitalization Project, Hollywood Park Life
City-wide rebranding and development
To support this city-wide rebranding and development, there will be two stops in Inglewood along the proposed Crenshaw/LAX Metro line that will open in 2019 (the same year that the stadium complex is scheduled to be complete). The construction of the proposed Metro line will improve accessibility to the area and increase tourist traffic. Many locals are hopeful that it will in encourage those who live outside of Inglewood and have this preconception of what it is, to experience the local treasures such as the growing art scene.
If you are interested in working with us on your own development project in Inglewood, contact us today. We are currently working on a multi-unit project in Inglewood. For more details, click here.