Exclusive: Details on the $2B Mixed-Use Village Planned Around LA's NFL Dreams
There’s still no word from the NFL about the Rams returning to LA, but the JV development team of Stockbridge Capital Group and The Kroenke Group, led by team owner Stan Kroenke, is moving ahead on the $2B mixed-use village planned around the stadium. Bisnow caught up with Wilson Meany partner Chris Meany to get the latest.
Chris, who's firm is serving as development manager for Hollywood Park, tells us the site is already fully entitled and infrastructure improvements are already underway. We chatted with Chris last week following the Allen Matkins “View From the Top” conference, where he and Wilson Meany's Gregory Whitney presented details on plans for the 238-acre site.
Chris says this part of LA has been left behind, which has created a big hole in the LA market underserved by retail. “Inglewood is a spectacular location just six miles from beach cities and Silicon Beach tech corridor, which is an area that’s seeing the biggest residential appreciations,” Chris adds, noting that 845,000 people live within five miles of the Hollywood Park site, including tech professionals and affluent families.
Gregory says the project is entitled for 890k SF of retail, which includes a 575k SF lifestyle retail destination occupied by both local and national tenants. A lake surrounded by Champions Plaza, which has about 300k SF of restaurants, bars and other entertainment venues, is in an entertainment district in the north quadrant, where the stadium and a 6,000-seat performing arts center are located.
The redevelopment project is huge for LA, and is expected to create an immediate financial boom. The city says the project will create $3.8B in economic impact, generate about $55.5M in revenue for city coffers, and create 22,600 jobs.
When completed, the Hollywood Park project is expected to bring tourism to the city and generate an estimated $910M annually in economic activity; add a minimum of $25M annually to the city’s general fund; and create 10,500 permanent jobs. Inglewood schools are also getting a fiscal bump, as the developers have advanced local schools $4M, and will make $1M in payments over the next five years to fund after-school programs. Inglewood residents will also be provided job training and hiring preference for stadium jobs, with a goal of 35% of jobs filled by city residents.
The privately financed, 80,000-seat, $1.86B football stadium and performing arts center is near transportation infrastructure, including a Metro Green Line station and multiple freeways.
Designed by locally based HKS Architects, the futuristic, light metallic, wave-shaped stadium structure has a sail-shaped roof with metal supports covered with ETFE, a clear transparent material that is strong enough to support a car. The roof extends over the surrounding plaza to provide protection from inclement weather, but walls allow breezes to flow through and bring natural daylight and an outdoor feel inside.
The project also includes 2,500 homes, 750k SF of office, a 300-room hotel and 25 acres of open space and parks linked together to provide a recreational experience. Chris tells us the project is developing the next layer of the city and will redefine LA.