The New NFL Stadium Means Big Bucks For Real Estate
Football fans are ready to watch the Super Bowl in San Francisco's Levi Stadium on Sunday, but it's another football stadium that's shaking up the real estate world: the yet-to-be-built sports arena in Inglewood, just a few miles from downtown LA.
Cost estimates for the 80,000-seat City of Champions Stadium range from $1.86B to nearly $3B, but one thing's for sure: it will bring big bucks to real estate players.
The most obvious beneficiary of the Inglewood development will be JP Morgan, which lent $1B for the construction of what's already been called the world's most expensive sports arena.
Aside from the stadium, the Inglewood development is envisioned as a year-round commercial hub, complete with retail and office space, homes and hotels—a cash cow for local retail and hospitality lenders such as Cantor Commercial Real Estate and Column Financial.
Wells Fargo is also having a finger in the pie: the bank has issued multiple loans for multifamily properties in the area.
The massive project is the brainchild of NFL owner and real estate legend Stan Kroenke, who won a bid to relocate his St. Louis Rams to California this year. [Forbes]