When the Rams upped and left Los Angeles for St. Louis in 1994, Southern California home owners were left with only the San Diego Chargers to root for in the National Football League. If one billionaire has his way, however, the Rams may be coming back to the City of Angels in just a matter of years.
Stan Kroenke, the billionaire owner of the current St. Louis Rams, bought a 60-acre tract of land adjacent to the old Hollywood park in Inglewood last year, but until now it was unclear as to what Kroenke and his associates planned to do with it. Now it appears he has teamed up with Stockbridge Capital Group, the development group that has been working on transforming the former Hollywood Park site into a massive, mixed-use development.
According to reports in the Los Angeles Times, the consortium of developers and investors are now working on plans to construct an 80,000-seat NFL stadium, a 6,000-seat performance venue and parking to accommodate patrons. The stadium could be the future home of the Rams, who are looking to break their 30-year lease in St. Louis after promises to update their current digs at the Edward Jones Dome have gone unfulfilled.
Los Angeles Luxury Home Owners Await Resurgence of Inglewood
With the construction of a mixed-use development, stadium and music venue, Inglewood is poised to once again take a seat of prominence in sports and entertainment. The city was once home to the NBA’s Los Angeles Lakers and NHL’s Kings at the Forum, however the construction of the Staples Center in 1999 saw the area deflate into an urban void.
With housing still affordable and excitement mounting, Inglewood is in store for a huge revival. Just recently the Forum reopened as a revitalized music venue and the city is pouring upwards of $2 billion into the Crenshaw light-rail line, which will connect the Mid-City Expo Line with the South Bay Green Line.
With a greater sense of connectivity, the addition of an NFL team may be just what the city needs to complete its upscale transition.
“We are excited to unveil an expanded plan that will bring a world-class sports and entertainment district to Hollywood Park,” Terry Fancher, founder of Stockbridge, said in a statement. “We are committed to working with [the Kroenke Group] to build a project that will put Inglewood back on the map as home of the truly great sports and entertainment venues.”
The stadium and entertainment districts, if approved and built, are expected to bring in approximately $1 billion to the local economy annually in addition to adding as many as 40,000 new jobs. With so much at stake for this burgeoning community, Los Angeles luxury home owners will be keeping a keen eye out for developments as the project materializes over the next months.
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