Capital Vision Equities is in negotiations with the city of Inglewood to develop a $150 million-plus mixed use project at Century and Crenshaw boulevards.
The two-phase project, to be developed in partnership with Majestic Realty Co., Phoenix Realty Group and BRIDGE Housing Corp., is planned for 40 acres on the intersection’s southwest corner. Upon completion, it would have up to 160,000 square feet of new retail development to complement the existing Food4Less, Home Depot and Costco across the street. It also could contain as many as 500 condominiums and rental residential units.
Financing has not been secured.
The exclusive negotiating agreement gives the development collaborative four months to craft a proposal for approval by Inglewood City Council. John Molloy, executive vice president of Capital Vision, said the plan would be delivered by the end of the year.
Barron McCoy, redevelopment manager in the city’s Community Development Department, said the Capital Vision has “a clear understanding of the city’s vision.”
The city of Inglewood is using Federal Aviation Administration grant money to relocate residents at the property and assemble the project site. McCoy said the city has spent $35 million in grant money so far to gain control of 75 percent of the 15 acres needed for the retail phase of the project. The money is available because the project site is in the flight path of Los Angeles International Airport.
Molloy said the developer is working with Majestic on the retail portion of the project. Phoenix Realty of New York and BRIDGE Housing of San Francisco are partners in the residential portion.
Capital Vision, led by Chris Hammond, is the development company that created Chesterfield Square at Slauson and Western avenues in Los Angeles and currently is assembling properties to deliver Santa Barbara Plaza in Crenshaw.
Molloy said existing homes on the commercial side would be demolished to make way for construction. Some of the homes on what would be the residential component will remain, Molloy said, while others would be replaced by condominiums. Existing tenants would have the first shot at buying the units.
A proposed park is the third component of the project, drawn up to reflect a plan adopted by Inglewood City Council in 1998.
John Hunter, vice president at Majestic Realty, said the retail project would cost about $20 million. Tenancy at the project would involve regional and national chain stores, he said.
