Rams Confirm Inglewood PurchaseFriday, January 31, 2014
The St. Louis Rams confirmed Friday that team owner Stan Kroenke bought a 60-acre vacant lot from Wal-Mart Stores Inc. in Inglewood, as the Business Journal reported on Thursday.
Kroenke, who acquired his majority stake in the team in 2010, disclosed the purchase in an email to the Business Journal through Kevin Demoff, Rams executive vice president and chief operating officer.
“As real estate developers, the Kroenke Organizations are involved in numerous real estate deals across the country and North America,” the statement said. “While we can confirm media reports that we recently purchased land in Inglewood, as a private company we don’t typically discuss our plans for commercial or residential investments. We have yet to decide what we are going to do with the property but we will look at all options, as we do with all of our properties.”
Inglewood has long been considered as a viable site for an NFL stadium and the land purchase has renewed interest in the area.
Prior to moving to Oakland in 1995, late Raiders’ owner Al Davis completed an EIR for land at Hollywood Park next to the Wal-Mart property for a stadium. Hollywood Park again was considered in 1999 when the NFL awarded an expansion franchise to Houston.
According to public records, the deal closed on Jan. 15. Wal-Mart had acquired the site with plans to build two retail stores, but the project was blocked by a local referendum in 2004.
Hollywood Park ran its final meet in December. Developers are set to begin demolition of the racetrack in March and will begin construction on a mixed-use development with homes, retail space and a hotel on the 238-acre Hollywood Park land.