When Inglewood announced last week that it had chosen five developers to compete for a bid to build a transit-oriented project near the site of a future Metro light-rail stop, it put a big emphasis on housing.
Each of the developers on the city’s shortlist to reimagine its historic commercial center has a portfolio with an extensive – if not exclusive – focus on housing, both affordable and market rate.
The companies chosen to move forward with formal proposals include: City Ventures of Alhambra in partnership with LAB Holding of Costa Mesa; Itex Group of Port Arthur, Texas; Naerok Group International Inc. of Los Angeles in partnership with Highridge Costa Development Co. of Gardena; Neighborhood Housing Services and Sticks Holdings of Los Angeles with Faithful Central Bible Church of Inglewood; and Thomas Safran & Associates of Brentwood.
The five were chosen from a list of 10 that turned in rough proposals after the city issued a request for qualifications in July. The project site consists of six parcels fronting Market Street and comprises about 4 acres. The largest parcel is a 2.7-acre site less than a block from the Florence-La Brea Metro stop now under construction. Initial proposals included a variety of uses for the parcels, including market-rate housing, retail and restaurant space as well as cultural amenities.
Inglewood Mayor James Butts said he was encouraged by the interest developers expressed in the project, particularly those with plans to include market-rate housing in addition to shopping and entertainment uses.
“It was our hope that we’d end up with a project that had a built-in shopping base to keep the street alive at all times,” he said. “Obviously, these developers heard us.”
The progress on the redevelopment site is part of an uptick in development in the area.
Among the major developments is Madison Square Garden Co.’s $100 million reboot of The Forum, a nearby concert venue and former home to both the Los Angeles Lakers and the Los Angeles Kings. Just down the street, the Hollywood Park Racetrack closed to make way for a 238-acre mixed-use community dubbed Hollywood Park Tomorrow. Between those two sites, Stan Kroenke, owner of the St. Louis Rams, purchased a 60-acre parcel that had been the site of a proposed Wal-Mart. He has not disclosed his plans for the property.
The finalists for the Market development project were asked to submit formal proposals in coming weeks; the city expects to choose a development team early next year.
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