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Friday, Aug 19, 2022
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L.A. Rising: Inglewood

The highly anticipated opening last year of SoFi Stadium, home to the Los Angeles Rams and Los Angeles Chargers, was just the beginning of a major growth spurt underway in Inglewood. The NFL venue is one piece of Hollywood Park, a massive development led by Rams owner Stan Kroenke, that will have housing, retail, office, parks, a theater and hotel. The Los Angeles Clippers are also planning a move to the city, developing an 18,000-seat arena in time for the 2024-25 season. Other developers have taken note.

Key Projects

Hollywood Park
Location: 
1001 S. Stadium Drive

Description: Hollywood Park is a mixed-use development spanning nearly 300 acres. Once completed, it will have 890,000 square feet of retail surrounded by offices, public parks, apartments, a performance venue and a hotel. It is also home to SoFi Stadium.

Developers: Kroenke Group; Wilson Meany is acting as the development manager.

Architects: Gensler and HKS Inc.

Estimated Completion Date: It is opening in stages.


Fairview Heights
Location:
923 E. Redondo Blvd.

Description: Fairview Heights will create 101 affordable and supportive housing units.

Developers: Linc Housing Corp. and National Core, with rent subsidies from L.A. County

Architect: KFA Architecture & Planners Inc.

Estimated Completion Date: Late 2021

Inglewood Basketball & Entertainment Center
Location:
Century Boulevard and Prairie Avenue

Description: The Clippers are creating an 18,000-seat basketball arena, team practice facility and corporate offices.

Developers: Murphy’s Bowl

Architect: AECOM

Estimated Completion Date: 2024

Astra
Location:
215 E. Regent St.

Description: Astra is a six-story mixed-use development with 243 luxury residential units. It will also have ground-floor retail.

Developers: Thomas Safran & Associates and Black Equities

Architect: Withee Malcolm Architects

Estimated Completion Date: Summer 2022

By the Numbers


OFFICE
Number of buildings:
12
Vacancy: 37.2%
Asking rent: $2.35 a square foot
Net absorption: 228,428 square feet
LAX/Inglewood as of Q2; Source: CBRE Group Inc.

RETAIL
Vacancy:
3.3%
Base square feet: 13.6 million
12-month net absorption: 61,703 square feet
Asking rent: $2.04 a square foot
Inglewood as of Q2; Source: CBRE Group Inc.

MULTIFAMILY
Effective rent per unit: $1,459
Vacancy rate: 2.2%
Inventory: 20,674 units
Vacant: 444 units
Net absorption: 7 units
Inglewood/Crenshaw as of Q1; Source: Colliers International Group Inc.


INDUSTRIAL 
Number of buildings: 140
Vacancy: 0.8%
Lease rate: $1.59 a square foot
Net absorption: 61,824 square feet
Inglewood as of Q2; Source: CBRE Group Inc.

HOTELS
Hotel at the New Clippers Arena
150 rooms
Hotel at Hollywood Park
(part of the Hollywood Park redevelopment) 300 rooms
Tru by Hilton
117 rooms

Source: Atlas Hospitality Group

Five Questions With Jason Gannon

One of the biggest projects in L.A. right now — and the key catalyst for development in Inglewood — is Hollywood Park. The mega mixed-use development is centered around SoFi Stadium. Completed last year, the stadium is home to the Los Angeles Rams and the Los Angeles Chargers.

But the development as a whole is much more than just the National Football League stadium.

It covers roughly 300 acres and will include retail, office space as well as multifamily units, a hotel, public parks and a performance venue. NFL’s West Coast headquarters will be at the park and is set to open in the next few weeks.

The project is the brainchild of Rams owner Stan Kroenke, with Wilson Meany acting as the development manager.

Jason Gannon, managing director of SoFi Stadium and Hollywood Park, spoke with the Business Journal about the development and Inglewood.

What are some of your favorite aspects of the project?
The size of the project, 300 acres, gives us an incredible opportunity to create some incredible spaces within the project. One of the things that we’re most proud of is the amount of park space here in Hollywood Park — there’s over 25 acres of park space.

The development has a lot of different components. How do
you balance all of them to make one comprehensive development with multiple uses?

Having 300 acres and the size of the project really allows us to create a really dynamic and well-thought-out balance between the various uses of the site. The stadium and the performance venue are incredible in and of themselves, and also having 300 acres to space out the retail and the residential. … We are working to create a unique experience within each component, but also those that want to experience more than one component can walk around and spend time here at Hollywood Park.

Why create this space in Inglewood specifically?
It gets into the size. If you look at it from a real estate development perspective, 300 acres on the Westside of Los Angeles, this is a piece of land that shouldn’t exist. … This location has really strong infrastructure, really good infrastructure, and is in proximity to the various freeways and the airport.

How does the project fit in with the city as a whole?
You look at Hollywood Park, whenever we sat down with the community years ago to talk about the various uses, there were important components of the project like the amount of park space — 25 acres of park space — that was important to the community, and working in collaboration with the community to develop the uses you see today was really important to us, and also the retail, the mix of local retailers are really important to our tenant mix — to be able to bring those tenants here into Hollywood Park was important.

What do you see Hollywood Park and the new NFL stadium meaning to L.A. in the long run?
This will be really a new downtown Los Angeles. It’s centrally located within the L.A. basin and is a place where people throughout the entire region can get to and experience and spend time here, whether it’s a football game or a concert, but also spend time in the park space or enjoying incredible local Inglewood retailers and restaurateurs.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans covers real estate for the Los Angeles Business Journal. A USC grad, Madans has done work with publications including The Orange County Register, The Real Deal and doityourself.com.
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