INGLEWOOD, Calif., Jan. 5, 2015 /PRNewswire/ -- Hollywood Park Land Company today unveiled an expanded plan to develop 298 acres in the heart of Inglewood by adding a sports and entertainment district featuring a world-class stadium and performance venue to a previously approved mixed-use development plan consisting of more than 4 million square feet of retail, office, hotel and residential space.
The project will be built at no cost to taxpayers, create thousands of construction and permanent jobs for local residents and generate tens of millions of dollars in annual revenue for the city.
Hollywood Park Land Co. (HPLC) is a joint venture between Stockbridge Capital Group and The Kroenke Group. Stockbridge, a real estate investment management firm, purchased the original 238-acre Hollywood Park site in 2005. The Kroenke Group (TKG), a leader in commercial real estate and development, purchased an adjacent 60-acre parcel in 2013. Stockbridge and TKG joined efforts through the HPLC venture in 2014 to develop the expanded Inglewood project.
"After nearly a decade of collaborating with Inglewood city leaders and residents on the redevelopment of Hollywood Park, we are excited to unveil an expanded plan that will bring a world-class sports and entertainment district to Hollywood Park," said Terry Fancher, founder of Stockbridge. "We are committed to working with TKG to build a project that will put Inglewood back on the map as the home of truly great sports and entertainment venues."
The development, named the "City of Champions Revitalization Project," builds on the momentum of the original 238-acre mixed-use project currently under construction at Hollywood Park after years of community engagement and the approval of entitlements by the Inglewood City Council in 2009. The recent reopening of The Forum enhances the potential of the sports and entertainment district.
No tax dollars or public funding will be used for the construction of the City of Champions Revitalization Project, including the new stadium. Indeed, the revised project is expected to create a long-term revenue source for the City of Inglewood that is substantially larger than estimates from the prior plan.
The expanded project also will create meaningful employment opportunities for Inglewood residents and businesses. Specifically, the project adheres to the provisions from the City of Inglewood's 2009 approval, which established a goal of at least 30% participation of minority/disadvantaged business enterprises in the construction of the project and adds a goal of hiring qualified Inglewood residents for at least 35% of long-term, post-construction jobs at the property.
Incorporating the 60 neighboring acres acquired by TKG into the Hollywood Park Specific Plan provides an opportunity to create a cohesive central district in Inglewood. This new project will blend a sports and entertainment district into the core components of the original plan, including new residential neighborhoods, public open space, parks and a lifestyle retail area.
Signature gathering will begin soon for an initiative that would place the City of Champions Revitalization Project on the Inglewood municipal ballot in 2015.
As described in the ballot measure, the 298-acre project will include a stadium of up to 80,000 seats and a performance venue of up to 6,000 seats while reconfiguring the previously approved Hollywood Park plan for up to 890,000 square feet of retail, 780,000 square feet of office space, 2,500 new residential units, a 300-room hotel, and 25 acres of public parks, playgrounds, open space and pedestrian and bicycle access.
The stadium authorized by the ballot measure will be designed by HKS, Inc., one of the world's leading firms for the design of sports and entertainment complexes. A successful ballot measure would shorten the timeframe for Inglewood's approval of a stadium, and would mean that professional sports could return to Inglewood in 2018.
About Stockbridge Capital Group
Stockbridge Capital Group, LLC is a real estate investment management firm which, together with its affiliates, manages more than $9 billion in real estate and real estate-related assets. Stockbridge's investment portfolio comprises nearly 35 million square feet of existing office, industrial, retail, hospitality and residential properties throughout the United States as well as a development pipeline of more than 6 million square feet of space. The firm invests across the risk spectrum with core, value-added and opportunistic strategies, including significant expertise in large-scale development and redevelopment projects. Stockbridge is headquartered in San Francisco with offices in Los Angeles, Chicago, New York and Atlanta.
About The Kroenke Group
The Kroenke Group (TKG) was founded in 1985 by E. Stanley Kroenke and has been a leader in commercial real estate investment and development. TKG and its affiliates now own, manage, and operate more than 60 million square feet, including shopping centers, residential housing developments, warehouse facilities, and entertainment venues in the United States, Canada, and the United Kingdom. TKG is responsible for all aspects of managing the various properties in its portfolio. In addition to its real estate development activities, TKG's holdings include ranching, professional sports, media, and wine production ventures throughout North America, the United Kingdom, and Europe. Mr. Kroenke owns the St. Louis Rams (NFL) and Kroenke Sports & Entertainment (KSE) and KSE, UK, whose holdings include the Colorado Avalanche (NHL), Denver Nuggets (NBA), Colorado Rapids (MLS), Pepsi Center, Dick's Sporting Goods Park, Altitude Sports & Entertainment and Arsenal Football Club (EPL).
SOURCE Hollywood Park Land Company