Forecast For Inglewood, California: Economic Boom Following Stadium and Park Construction
It would be a fierce understatement to say that Inglewood, California will be going through changes over the next 10 years. A colossal 298 acre, 70,000-person capacity stadium is currently under construction in Hollywood Park and will be completed in the summer of 2020. Both NFL teams; the Los Angeles Rams and the Los Angeles Chargers will be combining home fields in arguably the most impressive stadium ever built. The $2.6 billion masterpiece, designed by HKS inc, will serve as a major boost of tax revenue to the city of Inglewood and provide more than 5,000 new jobs.
The Stadium is being built in the old location of Hollywood Park Racetrack which was demolished in 2013. The LA Stadium and Entertainment District at Hollywood Park (LASED) is planning to add more than 3,000 new living accommodations, two artificial lakes in a pristine park, a rebuilt casino, and more than half a million square feet of room for shops and restaurants. The park is expected to be completed around three years after the stadium is finished. Residences will primarily consist of condominiums and townhouses, providing a clean, modern and communal feel to the park. The resident housing hopes to smoothly transition into the outer community of Inglewood, CA, adding to the already booming town that both teams will call home. LASED is not only a resort/vacation destination; it has nearly 900,000 square feet of office space that will undoubtedly boost the local economy and provide thousands of jobs. "We're thrilled by the stadium experience we know is coming there...We think it's going to be the greatest stadium in the world and in the entertainment capital of the world, we think it's going to be a win there with our two franchises in Los Angeles,” stated NFL Commissioner Roger Goodell. Serving as a multi purpose area, Rams and Charger fans can escape from the Hollywood experience weekly and absorb the beauty that LASED offers.
Economically, the stadium is currently and will continue to completely transform Inglewood, improving schools, providing jobs, and giving a new sense of optimism in the community. LASED is a 100% union job site targeted for local businesses. The project plans to use minority workers by mainly hiring Disadvantaged Business Enterprise subcontractors (DBE). A goal was set for 30% of total workers to be either DBE or MBE with a quota of at least 18%. In construction, small/local businesses are starting to make a big difference the project. It is not uncommon for project managers to make appearances at various in-town job fairs looking for employment from upcoming projects. Throughout the full construction, the city of Inglewood will receive around $13 million from taxes in courtesy of financing the project. In the future, the LASED area will receive breaks in property, sales, and game day ticket taxes. Best of all, some revenue from the future stadium will fund after-school programs for children in the local area. "It is one of the greatest things that has ever happened to, as I call it, the beautiful city of Inglewood," proclaimed Parks & Recreation Chairman Willie Agee. Optimism is high; new economic flow will aid Inglewood in its recovery from its close call with bankruptcy in 1992. "The City of Inglewood is shining like a bright star all over the world, the stadium will be No. 1 in the world and bring money, money, money to the City of Inglewood and to LA. It's unbelievable," stated Willie Agee. Property value is bound to climb, even more than it has been in the past few years, with California acting as a hotspot for domestic migration. The stadium will heavily increase the quality of life up in Inglewood; that's a given.
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Written by Zachary Gladstone, Edited by Rachel Weissman & Alexander Fleiss
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