As many of you know, I love “American” football and I live in Southern Cal. Well guess what? It only took 20 plus years for LA to have a NFL football team again (the Raiders and Rams left in 1995).
The Rams will be making their home in Inglewood CA. Inglewood is best known as the home of the Fabulous Forum (where the Lakers and Kings played before they moved to the Staples center in 1999). Just as a quick side note, when the Staples Center opened it was in the middle of a depressed downtown LA. Many said it wouldn’t make it. 15 years later, it has become a vibrant community and “the place to be”. Commercial and residential real estate, including high-rise condos, lofts and luxury apartments have gone through the roof. Is it possible that Inglewood is headed in the same direction?
Inglewood is a community that has had some hard times. It is right on the boarder of South Central LA where the riots happened in 1994. Here is the makeup of the Inglewood community (Information from LA Times Neighborhood Session):
Ethnicity: 46.45% Black and 46.0% Latino
Median Income: $46,574
Education: Almost a quarter of the population doesn’t have a high school diploma and only 13.3% have four-year college degrees.
Inglewood however, is more than just these stats. There are many residents that have strong ties to the community and there is a growing art community.
Also, it took community leadership and confidence in that leadership for the NFL to bring the Rams to Inglewood. 20 of the 32 owners voted in favor. The new football stadium will be privately financed. The cost is estimated at 2 billion dollars. There will be no burden on the taxpayers. THAT IS HUGE. Roger Goodell, president of the NFL, said that he feels, “…this is going to be one of the greatest complexes in the world.”
The stadium will be where the Old Hollywood Park was right in the middle of the community. This stadium will be “…integrated into the community,” says Chris Meany senior VP of the Hollywood Park Land Co. There will also be many millions of dollars spent by developers on public services and infrastructure for Inglewood. Things like widening of sidewalks, parks, lights, and road improvements just to name a few. This project will also create thousands of construction and permanent jobs for local residents. What do you think that will do for local property values?
When we talk about finding the next big opportunity, what we should look for is an Inglewood. We might not be ahead of the curve on this one, but I think you can still jump on the band wagon. Or, learn from this example and find your own Inglewood.
Diana D. Hill