The Hoffman Company, a land brokerage in California and Nevada, said Thursday it has successfully closed the purchase of Grace Park, a fully approved 18-acre master planned community entitled for 310 for-sale homes near the new NFL stadium development in Inglewood, Calif. Terms were not disclosed.
The gated community will be located between Prairie Avenue and Grace Avenue, a half mile from Hollywood Park, site of a former horse track and the future home of a $2.6 billion, 80,000-seat stadium for the Los Angeles Rams and Chargers.
The buyer, Los Angeles-based Harridge Development Group, intends to redesign the existing plan to include detached condos for this emerging market. Work on the site already has begun, with infrastructure and lots expected to be finished in the summer of 2018. The homes should be ready for new residents to move in when the stadium opens in mid-2019.
"Our homes will be first on the market in an area that hasn't seen a significant residential development since 2005," said David Schwartzman, CEO of Harridge. "Grace Park is in a central location served by mass transit near what will be the world's most expensive stadium complex. We looked at it as the perfect storm. A lot is changing in Inglewood, and we're in on the ground floor."
Since 1984, at least 34 North American cities have built new sports stadiums in urban infill neighborhoods, positively affecting those housing markets. Hollywood Park will include a 300-acre entertainment park (dubbed by the league as "NFL Disney World") offering a 6,000-seat performance venue and more than 1.5 million square feet of retail and office space, 2,500 new residential units, a 300-room hotel and 25 acres of public parks, open space and pedestrian/bicycle access.
"It's an exciting project in a City that is literally transforming itself into a vibrant space for people to live and work," said The Hoffman Company's senior vice president Justin Esayian, the lead broker on the sale along with Bryant Brislin. "Grace Park hits all the marks for smart infill development. Its proximity to Hollywood Park is such that residents will benefit from the energy created without being heavily impacted by the crowds and traffic."
The community is expected to appeal to Los Angeles County's tech workers; Google, Facebook, Snapchat and Uber are among the many tech-oriented companies nearby. It is near four major freeways and offers easy access to Los Angeles International Airport. A new L.A. Metro light rail line is being built at La Brea Avenue and Florence Avenue, and the "New Downtown Inglewood" project aims to transform the city's commercial center into a transit-oriented pedestrian-friendly hub.
According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, adding 310 townhomes and single-family homes will generate $10.6 million in local income, $1.3 million in taxes and other revenue for the City of Inglewood and 146 local jobs.
The property seller was Irvine, Calif.-based Shopoff Realty Investments.