The commercial component of Hollywood Park, a 300-acre mega-development in Inglewood centered on SoFi Stadium, is well underway.
In total, there will be up to 890,000 square feet of retail space surrounded by creative office space. Residences, a park and the stadium are also nearby.
Stan Kroenke’s Kroenke Group is leading the development of Hollywood Park with Wilson Meany as development manager. Kroenke owns the Los Angeles Rams.
“It’s not just retail, but with Hollywood Park, we’re working on creating places,” Jason Gannon, general manager of SoFi Stadium and Hollywood Park, said of the entire project.
Christopher Meany, Managing Partner at Wilson Meany, added that to create that special sense of place, you need retail businesses to provide visitors and residents with a walkable zone.
The commercial part of Hollywood Park, already 65% leased or under negotiation, should open next March. Building envelopes need a few more months before spaces are further enhanced for specific tenants.
Hollywood Park will have a combination of large tenants, such as a Cinepolis movie theater, and smaller tenants, including Sky’s Gourmet Tacos, Red Bay Coffee and Antojitos Martin, a juice and snack bar.
“To get the charm, we felt the project needed smaller tenants,” Meany said.
Will Heidel, who works development and leasing at Wilson Meany, said the stores range in size from under 500 square feet to 55,000 square feet.
Meany said that with the diversity of tenants, the center hopes to become a place where people come every day, not just on days when there’s a game or event at SoFi Stadium.
And Hollywood Park helps increase interest in Inglewood as a whole.
“There are a lot more eyeballs on it. There is much more interest locally, nationally and internationally,” said Terrison Quinn, managing director at SRS Real Estate Partners. “More and more people recognize that it will be the mecca of entertainment and sports, one of the largest in the county, if not nationally. More and more people pay attention to it. »
He added that the developers are interested in hospitality and mixed-use projects in the nearby area with a retail component to capitalize on the expected success of the Hollywood Park development.
Residents and visitors
The key to retail development, Meany said, is “duality.”
“It lives two lives,” he said, adding that the region must cater to both the local market and people expected for events.
“The local community of 900,000 people is terribly underserved,” he said.
The center will have a mix of retailers, creating opportunities for a variety of tenants.
And while there are no quotas for the number of retailers that will be local businesses, Meany said the company is working to get local and national tenants and that at least 30% of the center feel “authentic and local”.
“National tenants are equally important in setting the tone,” he said.
This is true for tenants like Cinepolis, which Meany said was the “best offering in luxury theater without equal”, and would contribute to the overall vibe of the center despite being based in Mexico.
Other tenants such as Antojitos Martin are hyperlocal, as is GRDN by Three Weavers, a brewery tasting room and restaurant that is an Inglewood staple. Founded by Lynn Weaver, it will remain open at its current location.
“She really puts her heart and soul into it. It will be an amazing addition,” Heidel said.
And while there will be plenty of local tenants, Meany said a good mix is key.
“It’s not about numbers. It’s about finding the mix of big international, national and local tenants,” Meany said.
Although it is very food and entertainment-intensive, Meany said there will also be commodity retailers.
“We hope to find synergy between the offerings,” Meany said.
Other tenants already announced for Hollywood Park are Iconix Fitness, Grilled Fraiche and Residency Art Gallery.
“They’re trying to create a cool mix,” Quinn said of the tenants who were announced. “You see it’s going in that direction to create that sense of community.”
Changes to Inglewood
Hollywood Park isn’t the only development underway in Inglewood.
The Los Angeles Clippers will move to an arena under construction in the area. The Intuit Dome, which is expected to be completed in 2024, will be a state-of-the-art indoor arena.
In 2020, Clippers owner Steve Ballmer purchased the nearby Forum from Madison Square Garden Co. for $400 million after facing hurdles related to the construction of the new Clippers Stadium.
And other developers have also launched mixed-use projects nearby.
Quinn said that while retail rental rates are still lower in Inglewood than in some other Los Angeles neighborhoods, “land values are in some cases as high as anywhere in Southern California. And this is tied to demand from hotel and mixed-use developers.
Meany said Hollywood Park takes on the role of the region’s epicenter.
“We are 100% the center of Inglewood and we accept that. We are also the center of a region and we appreciate that,” Meany said.
Inglewood, he said, is on the verge of a breakthrough.
“This part of town, one of the densest in the city…was one of the most underserved areas in terms of retail,” he said. “We see an opportunity here to create a new node within LA and give this community what people in Santa Monica or Pasadena have.”
Sandy Sigal, CEO and President of NewMark Merrill Cos. Inc., based in Woodland Hills, has long believed in the region. His company owns commercial real estate in the city.
He said “the beauty of Inglewood” is its excellent access to transportation, nearby jobs and a residential population.
“You have a long-term, very loyal community that lives there,” he said. “It’s a great place to invest for us.”
Hollywood Park, he said, was “a very positive addition to the area.
“You add a huge job creator like SoFi and all the buildings around it. Maybe Inglewood was a bit of a secret or people had a perception that really wasn’t the reality, and now that “they have a reason to go there, they see that Inglewood is a really well-located and welcoming community. Sigal says. “It’s a big deal, kind of like what happened downtown with the Staples Center (now Crypto.com Arena).”
Over the next few years, he sees the notoriety of the neighborhood increase and the quality of tenants and services increase.
“You’ll have people who have reason to be there seven days a week,” he said. “You will find more people located in Inglewood and near Inglewood and more jobs located in Inglewood and near Inglewood. It’s a great recipe for growth and stability.
Sigal added that his company would be interested in other commercial properties in the area.
And people expect developments in and around Hollywood Park to cement Inglewood’s role as a destination.
“What Stan (Kroenke) brought to the table with SoFi Stadium, it’s not just gonna be a big thing in LA, it’s gonna be a big thing around the world,” Meany said.