The Chargers have announced that they plan on joining the Rams at the new Inglewood stadium and these plans are already making waves in the Inglewood real estate market. The $2.66-billion sports and entertainment complex where the Chargers will be playing is currently under construction
Despite being three years away, the promise of pro football in Inglewood has already helped to raise prices. Real estate developer and president of NewMark Merrill Cos. of Woodland Hills, Sandy Sigal is spending $15 million to renovate a 1960s-era shopping center there. New tenants are already set to fill the Crenshaw Boulevard shopping center upon its completion. These tenants are all new to Inglewood and they include Planet Fitness, Save-A-Lot, Chipotle, Five Guys and Ono Hawaiian BBQ.
“Once the Rams announced, it made a bunch of those retailers who didn’t know where Inglewood was, or had a preconceived notion about it, think,” said Sigal, “It pushed a lot of guys over the edge.”
According to the LA Times, “The football buzz, which started a year ago with the Rams’ decision to play at a $2.66-billion sports and entertainment complex now under construction, has given Sigal clout with desirable tenants — the kind who might have turned their noses up at the city in the past.”
This news has definitely urged homeowners to get ready for the inevitable rush that will hit the Inglewood real estate market within the next few years. According to CBS Los Angeles, “One Inglewood resident took her house off the market after the Rams’ announcement. She said she’ll wait until the stadium is completed to sell, to allow prices to rise further.”
The rising real estate prices and development boom may change the reputation Inglewood and garnered over the years and According to The Wall Street Journal, “The proposed sports facility is driving up Inglewood’s real-estate values. Beverly Hills real-estate agents have been sending representatives to sniff around for available properties for their clients, as construction gets under way on Southern California’s biggest officially permitted real-estate project, with stores, offices, hotel rooms, residential space, restaurants, lakes, 25 acres of public park and a 6,000-seat performance venue slated to flank the field.”
Still, this move is risky since the Rams and Raiders left after the 1994 season. The NFL failed to succeed in Los Angeles the last time it had two teams in town. Will this time be any different?
The announcement of the move was reported in a letter from Dean Spanos the chairman of the Chargers. Spanos acknowledges the upcoming challenge and risk and according to his letter, “The Chargers are determined to fight for LA and we are excited to get started.”