New chatter surrounding the re-birth of professional football in Los Angeles began again with an announcement from Stan Kroenke, St. Louis Rams- and Malibu Colony Plaza-owner, of plans to build an all-encompassing NFL stadium and entertainment mecca in Inglewood.
Kroenke, who has owned the Malibu Colony Plaza since 2005 and has made a billion-dollar fortune on real estate, purchased 60 acres of land neighboring The Forum last year and will include over 238 acres of nearby land to the stadium development plan through a recent partnership with the late Hollywood Park site’s owners Stockbridge Capital Group, the LA Times reported.
Coined the “City of Champions Revitalization Project”, the two sites combined would provide an ample area for an 80,000-seat stadium and 6,000-seat entertainment venue, with retail, office, hotel and residential spaces.
The project plans include creating a new neighborhood in Inglewood, as the first phase of construction of the old Hollywood Park race track and grandstands began in June 2014.
Kroenke could face a number of hurdles in building the project, including acquiring signatures to put the entire project on Inglewood’s 2015 municipal ballot for approval from city residents.
In addition to plans for a new stadium, Kroenke may be able to move his team to Los Angeles, as the Rams will soon have the option to modify their current lease in St. Louis to a year-to-year contract.
While Kroenke’s lengthy history in real estate and development may allude to a swift start to stadium development, the NFL will not accept any relocation transfer applications for the 2015 season, meaning any teams in the league must play in their respective cities until at least the 2016 season.
Team relocations must also be approved by vote of the leagues team owners, with a necessary three-quarters majority support.Â
International entertainment company AEG has already fought a lengthy battle with the city to build a new stadium near their existing venues downtown, called “Farmers Field”. AEG has yet to fulfill obligations to find a professional team for the stadium under an agreement with the city
San Francisco-based private investment firm Wilson Meany is slated to head the development of the new Inglewood site.Â