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Designer HKS and developer Hollywood Park Land Company are changing the face of mixed-used facilities.
The duo behind the Hollywood Park complex will tap into several revenue streams with a built-in consumer base.
After more than a decade of anticipation, the 238-acre Hollywood Park project is finally underway with gusto. Ground broke back in 2014. It stalled and crawled until 2016. This year ushered in new developments.
Revenue 1: Mixed-Use Commercial & Residential
The 3 million square foot mixed-use property will include 620,000 square feet of retail space, and an unconfirmed quantity of townhomes and apartments, and a luxury hotel with stunning city views.
Residents and guests will also have access to a new casino. The former Hollywood Park Casino will be demolished this October and replaced with an 110,000 square-foot facility. The JCJ Architecture design will include 125 card game tables, simulcast wagering, a lounge, a café, and a Century Bar & Grill sports bar.
“This new casino was also designed with luxury and convenience in mind,” said Hollywood Park Casino General Manager Deven Kumar in a press release. “The new property will engage the art and social communities featuring global artists’ work throughout. […] Visitors will feel very safe, while enjoying themselves in beautiful surroundings.”
Revenue 2: Creative Commercial Spaces
To soften the edges of the manmade structures, designers added several green spaces throughout the site. A lake with water features will help to create a cool and calming vibe.
These parks can provide rental opportunities for arts and cultural organizations; spaces for vendors with kiosks; and even creative advertising installations for landscaping, home and exterior furnishing companies.
The stadium project is slated for completion in 2019 followed by the casino and “mini-city” in 2023.
Revenue 3: NFL Gold
Two sports teams will call Hollywood Park home. Though not officially confirmed, USA Today reports that the Chargers will join the Rams at the stadium in 2019. In the interim, the Chargers will occupy StubHub Center.
At nearly half of the size of their previous home, StubHub center will be a tight fit. The benefits of the new space are that the Chargers get a head start on building a fan base in LA and fans get an up-close-and-personal experience.
Once the new stadium is complete, it will generate revenues from two local fan bases. Additionally, the teams’ opponents and their fans will bring revenue to the site.
Los Angeles County Supervisor Mark Ridley-Thomas issued a statement on the project: “The $1.8 billion, state-of-the-art sports and entertainment stadium will have a profound impact on the economy of Inglewood as well as the regional community,” he said. “We know why Inglewood is known as the city of champions, because they got it done!”
Revenue 4: Advertising
In addition to the ample ad spaces throughout the stadium, the roof will display a massive billboard. While the NFL and resident sports teams will certainly take priority, the potential for additional revenue stands.
The location of the stadium places the billboard in direct eyesight of all LAX passengers. That’s more than 74,937,000 people each year. Thanks to state-of-the-art technology, the ad will be seen day and night. Sports-minded CRE professionals may take note: if successful, the model is replicable. Professional athletic complexes encapsulate vast potential, far exceeding the confines of previous stadium models.
