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Hollywood Park Powerpoint The California Dream Re-Imagined Thesis Retail Market Study Trade Areas Primary (PTA) • Population 251,907 • Total Income $3.2 Billion • Retail Spending LAX $5,805 per capita Secondary (STA) • Population 666,319 • Total income $8.7 Billion • Retail Spending $6,934 per capita Central City Marketplace 810,000 SF Westside Pavilion 10 10 760,000 SF Regional Retail Baldwin Hills Crenshaw Plaza 846,000 SF Centers Over Fox Hills Mall 900,000 SF 500,000 SF 405 405 Inglewood LAX Area Under-Served110 110 by Regional105 105 Retail Centers Stonewood Center 930,000 SF Manhattan Village 565,000 SF South Bay Galleria 1,100,000 SF Lakewood Center South Bay Pavilion 2,100,000 SF Del Amo Fashion Center 940,000 SF 3,000,000 SF Retail Market Summary • Analysis Calculates Reasonable Share of Market Area Retail Sales •Capture Rate Allows 620,000 square feet of Retail • Good Regional and Local Access •High Visibility from Century & Prairie Residential Market Study Competitive Site Housing Market Area (“CHMA”) 400 350 300 250 200 150 100 50 0 Under $150- $200- $250- $300- $350- $400- $450- $500- $600- $750-$1 $1 Millio n $150,000 199,999 249,999 299,999 349,999 399,999 449,999 499,999 599,999 749,999 Millio n + CHMA DEMAND HOLLYWOOD PARK MARKET SHARE CHMA Demand Hollywood Park Market Capture Residential Market Summary •Forecast Return to Growth in Demand • Persistent Undersupply • Decreasing Available Land • Numerous Regulatory Hurdles Community Process Community Outreach • Met with hundreds of residents and local groups. • Determined what the community wanted. • Created a plan consistent with Inglewood’s priorities. A Community Plan • A Diverse and inter‐ generational community •Homes for owners of various ages and incomes •Convenient and flexible open spaces useable by all age groups •A walkable community •A variety of recreational and social community facilities Established Priorities PRIORITIES: •Quality Retail •Parks •Wide array of housing •Transportation Improvements •Environmental Responsibility •Community Benefits The Plan Hollywood Park Tomorrow Hollywood Park: By the Numbers Project Approved in August 2009: Park System 25 acres Civic site 4 acres Retail and entertainment 620,000 square feet Offices 75,000 square feet Community Space for homeowners 10,000 square feet Casino (renovated in place) 120,000 square feet Hotel with meeting facilities 300 rooms Residential uses 2,995 homes Commercial Zone Lake Front Retail Retail Thoroughfare Residential Neighborhoods •Single family Condominium Townhouse Single Family homes •Town homes •Condominiums •Homes front onto parks •Landscaped roadways •Parkways Residential Types: VARIETY A Look at the Parks • 25 acres • Four parks • Dog park tot lots, volleyball, jogging and hiking trails, playing fields • 22.5 Acres open to the public • Connect to the entire development via walkways, promenades and bike trails Park System Champion Park Champion Park Lake Park Lake Park Arroyo Park Arroyo Park Bluff Park Bluff Park Civic Site Community Benefits Sustainability: Environment • Construction Recycling • Residential /Commercial Recycling Program • Conservation • Energy Efficient Building • Energy Star Appliances • Reclaimed water irrigation • Drought‐tolerant landscaping • Natural storm water treatment Economic ‐ Public Benefits • $ 2 billion in direct investment • Over $100 million in tax increment for the Redevelopment Agency •Annual tax revenue to Inglewood to support critical city services •Creation of approximately 19,000 construction and permanent jobs • Workforce Outreach Program Economic ‐ Public Benefits Neighborhood Amenities: • Parks • Retail Stores • Land Use plan that promotes safety and a healthy lifestyle • Transportation Improvements • 4 Acre Civic Site Workforce Outreach Program • Extensive Community Outreach program funded by developer. – Coordinator for Jobs Programs • Construction Jobs • MBE/DBE Contracting • Training & Apprentice Programs • Retail Jobs – Community Jobs Fairs • First fair will start approximately one year prior to construction, followed by 3 additional fairs.
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