LOS ANGELES—Inglewood is poised to become the next 'it' market in Los Angeles. Since the Hollywood Park development, which will house the Los Angeles Rams, was announced last year, investors have been looking to break into the market. Harridge Development Group has purchased an 18-acre land site with plans to build a master planned community of for-sale, detached condominiums. This is the beginning of what will likely morph into a Play Vista-type market.

“I really see this market as being almost like the next Playa Vista, and having that kind of impact on the area. The city of Inglewood is a changing city and it's going through a huge revitalization. I believe that we are getting in on the ground floor of something that is only going to be going up,” David Schwartzman, CEO of Harridge, tells GlobeSt.com. “They are building a brand new stadium less than a mile away and adding a million square feet of retail, 700,000 square feet of office and the MTA coming in. Los Angeles is becoming urbanized, and the new development is going to uplift the whole area.”

It isn't only the stadium that is brining investors to the market. The City of Inglewood is also pushing for revitalization in the market. “The stadium totally changes the area,” Justin Esayian, a broker at the Hoffman Co. and the lead broker on the sale along with Bryant Brislin, tells GlobeSt.com. “The revitalization plan that the city has going on for Downtown Inglewood coupled with the stadium deal and the mixed-use development is totally transforming what Inglewood has been in the past. I think we will continue to see more interest. Initially, the stadium made a lot of noise, and now you are seeing guys like David that are creating a sense of community and place that the community is really looking for.”

Aside from the ideal location, the site itself also fit the developer's construction criterion in public. “The land site is already entitled, and we are actually downsizing the site,” says Schwartzman. “I have always been looking at Inglewood, but to find a site that checked all of the boxes isn't as easy as it sounds. This really checked all of our boxes.”

Although the developer has been looking in the market for some time, it didn't jump at the opportunity to buy this property when it first come to market. “The seller had previously marketed the site before the stadium deal was announced, and I don't think it was the right time,” he adds. “Initially, I wasn't interested for the price. This time, I submitted an offer, and we put a very quick deal together. Basically, we consummated the transaction in 90 days.”

The terms of the land deal were not disclosed. Shoppoff Real Estate Investments sold the property.

LOS ANGELES—Inglewood is poised to become the next 'it' market in Los Angeles. Since the Hollywood Park development, which will house the Los Angeles Rams, was announced last year, investors have been looking to break into the market. Harridge Development Group has purchased an 18-acre land site with plans to build a master planned community of for-sale, detached condominiums. This is the beginning of what will likely morph into a Play Vista-type market.

“I really see this market as being almost like the next Playa Vista, and having that kind of impact on the area. The city of Inglewood is a changing city and it's going through a huge revitalization. I believe that we are getting in on the ground floor of something that is only going to be going up,” David Schwartzman, CEO of Harridge, tells GlobeSt.com. “They are building a brand new stadium less than a mile away and adding a million square feet of retail, 700,000 square feet of office and the MTA coming in. Los Angeles is becoming urbanized, and the new development is going to uplift the whole area.”

It isn't only the stadium that is brining investors to the market. The City of Inglewood is also pushing for revitalization in the market. “The stadium totally changes the area,” Justin Esayian, a broker at the Hoffman Co. and the lead broker on the sale along with Bryant Brislin, tells GlobeSt.com. “The revitalization plan that the city has going on for Downtown Inglewood coupled with the stadium deal and the mixed-use development is totally transforming what Inglewood has been in the past. I think we will continue to see more interest. Initially, the stadium made a lot of noise, and now you are seeing guys like David that are creating a sense of community and place that the community is really looking for.”

Aside from the ideal location, the site itself also fit the developer's construction criterion in public. “The land site is already entitled, and we are actually downsizing the site,” says Schwartzman. “I have always been looking at Inglewood, but to find a site that checked all of the boxes isn't as easy as it sounds. This really checked all of our boxes.”

Although the developer has been looking in the market for some time, it didn't jump at the opportunity to buy this property when it first come to market. “The seller had previously marketed the site before the stadium deal was announced, and I don't think it was the right time,” he adds. “Initially, I wasn't interested for the price. This time, I submitted an offer, and we put a very quick deal together. Basically, we consummated the transaction in 90 days.”

The terms of the land deal were not disclosed. Shoppoff Real Estate Investments sold the property.