Both the Rams and Chargers have confirmed that the opening of the new joint stadium in Inglewood, Calif., has been delayed until 2020. With that colossal development in the works, what does this mean in Real Estate? Well it was good for those who invested in the surrounding neighborhoods early and its still good now.
Developers broke ground on the site in November of 2016, per The Los Angeles Times but due to the buckets of rain this year there were some complications.
“Unfortunately, Southern California experienced record-setting rain this winter,” a statement from the Rams read. “Despite bringing drought relief to the region, the rain fell during the mass excavation period of construction when no other work could proceed in wet conditions. As a result, we experienced significant delays and lost the better part of two months from early January into the beginning of March.”
The Chargers confirmed that they will now play at the 30,000-seat StubHub Center in Carson, California through 2019. According to the L.A. Times, the Rams plan on playing at the Coliseum in Los Angeles for two more years — a move that is allowed under the terms of their current lease from the University of Southern California.
According to the L.A. Stadium’s official website, the 70,000 seat stadium will sit in a “district” with a 6,000-seat performing arts space, mammoth office spaces, 300 hotel rooms, “modern residences” and 25 acres of “public parks, open space, pedestrian walkways and bicycle paths.” This is quite an allure for nearby establishments, not just residential. Those who have chosen to invest into commercial will cash in when 2020 comes around.
If you are considering Real Estate investing in the Los Angeles area, do not hesitate to contact your #LAVIPAgent, Rod Watson.
Till next time,