|News Release||City of Inglewood|
Public Information Office
One Manchester Boulevard
Inglewood, CA 90301
Fax: (310) 412-8788
|FOR IMMEDIATE RELEASE|
|PRESS RELEASE 04212005|
|Subject :||CITY OF INGLEWOOD HOST SESSION ON PUBLIC PRIVATE JOINT VENTURES |
|Contact :||Ron Taylor, OEBD 310-412-8618|
Inglewood, CA… The City of Inglewood is hosting a free seminar on public private joint venture developments by esteemed USC professor and consultant Allan Kotin at City Hall on Thursday, April 28, 2005 at 11:30 a.m. - 1:00p.m. in the Community Room at City Hall.
The seminar will briefly highlight the framework for public/private joint ventures in the broader context of public/private partnerships. This seminar will focus on how PPJV’s are related to asset based and need based transactions. Types of transactions that include purchases, participatory ground leases, sales lease backs, and other creatively structured transactions used to develop highly dense urban markets.
Now more than ever, the city is striving to be creative in implementing its vision and taking advantage of the wave of development opportunities presenting themselves.
The City is experiencing record increases in home and land values.
Developments such as the “Marketplace @ Hollywood Park” anchored by Target, Home Depot, and Staples; the 193, 000 square foot “Village @ Century” Haagen Company development that will feature tenants such as Marshall’s, Michaels, Petco, Bed Bath & Beyond as well as new restaurants such as Chili’s and Red Lobster have really incited “development fever” on Century Blvd.
Costco has expanded at the southeast corner of Century and Yukon to create a 34,000 square foot retail area to include a collection of new food tenants including a new Wendy’s, Washington Mutual Bank and Home Loan Center. Watt Development is building 376 homes in the area.
Dan Beaney, Vice-President of Shamrock Capital Advisors, an affiliate of Burbank-based Shamrock Holdings of California Inc., recently said: “We remain extremely bullish on the future prospects of the Inglewood real estate market. The City of Inglewood has attracted, and will continue to attract, significant institutional investment, particularly along the Century Boulevard corridor, due to its strategic location, excellent freeway access, strong demographics and market fundamentals.”
The Genesis L.A. Real Estate Fund, in partnership with Silver Creek Properties, successfully invested $2.75 million in the 34,000 square foot retail center that is shadow-anchored by Costco.
The Silver Creek project has already generated two offers at more than $12.5 million dollars for leases less than a half acre site for a phenomenal cap rate of 6.5 % according to Kevin Barry, Vice-President for Net Lease Properties. He said, “The Inglewood Market is on Fire! We have other developers lining up who want to get into this market today due to it very valuable land.”
As a result, the City wants to be proactive in their efforts to implement the City wide Economic Development plan recently approved by the Mayor and Council.
“We hope that this educational opportunity will be the first in a long series of efforts to establish the City of Inglewood as a leader in Public Private Partnerships”, says Inglewood City Administrator Mark Weinberg. “Given today’s economic climate and the level of interest in the City being demonstrated, it’s becoming exceedingly clear that Cities must enter into partnerships with the private development community in order to maximize their potential”.