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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 am-1:00 pm in the Community Room at City Hall.
The seminar will briefly highlight the framework for public/private joint ventures, the role of joint real estate development in the broader context of public/private partnerships and the initial definition of public/private joint ventures and how they related to asset based and need based transactions that includes but not limited to purchases, participatory ground leases, sales lease backs and other such transactions that may be done to creatively develop highly dense urban and non urban markets. There will be subsequent training sessions for City staff.
The City is experiencing record increases in home and land values of more than 20-23%. There are numerous successful developments going in on Century such as the Hollywood Marketplace anchored by Target , Home Depot, and Staples; the 193, 000 square foot Haagen development that will feature tenants such as Marshall’s, Michaels, Petco , Bed Bath & Beyond as well as new restaurants such as Chili’s, Red Lobster, Carl’s Junior, and Hometown Buffet. Costco has expanded at the southeast corner of Century and Yukon to create a 10,800 square foot retail area to include a collection of new food tenants and a 23,200 square foot retail area that includes a new Wendy’s, Washington Mutual Bank, Home Loan Center, and Del Taco.
Dan Beaney, Vice-President of Shamrock Capital Advisors, an affiliate of Burbank-based Shamrock Holdings of California Inc., the investment arm of the Roy E. Disney family and manager of the Genesis Real Estate Fund II, 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. Shamrock will continue work with the City and local developers to identify attractive real estate investment opportunities and participate in the City of Inglewood's revitalization efforts.” That same project has generated two offers at more than $12.5 million dollars for leases on a little less than a half acre site for a phenomenal cap rate of 6.5 %. Kevin Barry, Vice-President for Net Lease Properties and broker for that transaction, 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 approved last year, update the General Plan and provide specific plans for the future that are consistent with development, planning and zoning. The Mayor said, “We want to provide first class services to our first class residents, and we want are working together to be better equipped to do that.” In downtown there are plans for a new retail shopping area at the corner of La Brea and Florence. This exciting project will spurn new development on Market Street to help revitalize the downtown area as an Entertainment, Jazz, Performing Arts, and Theater district featuring retail shops, restaurants, entertainment venues, the arts and mixed use housing. For more information please call Ron Taylor at (310) 412-8618
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