When Tupac said that Inglewood is “always up to no good,” he may not have envisioned the gated condo community that is now planned in the city, as the promise of a $2.6 billion Los Angeles Rams and Chargers stadium lures investors to the area.
Harridge Development Group bought an 18-acre plot, which includes the shuttered Daniel Freeman Hospital at 333 N. Prairie Avenue, from Shopoff Realty Investments for roughly $36.3 million this week, sources unattached to the transaction told The Real Deal.
Justin Esayian and Bryant Brislin of the Hoffman Company brokered the deal.
A representative of Harridge confirmed the L.A.-based development firm, headed by David Schwartzman, intends to redesign Shopoff’s existing residential plans and will build 228 detached condos in a gated community called Grace Park.
Work on the site itself has already begun, though the expected completion date is not until the stadium opens in mid-2019.
Shopoff Group acquired the site for $20 million in 2013, and subsequently secured approvals to build 310 townhomes on the site. Harridge is now adjusting those plans for fewer units.
The Hollywood Park stadium development is not only attracting residential development to the area — it has a large housing component itself, comprised of 2,500 units. The development also includes a 300-key hotel and 25 acres of public parks, open space and pedestrian/bicycle access.
A partnership headed by Harridge recently purchased the 26-acre Los Angeles Times printing plant just south of the Arts District from Tribune Media’s real estate arm for $120 million, TRD first reported. The developer is also adapting Koreatown’s Wilshire Galleria into a mixed-use complex with 545 apartments, as well as stores, restaurants and a hotel.