Long awaited development of the D3/Market Street site is about to get underway. The Inglewood City Council announced Tuesday night that developer Thomas Safran & Associates (TSA) has been selected for the job.
The site consists of 6 separate parcels, approximately 3.99 total acres. The site will border on La Brea Avenue, Florence Avenue, Market Street and Regent Street.
The bidding process began in July 2014, when 10 contractors were invited to respond to the City’s Request for Proposals. In November, 5 bidders were selected, including TSA, Neighborhood Housing Services, The Itex Group, City Ventures and NAEROK/Highridge.
Inglewood City Planner Mindy Wilcox presented an overview of the new project, which will incorporate retail space, housing, entertainment, and restaurants in downtown Inglewood. The project will be a welcome addition to Metrolink’s Crenshaw/LAX station, expected to open at Florence and La Brea in 2018.
The proposed project will contain 243 market rate-rental units and 55,000 sq. ft. of new retail. The developer has also proposed collaboration to renovate and eventually reopen the historic Fox Theatre on Market Street. The project is scheduled to begin construction in 2017 and be completed in 2020. Plans were announced for a trolley connecting downtown Inglewood to the proposed entertainment district at Hollywood Park. However, Mayor James Butts has another vision.
“A trolley really doesn’t work for us because it interrupts traffic patterns,” Mayor James Butts said. He wants a transportation system that is “elevated that would allow us to connect to entertainment.”
Winning points in TSAs proposal include:
· Superior mixed-use development experience
· Strong local job training/hiring
· Local business participation commitments
· Well recognized and highly desired retail tenants proposed for the site
TSAs purchase price—which came in at $6.5 million—was also a strong selling point. That price may be reduced to $4.4 million if the City requires an additional 100 parking spaces. A $250,000 good faith deposit is required.
Wilcox emphasized TSA’s proven “track record that demonstrates commitment” to local hiring at prevailing wages, and that the company has “established relationships with (attractive) tenants.” Trader Joes and Tender Greens restaurant are among prospective tenants at the site.