The owner of the St. Louis Rams, Stan Kroenke, is joining forces with real estate investment firm Stockbridge Capital Group to build a stadium complex in Inglewood, it was announced Monday.
Stockbridge bought the 238-acre Hollywood Park property in 2005 and in 2013 The Kroenke Group bought 60 adjacent acres. Together, they'll collaborate on the so-called "City of Champions Revitalization Project," that will include an 80,000 seat stadium and a 6,000 seat concert venue.
The news has Los Angeles football fans buzzing about whether the NFL - the Rams specifically - will return to Los Angeles but so far there are no plans for that to happen.
Developers say no public funding will be used to build the complex.
Inglewood Mayor James T. Butts, Jr., and Chris Meany, partner with the development firm Wilson Meany, chimed in on these plans.
"As Roger Godell said, there's not going to be allowed any team movement until 2016, so who knows what will happen there," said Butts. "But what this does do is position the city and Stockbridge Capital to create and build the most magnificent 80,000-seat stadium, possibly in the world."
While Butts says the stadium could be used for other sports, like soccer, it would seem to many the intent is to bring an NFL team to Los Angeles.
"I would like to see that happen, but what I'm saying is, we're not at that point yet. The league has not said that they're ready to let teams move, so right now, we'll roll with what we have."
Butts says the stadium will mean thousands of construction jobs and thousands of full time jobs when the project is done.
"It makes us a destination city once again," Butts said. "It's going to take us from being a city on the rise to a great metropolis."
Meany says this project will come "at no cost to tax payers." So then, who is paying for it?
"It's all private capital," he said. "This is 2 miles off the 405 Freeway, a mile off the 105 Freeway, this is one of the central locations in Los Angeles. We are privately capitalizing the creation of the state-of-the-art infrastructure, and it is going to be a great deal for us and it's a great deal for the tax payers because this is where there should be a new note in Los Angeles."