Welcome back LA Lovers!
Last week we briefly discussed the next coming steps in the redevelopment of the Crenshaw Mall and ways in which you can tap into info regarding massive changes in our communities. The rapid increase in redevelopment and the expansion of many metro lines affect the principle of change in our neighborhoods and Inglewood,CA is a prime example of that. The City of Champions has only just touched the tip of the iceberg with their ever-evolving landscape.
I vividly remember receiving a thick, white envelope from the City of Inglewood with details on a 2012- 2015 Consolidation Plan to prepare us for what’s now the Hollywood Park Casino, SoFi Stadium and Kia Forum. That was back when the Forum was still blue and I was still learning to drive in the parking lot. We later went to the Inglewood Playhouse (now Willie Agee Playhouse) for a detailed presentation of what the new renovated casino would look like. Seeing these changes being implemented only fueled my interest and passion to stay immersed in what was really going on in my city.
Transformations of projects like Hollywood Park, Inglewood Transit Connector at the Florence/ La Brea Metro Station and other new developments like the new Astra apartments are no surprise. They contribute to the renaissance of expansion due to yet again, more Transit Oriented Development for the Inglewood Transit Connector (ITC) and preparation for hosting the 2028 Olympics. The Florence/ La Brea Metro Station is located off of Market Street, now Downtown Inglewood to some. It connects the K Line from Exposition Blvd. into Westchester and it’s expected that riders will be easily connected to the new “Downtown Inglewood”, entertainment venues, homegrown shops, parks, housing and school. Though it’ll be a hub for existing and potential mixed-use developments the city gave the official green light in April 2023 for the displacement of select businesses. Mayor James Butt says they aim to help relocate them to another place, hopefully in Inglewood, and they’d pay relocation costs, startup costs and whatever is lost during the transition. Unfortunately, despite compensation from the Business Interruption Fund (BIF), the tenants that want to stay and have become community staples will have no choice but to leave due to eminent domain. Construction will begin summer 2024 to be ready by 2027 before the Olympics. The mayor now has to work overtime to consciously relocate every tenant.
My question is, to what extent do we accept these changes; I mean was there really a choice? Were there ways the community could have stepped in to negotiate? How can we prevent eminent domain? We’ll make these discoveries as we dive deeper into these continuous changes together.
Until next time,
Los Angeles To The World 🧡
-Estates with Raevan Grace
Principle of Change: the economic, government, and social forces affecting the real estate market. The principle of change is the law of cause and effect in the market. Change is reflected in the market as appreciation or depreciation in property value. A property’s condition evolves from the past which is the foundation of its future conditions, constantly changing from one condition or stage to another.
Ex: an appraiser asks, “Is this community experiencing growth, stability, decline, or restoration?” to know if the surrounding conditions will affect the value more than the property itself.