$95 million for a racetrack parking lot?
As the California Horse Racing Board and Thoroughbred interests in the Golden State grapple with the feared demolition and closing of Hollywood Park as early as next fall, the owners of a 60-acre parcel of land currently used to park cars and horse vans at the Inglewood, Calif., racetrack have put the property on the market.
The owner of the property, which Hollywood Park track president Jack Liebau said is WalMart, has listed it with CBRE (formerly Coldwell Banker) of Los Angeles with an asking price of $95 million. The land, immediately to the south of The Forum (one-time home of the Los Angeles Lakers and Kings, purchased recently by Madison Square Garden and expected to undergo extensive renovations), runs along Pincay Street from Prairie Avenue to the east and borders the outer racing oval from approximately the quarter pole to the three-eighths pole. The parcel being peddled also includes the entrance to the stable area from the north.
The listing claims the property is the “largest available undeveloped urban in-fill land site in Los Angeles County.” It is zoned as commercial-recreation.
CBRE's overview says the land may be used for “retail, single-family and multi-unit residential, or business park,” and states that it is in the “middle position among three exciting redevelopment opportunities in south Los Angeles County.”
Directly to the south, the overview states, is “Hollywood Park Tomorrow, a 238-acre mixed-use development site owned by Bay Meadows Land Company. Reportedly, construction will begin in 2013 on their multi-phase master planned community.”
The California Horse Racing Board and Thoroughbred Owners of California have recently had talks with officials of Fairplex Park and Los Alamitos for possible expansion of those facilities in the event Hollywood Park closes for good after the 2013 spring-summer meeting.
In addition to the talks with Fairplex and Los Alamitos, TOC officials have met with representatives of the Stronach Group, including owner Frank Stronach, about a long-term lease agreement for horsemen to operate Santa Anita Park.
CORRECTION: The original version of this article incorrectly listed Bay Meadows Land Co. as owner of the property.