As real estate developments take place, places start to change. It is often the case that real estate developments spark a new sense of vitality, introduce new jobs, and lead to new people visiting a local area. In essence, real estate developments often have a positive impact upon local areas. In certain cases, however, there can be downsides to real estate developments. They can, for instance, disadvantage the current residents of an area in an unforeseen way. For real estate developers, accordingly, the aim is to develop properties in a manner than maximises the benefits and limits the costs to the local residents and area. With this in mind, let us briefly consider a fairly recent development that took place in Inglewood – the construction of the SoFi Stadium.
Built in September of 2020, the SoFi stadium is a sports and entertainment stadium. It is, most importantly, the home of the Los Angeles Chargers and the Los Angeles Rams. The stadium boasts many exciting features, including 260 executive suites, a capacity of over 70,000, and a whopping 298 acres of land. Recently, the SoFi stadium hosted an illustrious event – Super Bowl LVI. For those who aren’t aware, the Super Bowl is the NFL’s version of an annual playoff championship game. For the residents of Inglewood, the building of this stadium and hosting of the Super Bowl delivered an interesting mix of effects.
The first major consequence of the Super Bowl being hosted in Inglewood was the steep increase in parking prices. This consequence occurred as a whole host of fans visited the city in order to watch the event (at the stadium, or with friends). For those looking to park in the local area to watch the game, parking charges were as high as $4850!
Another consequence, this time of the construction of the SoFi Stadium, was an increase in house prices. According to researchers, house prices climbed by over 80% following the development of the stadium. This means that the local economy will have grown as a result of the stadium’s construction, and that the local real estate market will have been strengthened.
In conclusion, these are just a few consequences of the development of the SoFi Stadium in Inglewood. As is clear, some of the consequences are negative, whereas some are positive. Across the nation, similar constructions will take place, many of which will have similar consequences.