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Tuesday, May 17, 2022

L.A. Rams Owner Confirmed as Buyer of Westfield Promenade

Los Angeles Rams owner Stan Kroenke has been identified as the buyer of the defunct Westfield Promenade mall in Woodland Hills.

Los Angeles Rams owner Stan Kroenke has been identified as the buyer of the defunct Westfield Promenade mall in Woodland Hills.

Although reports about the $150 million purchase of the Promenade property speculated as much in March, Los Angeles City Councilman Bob Blumenfield has confirmed to the Los Angeles Daily News that the buyer was Kroenke.

The Super Bowl champions may be looking at the Promenade property as the team’s future practice facility The 34-acre property is large enough to accommodate a practice facility, training camp and team headquarters with enough land for a surrounding mixed-use development in the same vein as SoFi Stadium in Inglewood, where the Rams play and won the Super Bowl in February.

The sale represents a reversal of plans for the property. Promenade’s previous owner Unibail-Rodamco-Westfield recently completed the city’s planning and development process, securing approval for the 3.2 million-square-foot mixed-use Promenade 2035 project. The $1.5 billion overhaul of the parcel between Topanga Canyon Boulevard and Oxnard Street would have brought 1,400 apartment units, retail and restaurants, a 527-key hotel, a 25-story office building and 10,000- to 15,000-seat sports arena to the site.

Based in Paris, Unibail-Rodamco-Westfield announced that it would shed properties in the U.S. The sale of Westfield Promenade follows that strategy.

Back in March, Blumenfield reflected on the rumors of the Los Angeles Rams coming to the Promenade site.

“That sounds like a really great opportunity and would be good news if true,” Blumenfield, who represents Woodland Hills, said. “There is a plan in place for a venue at the site that protects the community and could let our Super Bowl champs get something up and running in my district pretty soon, which is incredibly exciting.”

The Rams are currently headquartered in Agoura Hills and practice during the season at California Lutheran University in Thousand Oaks.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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