Rothbart to Buy Inglewood Site
Shopping center developer Rothbart Development Corp. said Monday that it had agreed to buy about 60 acres of land adjacent to Hollywood Park Race Track in Inglewood for $36 million and plans to build a retail project on the site.
Rothbart has 12 months to secure city approvals and entitlements to build the center to complete the purchase of land from Glendale-based Pinnacle Entertainment Inc., which operates and owns casinos and card clubs. The firm is selling its non-gaming property to raise funds to develop a riverboat casino on Lake Charles, La., according to industry observers.
Pinnacle Entertainment has tried twice in recent years to sell the property.
Last year, the sale of the land to apartment developer Alan Casden fell apart. Casden had initially agreed to buy the site in April 2000 shortly after a deal to sell the land to home builder K. Hovnanian Cos. of California failed to materialize.
Pinnacle still owns 37 acres of property in the area.
A statement issued by the companies said that Santa Monica-based Rothbart, a privately held developer, plans to build a shopping center “featuring national chain retail stores” but did not reveal any details.
Rothbart, which was founded in 1985, has developed more than 70 community shopping centers across Southern California with more than 8 million square feet of retail space.
“This project will represent the largest single development in our history,” said Inglewood Mayor Roosevelt Dorn.
“We look forward to working closely with the Rothbart group to secure the necessary entitlements for development of the property,” he said
Pinnacle Entertainment Chairman Daniel R. Lee said his firm will now focus on its 37 remaining acres in Inglewood but did not provide any specific plans for the property.
On the New York Stock Exchange Monday, Pinnacle Entertainment shares rose 18 cents to $9.83.
Pinnacle, formerly known as Hollywood Park Inc., sold the Hollywood Park horse-racing track in 1999 for about $140 million to race-track operator Churchill Downs Inc.
