INGLEWOOD – The members of the city council entered into an exclusive negotiating agreement to bring 110 workforce housing units to downtown Inglewood.
The council voted 5-0 to enter into an Exclusive Negotiation Agreement (ENA) with 244-268 Market Nutwood Management LLC (Developer) to acquire a 25 space city-owned parking lot which is contiguous to the properties they own during the May 13 regular city council meeting.
According to the staff report, “the Developer approached the City and proposed to specifically acquire City-owned property located on Nutwood Street, east of Market Street, commonly referred to as a twenty-five (25) space public parking lot of approximately nine thousand one hundred thirty-seven and a half (9,137.5) square feet bearing Los Angeles County Assessor’s Parcel Number 4021-013-900.”
“The Developer desires to include the City-owned property as part of their contiguous property located at 244-268 South Market Street to develop the combined site with a seven (7) story mixed use multi-family development comprised of approximately one hundred and ten (110) low and moderate-income workforce housing units at 80-120 percent Area Median Income (AMI), ground floor retail and restaurant space, community plaza space and pedestrian-oriented streetscapes, together with all related and legally required parking necessary to support the project components.”
City staff cites the “qualifications, experience, and identity of the Developer which are of particular concern to the City, staff recommends that the City enter into this Agreement with the Developer”.
The LLC behind the developer is based in Delaware which shields the identities of the parties involved, however, loan documents detail the owners of 244-268 S. Market Street which cross references with the LLC’s president who is identified on the ENA.
The development group’s president is Owen Smith, owner of the Miracle Theatre which is steps from the proposed housing development. Records show Smith became apart of the development group when he bought into the building in May 2024.
The building currently houses the 3 and Out Sports Bar & Lounge and clothing store Beyond Envy.
Smith has been a strong community partner through his entertainment venue which provides free tickets to the community for certain events at the 387 seat venue through its Miracle Foundation.
Community members also support Smith’s newest venture.
“Owen is the one who brought the Miracle back to life around 2013-ish. He is incredibly generous and supportive of Inglewood and local talent, artists, everyone,” wrote Kelly Brumfield Woods, on a social media post on the matter. “If he’s the one doing the other bldg., I’d give him the benefit of the doubt. He has really put himself out there—blood, sweat and tears—to turn the Miracle into what it is and is a really good person who cares very much about the community.”
Smith did not speak publicly during the meeting.
According to the staff report, “ the Developer is required to provide a Non Refundable deposit of Fifty Thousand Dollars ($50,000) to reimburse the City for cost associated with the fulfillment of the ENA. Additionally, the Developer is required to provide a Good Faith Deposit of Twenty-Five Thousand Dollars ($25,000) in any form as stipulated in the ENA.”.
The term of the ENA is proposed to be 18 months, which can be extended by mutual consent of the Developer and the City for two (2) additional six (6)-month periods.
