Miracle Theater Owners Enter Exclusive Negotiation Agreement to Develop Workforce Housing in Downtown Inglewood

By: Eye On Inglewood Staff Writer

www.eyeoninglewood.com

The Inglewood City Council has authorized an Exclusive Negotiation Agreement (ENA) to develop 110 workforce housing units in downtown Inglewood. This agreement includes the acquisition of a 25-space city-owned parking lot adjacent to Nutwood and Market Streets. The property owner, associated with the Miracle Theatre, plans to create a seven-story mixed-use project that will feature low- and moderate-income housing along with retail and dining options.

Owen Smith, who joined the development group in May 2024 through his investment in the Miracle Theatre, is leading the initiative. The current tenants of the theater building include the 3 and Out Sports Bar & Lounge and Beyond Envy clothing store.

As part of the ENA process, the development group submitted a non-refundable deposit of $50,000 and a good-faith deposit of $25,000. Property records show that the properties were acquired under a Delaware corporation, with Smith listed as the owner.

On May 13, the city council unanimously approved the ENA with 244-268 Market Nutwood Management LLC, allowing the acquisition of the 9,137.5-square-foot parking lot. The planned development aims to enhance the area with housing, retail spaces, restaurants, a community plaza, and pedestrian-friendly streetscapes, all supported by sufficient parking. The ENA will last for 18 months, with options for two six-month extensions, during which the developer will submit necessary plans and documentation for review. The ENA is not subject to the California Environmental Quality Act (CEQA), simplifying the negotiation process for this significant project.