07/09/2009 11:00PM

Hollywood development gets OK

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The Inglewood, Calif., city council approved on Wednesday zoning amendments that will permit eventual development of Hollywood Park's 238-acre property.

Backers of the proposed $2 billion project would like to launch construction within a year to build a retail and entertainment space, hotel, homes, and office space. The development company Wilson Meany Sullivan is working with Hollywood Park's owners, Stockbridge Real Estate Funds, on the project.

It is unclear how quickly such a massive construction project could be financed and launched. Such a plan would mean the end of racing at the track, which opened in 1938.

Hollywood Park officials told the California Horse Racing Board earlier this year that racing will be conducted through the end of 2009, but have not made a commitment for racing in 2010. Hollywood officials have told the racing board in the past that if the track intends to close, Hollywood Park will give the industry a six-month notice to allow for alternative stabling for the approximately 1,400 horses based at the track.

Officials with Wilson Meany Sullivan have said they would like racing to continue right up until the start of construction.