"This is the first time a stadium will have been built for an NFL team in (the) Los Angeles (area)," team owner Stan Kroenke said. "Isn't that remarkable? I mean, think about that."
The newly relocated NFL franchise plans to open the venue in 2019, with the team playing its home games at the Los Angeles Memorial Coliseum in the meantime.
"We are confident that this is going to be the place to be in 2019 and beyond," NFL commissioner Roger Goodell said. "Not just for football, but for entertainment, for events, for eating, for living, for working."
"That's what's going to come to Inglewood and the Hollywood Park area, and we couldn't be more excited to have the NFL be a part of that," he added.
Architects' renderings show an 80,000-seat stadium and massive mixed-use complex that includes bars, restaurants, hotels and housing.
The location is at the former site of the Hollywood Park horse racing track, which was demolished and cleared over a period of two years.
"I think it's going to be huge," Rams fan Paul Fabela said. "This is going to be a center point for the entire west side, and I see this evolving from here to the freeway, all the way to the airport. I think it's just going to revitalize the entire area."
The new stadium may also be home to the Chargers, following San Diego residents' recent vote declining to use taxpayer funds to build a new NFL stadium in that city.