LOS ANGELES (CBSLA.com) — Stan Kroenke, the owner of the St. Louis Rams, has purchased a 60-acre lot in Inglewood.

The space, which is located between The Forum and Hollywood Park Casino, could potentially be used for an NFL stadium, according to the LA Times.

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The Rams left the Southland for St. Louis in 1995, but the team will be able to leave its current lease at Edward Jones Dome after the 2014 season.

The team has tried to get its stadium up to date, but the commission in charge of the venue came short of the $700 million needed for renovations.

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There are already two other NFL stadium proposals in Los Angeles: Farmers Field in Downtown LA, next to Staples Center, and another in the City of Industry led by LA Kings co-owner, Ed Roski.

Kroenke’s land, which is located northwest of the race track, could face challenges — such as FAA issues, traffic and lack of parking space — due to its size.

Kroenke’s purchase marks the first time an NFL owner has bought land big enough to build a stadium in the central part of Los Angeles.

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The lot was formerly owned by Walmart, but it was sold after the retailer failed to get approval for a store, The Times reported.