On the 28-year anniversary of the 1992 Los Angeles riots, news broke that the historic Baldwin-Hills Crenshaw mall has been sold to real estate developers CIM for $100 Million. The company plans to scrap initial plan proposed to the community by Capri Capital partners.
Capri secured the title for redeveloping the Crenshaw Mall in 2018 with the City of Los Angeles signing off on their proposed plan of a 400-room hotel, 300,000 square feet of retail space, a 10-story office building as well as 961 apartments and condo’s.
It is not yet clear exactly why Capri decided to ditch the project which would have put $700 million into the redevelopment project of the Crenshaw mall. Capri’s proposal initially saw some resistance from the community. However, these new developments have taken the community by complete surprise.
The Covid-19 crisis which has halted all non-essential businesses around the U.S will have devastating affects on the U.S economy, with small businesses and minority communities being hit the hardest.
The seemingly secretive transaction speaks to the aggressiveness off real estate developers even in the midst of a global health crisis.
Marqueece Harris Dawson, who is the city councilman of the district where the Crenshaw Mall sits, says that he was unaware of the change of ownership.
AP and the Los Angeles Times were among the first the share the news of the sale after it was released by CIM in a press release.
Many point to the fact that in the recent years, CIM has shown heavy presence in L.A. People shared their discontent of the Baldwin-Hills Crenshaw sale in the comment section of Instagram.
“TF! That better be some very low income affordable housing – because after this crisis is over a large sum of residents will be so back track in expenses that more and more families will become homeless.” #affordablehousing
“If we are not a part of the solution, we are a part of the problem. Now that we have the information how can our voices be heard? How can those who are directly impacted by such a decision be involved in the next phase of this project. It’s imperative to have the integrity of our history and culture represented in all stages.”
“Eyes full of tears, feeling anxious and helpless. This is disheartening. It’s not just about the memories either. The takeover is really. What can we do!?!
So far, CIM has announced they plan to scrap the plan for apartments and instead focus on retail and office space.