Carousel Mall in Downtown San Bernardino to be reconfigured as an open-air mixed use retail district by Dallas Firm

By: Sharjeel Sohaib

β€’ 

Aug 19, 2022

 β€’ 

Lincoln Property Co., a Dallas-based company, is now redeveloping the Carousel Mall property in downtown San Bernardino. The company has extensive expertise in executing mixed-use real-estate projects worldwide.

Key Takeaway:

  • The City Council ordered demolishing the Carousel Mall due to persistent concerns about public safety caused by fires.. 
  • After two weeks of the decision, the mall’s redevelopment is now assigned to Lincoln Property Co.

Lincoln Property Co to Redevelop the Carousel Mall 

Did you know Lincoln Property Co. has expertise in financing and raising projects comparable in size and scope? That’s why adding the company to the sale and development of the 43-acre mall site is advantageous for San Bernardino.

The City Council also overwhelmingly approved this move on Wednesday, 3rd August.

Future Plans for the Carousel Mall 

City and Lincoln representatives will negotiate the final Disposition and Development Agreement, or DDA, for the Carousel Mall land over the year or more. The agreement, which formally establishes the sale and development of the property, might be presented to the City Council as early as August 2023.

“We’re very excited about this project,” Stephen Lindgren, Lincoln senior vice president, told council members Wednesday. “We think it’s very transformational. We know how important this is to the community. We want to do it thoughtfully and right from the start.

“We want to be transparent with all the different parties,” Lindgren added, “and are committed to making this the best-in-class project for this community and, hopefully, for all of Southern California.”

More About the Redevelopment

In March 2021, the mall’s redevelopment was assigned to Renaissance Downtowns USA and ICO Real Estate Group. But as the redevelopment is given to Lincoln, making it the primary developer, the previous developers will remain silent partners in the project.

City officials also claimed on Wednesday that RDICO, as the group has subsequently been called, was essential in bringing Lincoln on board.

Councilman Fred Shorett praised the two businesses for bringing in such a respectable company.

“It’s been a long time coming, but this is a significant undertaking for our community,” said Councilman Fred Shoret. “I see it is happening, and it’s happening very quickly.”

Lincoln’s major Southern California projects

Lincoln has worked on the following South Californian projects:

  • The Flight at Tustin Legacy in Tustin
  • Runway at Playa Vista
  • 10 West in Pasadena
  • The Anaheim Regional Transportation Intermodal Center

Cal State San Bernardino Palm Desert Campus

Wrap-up

Lincoln has built 212,000 multi-family homes and more than 130 million square feet of commercial space. It’s also the second-largest apartment manager in the nation, having worked on several projects within Southern California. Per the decision of San Bernardino leaders, the company will now serve as the primary developer of the Carousel Mall. 

Author

  • Avatar Of Sharjeel

    Sharjeel joined Startempire Wire as emerging technologies editor. Earlier, he worked at Silicon Canals, a leading English language technology media source for the Benelux and wider Europe. He covered the European technology and startup ecosystem digging into latest funding rounds of startups.

0 Comments

Submit a Comment

Connecting you with the best startups, people & events in the Inland Empire.

Related Articles

Weekly Wire RoundUp: Hiring Spree of UPS in SoCal, Amazon Antitru . . .

Weekly Wire RoundUp: Hiring Spree of UPS in SoCal, Amazon Antitru . . .

https://youtu.be/MkaYiVQIPjY This is our latest Weekly Wire RoundUp where we share a round-up of the news covered in the last week. World’s Largest Package Delivery Company UPS to Hire 12K Workers from SoCal Counties: To meet the anticipated surge in package traffic,...

Stay Up On Startempire News

Access Premium Content

Startempire Wire premium content access is free during the beta period of ourΒ  website.Β  Join during beta and get a grandfathered discount when we launch.

$5 for first month then $15 per month

Get Every Update

Would you like to receive Startempire Wire updates in your inbox? Subscribe below!

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Follow Us

Follow Startempire Wire on other social media channels.

"*" indicates required fields

 
This field is for validation purposes and should be left unchanged.

My cart
Your cart is empty.

Looks like you haven't made a choice yet.