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