California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
San Bernardino’s Carousel Mall Redeveloper Withdraws
Lincoln Property Company (LPC West), the Dallas-based developer slated to redevelop the Carousel Mall in San Bernardino, CA has withdrawn from the project, according to The Sun. In a letter to San Bernardino officials, the firm said that due to economic conditions and other circumstances, Lincoln and the City will be unable to negotiate a Development and Disposition Agreement.
While City Manager Rob Field called it a disappointing setback, the project at the mall, which shut down in 2017, will keep moving forward. In a statement on October 14th, the city commented, “The real estate market, largely due to spiking interest rates to finance projects, has slowed significantly in just the past few months.”
With LPC West out of the picture, Renaissance Downtowns USA and ICO Real Estate Group will assume the role as principal developer. Meanwhile, as they wait for more details from the development team, city officials are reviewing plans to demolish Carousel Mall.
- ◦Development
- ◦Economy
