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(The Hill)   Good News: A black community group in LA is able to prevent a Kushner-backed company from acquiring a historic mall in Crenshaw by outbidding them. Bad news: the property was awarded to another developer even though the group outbid them too   (thehill.com) divider line
    More: Sad, Ivanka Trump, Jared Kushner, Martin Luther King, Jr., Shopping mall, Baldwin Hills, Los Angeles, California, Crenshaw Mall, South Los Angeles community group, South Los Angeles  
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2685 clicks; posted to Main » and Politics » on 30 Jul 2021 at 3:01 PM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-07-30 2:26:15 PM  
Time for a lawsuit.
 
2021-07-30 2:32:30 PM  
Hope the investors know they didn't pick the top bid.
 
2021-07-30 3:02:52 PM  
A historic....mall?
 
2021-07-30 3:05:20 PM  
64.media.tumblr.comView Full Size


Hopefully someone loses their ass for this
 
2021-07-30 3:07:44 PM  
"Historic mall" is not a term I thought existed.
 
2021-07-30 3:07:44 PM  
I do believe sad is wrong, too soft, too easy, this is sick is what this is.
Sick to see jungle behavior of might gets to do what might gets to do, where there should be civilization of, we all obey and conform to a same shared equally standard that none of us is above.
 
2021-07-30 3:12:01 PM  
miro.medium.comView Full Size


/Yet they were...
//Bet there was a different reason
 
2021-07-30 3:12:16 PM  

enry: Hope the investors know they didn't pick the top bid.


Without knowing the details of their financing other than "fully financed" just because your dollar number is higher doesn't mean its the best deal when other people are standing there with cash in hand.
 
2021-07-30 3:12:24 PM  

mikaloyd: A historic....mall?


mrmopar5287: "Historic mall" is not a term I thought existed.


https://en.wikipedia.org/wiki/Baldwin​_​Hills_Crenshaw_Plaza

Among the oldest regional shopping centers built in the US.  It's been a center of minority owned business and economic development since the 1960s.
 
2021-07-30 3:12:37 PM  

I am Tom Joad's Complete Lack of Surprise: Time for a lawsuit.


I won't disagree. There *might* have been another legitimate contingency for why the bid was rejected, but that wasn't made public. A lawsuit would bring it out.
 
2021-07-30 3:14:12 PM  

mrmopar5287: "Historic mall" is not a term I thought existed.


This place was built in Rhode Island in 1828: https://www.arcadeprovidence.co​m/ Now the new developers are turning that ancient indoor mall into small apartments and some stores.
 
2021-07-30 3:14:34 PM  

mikaloyd: A historic....mall?


I was confused too. I looked at their website and it looks like its more about avoiding gentrification in a historically black neighborhood by building affordable housing where the mall currently stands.
 
2021-07-30 3:15:56 PM  

Another Government Employee: I am Tom Joad's Complete Lack of Surprise: Time for a lawsuit.

I won't disagree. There *might* have been another legitimate contingency for why the bid was rejected, but that wasn't made public. A lawsuit would bring it out.


Or the selling party has other properties in the area, and like the plans the plans of one developer over this group because they feel it will make their properties more valuable in the long run.

It isn't always about black or white. Without knowing the plans of everyone involved, how the money comes together for each deal, etc, its stupid to jump to race over this.
 
2021-07-30 3:18:36 PM  

enry: Hope the investors know they didn't pick the top bid.


Oh, they know. They didn't like what the group proposed. From the linked article:

DCR's proposal had key aspects designed to preserve certain characteristics of the historic Black community. After raising $59.5 million dollars, including $34 million in philanthropy, DCR wanted to build affordable housing, job training programs, a six-acre park, daycare facilities, recording studio, entertainment production district with theater, and a permanent home for the SoLA Food Co-Op.

The people they are going with:

If the transaction closes by July 30, the historic mall will move forward with Harridge's development, which reflects the elements of the project approved by the city council in years past, including a hotel, office spaces, new restaurants, and more.

So it's affordable housing and a recording studio or a hotel and restaurants.
 
2021-07-30 3:22:31 PM  

Lsherm: So it's affordable housing and a recording studio or a hotel and restaurants.


The 34 million (or about 1/3rd the bid) in philanthropy is what catches my eye. Does DCR actually have this dough sitting in the bank in cash, and will show up at the table with it? Or is it, "Uhh, yeah, give us the deal, and then we will go back and ask the people who said they would write checks for this proposal to do so"

Because there is a HUGE difference when you have other buyers close to your number on that.

There is a reason that anyone selling a house will always take the offer, usually even one a bit lower, if the buyer is bring cash to the closing table vs a mortgage, no matter how strong of an approval letter you have.
 
2021-07-30 3:22:39 PM  

Another Government Employee: I am Tom Joad's Complete Lack of Surprise: Time for a lawsuit.

I won't disagree. There *might* have been another legitimate contingency for why the bid was rejected, but that wasn't made public. A lawsuit would bring it out.


Came here to say this.  The onus will be on the rejected group to prove their offer was rejected for nefarious reasons.  On one hand the optics of the situation are bad, but as a lawyer once said...

Fark user imageView Full Size
 
2021-07-30 3:23:33 PM  

Lsherm: enry: Hope the investors know they didn't pick the top bid.

Oh, they know. They didn't like what the group proposed. From the linked article:

DCR's proposal had key aspects designed to preserve certain characteristics of the historic Black community. After raising $59.5 million dollars, including $34 million in philanthropy, DCR wanted to build affordable housing, job training programs, a six-acre park, daycare facilities, recording studio, entertainment production district with theater, and a permanent home for the SoLA Food Co-Op.

The people they are going with:

If the transaction closes by July 30, the historic mall will move forward with Harridge's development, which reflects the elements of the project approved by the city council in years past, including a hotel, office spaces, new restaurants, and more.

So it's affordable housing and a recording studio or a hotel and restaurants.


So basically when it comes to helping the existing community or kicking them out in favor of gentrification, the city council is going with the latter.

/Makes me wonder if people will get angry and break into these wealthy places when they have nowhere else to go because the places they could afford have been gentrified?
 
2021-07-30 3:24:30 PM  

DarkSoulNoHope: So basically when it comes to helping the existing community or kicking them out in favor of gentrification, the city council is going with the latter.


The city council represents the entire city. Not just people in one little corner of it.
 
2021-07-30 3:25:52 PM  
Fark user imageView Full Size

Ken doll doesn't see the problem.
 
2021-07-30 3:27:24 PM  

DarkSoulNoHope: break into these wealthy places


It is Crenshaw. I think that is a given.
 
2021-07-30 3:28:29 PM  

DarkSoulNoHope: So basically when it comes to helping the existing community or kicking them out in favor of gentrification, the city council is going with the latter.


It's not even the city council, it's the current owners, some global financial services firm. Maybe they think the DCR's funding isn't legit, or maybe they expect a better return with a different developer.
 
2021-07-30 3:29:58 PM  

LineNoise: enry: Hope the investors know they didn't pick the top bid.

Without knowing the details of their financing other than "fully financed" just because your dollar number is higher doesn't mean its the best deal when other people are standing there with cash in hand.


They had to choose between a big old pile of cash and a pinky swear from an organization that already caused them a ton of headaches.

Gee, can't see why they went the way they did.
 
2021-07-30 3:30:00 PM  
Because if i had to speculate and try and be critical of information, which i thought we were all supposed to do, to me this reads that DCR had promises from some people for 34 million in donations, and then financing contingent on them actually getting that 34 million together for the rest.

The selected bid was close enough, and from an established developer that either had cash in hand, or demonstrated financial relationships where you weren't worried about delays in closing or surprises when it came time to close. Its interesting that DCR waited until now, JUST before the closing, to raise this issue.

Would DCR be prepared to sign the papers and turn over the cash today if the ownership suddenly had a change of heart?
 
2021-07-30 3:32:55 PM  

DarkSoulNoHope: kicking them out in favor of gentrification,


Generally, that's code for gay people moving in a fixing up old craftsman era houses and then 'flipping' the neighborhood when property values sky rocket. Why do you hate gay people?
 
2021-07-30 3:33:48 PM  
and also this group and digging around a bit with them seems like the type to play these games at every move.

I'd lay even money that the reason they found someone at the bank to back them was because the bank looked at the deal, said, "heh, yeah, they will never get their donations together, just make it contingent on that, so we don't have to have them throw a press release out that we turned them away"
 
2021-07-30 3:34:22 PM  

big pig peaches: LineNoise: enry: Hope the investors know they didn't pick the top bid.

Without knowing the details of their financing other than "fully financed" just because your dollar number is higher doesn't mean its the best deal when other people are standing there with cash in hand.

They had to choose between a big old pile of cash and a pinky swear from an organization that already caused them a ton of headaches.

Gee, can't see why they went the way they did.


And not selling them property because they are black is going to cause them even more headaches.
 
2021-07-30 3:34:44 PM  

mrmopar5287: "Historic mall" is not a term I thought existed.


Heathen Gen-z'er (or possibly boomer).

/in the 1970s and 1980s, downtowns decayed as consumers flocked to the malls in the burbs (and as Dave Barry wrote, got fancy street decorations to look at while driving to the mall).
//in the 90s and 2000s, malls decayed as consumers flocked to big box stores
///in the 2010s and 2020s big box stores are decaying as consumers flock to Amazon (with Best Buy monetizing being an Amazon showroom)

PS: Will there be historic big box stores?  The first Borders?  A great example of Frys?  Maybe a Hechinger's: the forerunner of Home Depot and Lowes.
 
2021-07-30 3:36:41 PM  

optikeye: DarkSoulNoHope: kicking them out in favor of gentrification,

Generally, that's code for gay people moving in a fixing up old craftsman era houses and then 'flipping' the neighborhood when property values sky rocket. Why do you hate gay people?


If that insinuation was ever true, then I must reciprocally ask you: Why do you hate black people?
 
2021-07-30 3:38:29 PM  

optikeye: DarkSoulNoHope: kicking them out in favor of gentrification,

Generally, that's code for gay people moving in a fixing up old craftsman era houses and then 'flipping' the neighborhood when property values sky rocket. Why do you hate gay people?


Nope, according to the article it's code for white people in general:

"It's really about facing gentrification," Damien Goodmon, one of the leaders of DCR, told the news outlet. "We're coming together to assert that Crenshaw will be a Black space."
 
2021-07-30 3:39:24 PM  

Snapper Carr: [64.media.tumblr.com image 500x284]

Hopefully someone loses their ass for this


Hopefully in this manner:

screenagewasteland.comView Full Size
 
2021-07-30 3:40:45 PM  

DarkSoulNoHope: If that insinuation was ever true, then I must reciprocally ask you: Why do you hate black people?


I bet I've slept with ...ah dated..more black guys than you have.
 
2021-07-30 3:42:14 PM  

optikeye: DarkSoulNoHope: If that insinuation was ever true, then I must reciprocally ask you: Why do you hate black people?

I bet I've slept with ...ah dated..more black guys than you have.


Why do you hate women?
/s
 
2021-07-30 3:43:32 PM  

LineNoise: optikeye: DarkSoulNoHope: If that insinuation was ever true, then I must reciprocally ask you: Why do you hate black people?

I bet I've slept with ...ah dated..more black guys than you have.

Why do you hate women?
/s


They leak
 
2021-07-30 3:43:59 PM  

optikeye: They leak


Tough to argue with that....
 
2021-07-30 3:44:58 PM  

LineNoise: optikeye: They leak

Tough to argue with that....


IT's like a British sports car....the wiring is all wrong, they're tempramental, needy, and they leak.
 
2021-07-30 3:47:09 PM  

Lsherm: enry: Hope the investors know they didn't pick the top bid.

Oh, they know. They didn't like what the group proposed. From the linked article:

DCR's proposal had key aspects designed to preserve certain characteristics of the historic Black community. After raising $59.5 million dollars, including $34 million in philanthropy, DCR wanted to build affordable housing, job training programs, a six-acre park, daycare facilities, recording studio, entertainment production district with theater, and a permanent home for the SoLA Food Co-Op.

The people they are going with:

If the transaction closes by July 30, the historic mall will move forward with Harridge's development, which reflects the elements of the project approved by the city council in years past, including a hotel, office spaces, new restaurants, and more.

So it's affordable housing and a recording studio or a hotel and restaurants.


They raised only had $59 mil and made an offer $115 mil?
 
2021-07-30 3:48:28 PM  

optikeye: LineNoise: optikeye: They leak

Tough to argue with that....

IT's like a British sports car....the wiring is all wrong, they're tempramental, needy, and they leak.


🤨
 
2021-07-30 3:50:08 PM  

big pig peaches: Lsherm: enry: Hope the investors know they didn't pick the top bid.

Oh, they know. They didn't like what the group proposed. From the linked article:

DCR's proposal had key aspects designed to preserve certain characteristics of the historic Black community. After raising $59.5 million dollars, including $34 million in philanthropy, DCR wanted to build affordable housing, job training programs, a six-acre park, daycare facilities, recording studio, entertainment production district with theater, and a permanent home for the SoLA Food Co-Op.

The people they are going with:

If the transaction closes by July 30, the historic mall will move forward with Harridge's development, which reflects the elements of the project approved by the city council in years past, including a hotel, office spaces, new restaurants, and more.

So it's affordable housing and a recording studio or a hotel and restaurants.

They raised only had $59 mil and made an offer $115 mil?


Financing.  Nobody just hands over the full price and walks off with a deed on this kind of shiat.  59M is plenty to get that going - by lots
 
2021-07-30 3:53:08 PM  

LineNoise: Another Government Employee: I am Tom Joad's Complete Lack of Surprise: Time for a lawsuit.

I won't disagree. There *might* have been another legitimate contingency for why the bid was rejected, but that wasn't made public. A lawsuit would bring it out.

Or the selling party has other properties in the area, and like the plans the plans of one developer over this group because they feel it will make their properties more valuable in the long run.

It isn't always about black or white. Without knowing the plans of everyone involved, how the money comes together for each deal, etc, its stupid to jump to race over this.


Tony Soprano seen looking the other direction from a Black Suburban with tinted windows!

"You kiss your father with that mouth?"
 
2021-07-30 3:53:56 PM  
Steve Ballmer: Developers
Youtube Vhh_GeBPOhs
 
2021-07-30 3:56:47 PM  
This is walking distance from me. So much of what's going on now looks like this:

The community: Our area has been underserved and undeveloped for decades! We demand investment in our community!
[City constructs Crenshaw Metro line. Mall seeks influx of cash.]
Also the community: Not like that!

See also:
The community: We need more affordable housing!
[SFR areas rezoned for small condo blocks.]
Also the community: Not like that! (in my backyard)

The community is not a monolith, obviously, so I'd like to think these are coming from different voices in the community, but it's clear there are a lot of people holding both positions simultaneously, in favor of some sort of unicorn solution. "I want everything to improve, but stay exactly the same."
 
2021-07-30 3:57:22 PM  

Some Junkie Cosmonaut: big pig peaches: Lsherm: enry: Hope the investors know they didn't pick the top bid.

Oh, they know. They didn't like what the group proposed. From the linked article:

DCR's proposal had key aspects designed to preserve certain characteristics of the historic Black community. After raising $59.5 million dollars, including $34 million in philanthropy, DCR wanted to build affordable housing, job training programs, a six-acre park, daycare facilities, recording studio, entertainment production district with theater, and a permanent home for the SoLA Food Co-Op.

The people they are going with:

If the transaction closes by July 30, the historic mall will move forward with Harridge's development, which reflects the elements of the project approved by the city council in years past, including a hotel, office spaces, new restaurants, and more.

So it's affordable housing and a recording studio or a hotel and restaurants.

They raised only had $59 mil and made an offer $115 mil?

Financing.  Nobody just hands over the full price and walks off with a deed on this kind of shiat.  59M is plenty to get that going - by lots


Cash offers always win.
 
2021-07-30 3:57:35 PM  

mikaloyd: A historic....mall?


Yeah, the mall white people used to go to
 
2021-07-30 4:02:13 PM  

IdiotGod: This is walking distance from me. So much of what's going on now looks like this:

The community: Our area has been underserved and undeveloped for decades! We demand investment in our community!
[City constructs Crenshaw Metro line. Mall seeks influx of cash.]
Also the community: Not like that!

See also:
The community: We need more affordable housing!
[SFR areas rezoned for small condo blocks.]
Also the community: Not like that! (in my backyard)

The community is not a monolith, obviously, so I'd like to think these are coming from different voices in the community, but it's clear there are a lot of people holding both positions simultaneously, in favor of some sort of unicorn solution. "I want everything to improve, but stay exactly the same."


Fark user imageView Full Size
 
2021-07-30 4:04:09 PM  

Some Junkie Cosmonaut: Financing.  Nobody just hands over the full price and walks off with a deed on this kind of shiat.  59M is plenty to get that going - by lots


Depends where that 59M is coming from. Is it, "We promise we have people who promised they will donate money to us if you approve the deal" (which is what it sounds like) or "Hello, we are an established developer with cash on hand and a proven track record of closing deals like this on time, so there won't be any surprises, and you won't catch bad press if something goes south and you end up suing us over this somehow, and are close enough on your number to the other folks"
 
2021-07-30 4:05:54 PM  
It is an absolute travesty that a private entity can't sell it's private property to whoever the fark they want to. Who the fark do they think they are?
 
2021-07-30 4:06:04 PM  
You know what would be great, if we had a farking reporter and news organization that actually asked the simple questions we are all speculating on, and we could then have a clear picture of "Oh, this is wrong" or "Oh, well yeah, this makes sense" instead of just trying to raise rabble because race can be dragged into it.
 
2021-07-30 4:08:07 PM  

chevydeuce: It is an absolute travesty that a private entity can't can sell it's private property to whoever the fark they want to. Who the fark do they think they are?


FTFM
 
2021-07-30 4:10:06 PM  

LineNoise: You know what would be great, if we had a farking reporter and news organization that actually asked the simple questions we are all speculating on, and we could then have a clear picture of "Oh, this is wrong" or "Oh, well yeah, this makes sense" instead of just trying to raise rabble because race can be dragged into it.


Than Fark would be back to all links about motorized couches and lots of dogs.
 
2021-07-30 4:10:17 PM  

LineNoise: You know what would be great, if we had a farking reporter and news organization that actually asked the simple questions we are all speculating on, and we could then have a clear picture of "Oh, this is wrong" or "Oh, well yeah, this makes sense" instead of just trying to raise rabble because race can be dragged into it.


I'm calling you out Rachel Scully, and wondering how the fark you managed to become a reporter in the LA market without asking literally like 3 obvious farking questions to the parties involved.
 
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