Backed by over $28.4 million in philanthropy (quietly raised in just 2 weeks) we submitted our bid to buy the Crenshaw Mall shattering all records and crafting a story that will be told for generations.
In just two weeks, we secured:
- $28.4 million in donations from over 120 philanthropists (to create permanent Crenshaw community ownership/equity in the mall and community support programs/investments!)
- An additional $6 million in pledges from non-extractive/community-friendly/socially responsible investors from across the country
- Another $19-37 million in strong letters of interest from philanthropists and socially responsible investors currently undergoing their due diligence to determine how much they will contribute/invest.
- And a large mission-aligned and values-aligned investment firm financially backing our bid.
The decision could come at any moment. MUST SEND A MESSAGE TO THE SELLERS NOW: http://www.downtowncrenshaw.com/petition
It is hard to overstate the power of what we've done over the past 10 months, including the past few weeks. In mid-February, after 5 months of silence from the sellers of the Crenshaw Mall (Deutsche Bank's DWS), they demanded Downtown Crenshaw Rising submit a new far more voluminous offer to buy the mall within just 5 business days. We are competing against major outside developers who specialize in gentrification mega-projects.
Riding on the winds of justice and drawing down the spirit of our ancestors, we met the epic challenge, and in the process shattered records and wrote a story for the history books. And we did it all quietly.
What better time and better way to honor Black History Month than by making Black history.
Through marathon meetings and sleepless nights, we beefed up our previous bid submitted in August, added even more top-rate real estate professionals to the development team, brought on philanthropic fundraisers, and solidified our investors.
We now have over $34 million of cash on hand and on the way (raised in just two weeks), and the balance of the purchase price for the Crenshaw Mall from mission-aligned and values-aligned philanthropists and investors who want to see a new model for development where communities like Crenshaw are uplifted not uprooted. (See our community developed and people-centric plan)
We have shown those who dare doubt the power of this moment and dare question the our philosophy of radically-inclusive Black community organizing that, in the words of the great Nelson Mandela: "It always seems impossible, until it is done."
We answered the ridiculous challenge from the sellers (Deutsche Bank's DWS and the public pension funds), by eliminating all possible excuses for them to not sell the Crenshaw Mall to the people of Crenshaw.
The most important thing you can do to support this movement driven by the people of Crenshaw at this critical time in our nation's history, is send a message directly to the decision-makers stating your support for the Crenshaw community's bid.
The choice of outside gentrifiers or Crenshaw community collective-ownership is before the decision-makers at Deutsche Bank's DWS, which can be influenced by our public pension funds and local politicians:
- Send a message now to DWS, LACERA and the other pension funds, Councilmembers Marqueece Harris-Dawson and Mark Ridley-Thomas requesting they "Support the Crenshaw community's bid through Downtown Crenshaw": http://www.downtowncrenshaw.com/petition
- Forward this email to at least 5 friends
- Share our posts on Instagram, Twitter, and Facebook
We are setting a very high goal of 25,000 - more than the entire 23,000 we've collected over two petition drives to date. This is a major lift, but we've come so far. We are so close. We can do this. We must do this.
JOIN THE MOVEMENT: You can also become a member of our radically-inclusive movement by #Put5OnIt: https://www.downtowncrenshaw.com/donate
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