Send your message to the public pension funds, Deutsche Bank subsidiary DWS, and local elected officials
Send your message to the public pension funds, Deutsche Bank subsidiary DWS, and local elected officials
Dear Board Members of the Pension Funds Involved in the Sale of the Crenshaw Mall to Outsiders, Deutche Bank's DWS and Local Elected Officials:
We write today with a specific ask: stop the sale of the Baldwin Hills Crenshaw Plaza to outsiders including LivWrk-DFH Partners, and support the community's bid to purchase the mall.
We are active leaders in the majority-Black community that is home to the Baldwin Hills Crenshaw Plaza, also known as the Crenshaw Mall. Located at the intersection of Crenshaw Boulevard and Rev. Dr. Martin Luther King, Jr. Blvd in South Los Angeles, the Crenshaw Mall is an iconic economic center of Black Los Angeles. Built in 1947 as the first indoor shopping center in the United States, the original May Company and Broadway buildings have been determined to be eligible for inclusion in the local, state and national historic registries. As part of an effort in the 1980s to generate economic activity and job creation in South Los Angeles, substantial public resources were dedicated to the expansion and renovation of the mall by former Mayor Tom Bradley.
The proposed sale of our Crenshaw Mall to CIM Group, as reported in the Los Angeles Times on April 29, 2020, sent shockwaves across the community and America. Los Angeles’ Black community, and many who have concern for its future, did not want Crenshaw’s economic anchor put into the hands of a company with such a troubling history and business practices in communities undergoing severe displacement pressures. The concern is so profound that “Crenshaw Mall” was trending on Twitter on April 29th, with nearly all negative comments. We mobilized and we stopped the sale, with CIM Group backing out of the sale in June.
Your funds appear to be headed down the same unfortunate path and are not allowing the bid of the incredible Downtown Crenshaw coalition to be fairly considered so that the community can purchase our mall.
A powerful development team has been assembled, which includes experts with over 200 collective years of experience in finance, acquisition, and development, and they have identified strategies to acquire the Crenshaw Mall and redevelop using community wealth building principles. In short order and with laser-like focus, a historic coalition, with extensive experience working with and for public pension funds on development projects and commercial assets, has come together, identified the financing partners. The incredible bid as not been fairly considered.
Deutsche Bank subsidiary, DWS, is the current manager of the asset and is taking direction from each of you. We respectfully ask that you allow us to help cure this challenge for your respective funds, and place this critical community asset into the hands of trusted and capable community leaders who will build a community-centered development that will make us all proud. Direct DWS to stop the sale to outsiders. Sell the mall to Downtown Crenshaw. And allow Downtown Crenshaw the opportunity to directly present you with a win-win solution.
Sincerely,
[Your Name, Organization & Title]
Your voice is urgently needed and critical to stopping the sale to LivWrk-DFH Partners. It was the community’s voice that forced CIM Group to back out in the past, and it will be the community’s voice that will force LivWrk-DFH Partners to back out.
Our targets are a) the public pension funds that are the major investors in the Crenshaw Mall; b) Deutsche Bank subsidiary DWS, which is the entity making the decision on who to sale; and c) and the local elected officials LA City Councilmember Marqueece Harris-Dawson and Councilmember-elect Mark Ridley-Thomas who have land use authority.
By using this form you are sending a message to each of the leading decision-makers.