On April 29, 2020, the day that the story broke in the news, community-centered developers and civic organization leaders in the community surrounding the Crenshaw Mall began to question how it was possible that the economic anchor of Black Los Angeles could be lost to an outside force like CIM Group. Then someone made a suggestion: “Let’s buy the mall, and redevelop it ourselves!”
What began with a few phone calls grew into the most positively transformative process and project in the history of the Crenshaw community, and the most successful raise for a community-owned real estate project in American history. The historic coming together of community-based and community-focused experts with over 200 collective years of experience in finance, acquisition, and real estate development, collaboratively working with civic leaders and organizers to identify strategies to quickly acquire the Crenshaw Mall and make it a true community-centered development with local ownership at every step of the process.
When we purchase the mall, it won’t be business as usual. We’re bringing a solidarity economy to Crenshaw that gives us the tools to attack 21st-century problems and care for our community. Our plan includes:
A large redevelopment project must share the wealth with the community.
Working with our #40AcresAndAMall legal team, who are global leaders in community-investment structures, stakeholders will be able to buy shares in the mall and share in the profits generated, and participate in other community investments to build our local economy.
With control of the land in Downtown Crenshaw, the community will be able to guide the developed vision. With strong local hire requirements, the community will participate in the construction & operation of the mall. With local preference for procurement contracts, the dollars generated at Downtown Crenshaw will circulate in the community.
Building on the successful community- serving businesses operating in the mall, we will attract quality retail tenants to serve our economically diverse Crenshaw community. This includes a hotel, sit-down restaurants, office space to grow Black enterprises, and encouraging the growth of worker-owned cooperatives. We will feature education facilities, business incubation space, and job training programs to prepare local area residents for the 21st century economy.
Simultaneous to our effort to redevelop the Crenshaw Mall, we are buying homes, apartment buildings and commercial property in the surrounding area to place them into the Liberty Community Land Trust so they can be preserved as permanently affordable to longtime residents and merchants, and create neighborhood stability.
Our collaborative effort builds off community-centered development strategies successfully implemented and proven in Black neighborhoods throughout the country that were led by the people at the table here.