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IE Voice Staff |

As progress continues in the redevelopment of the 43-acre Carousel Mall site, a project envisioned to revitalize San Bernardino’s downtown, two recent high-profile actions by the city council on the site have spiked interest in other properties in the area.

On August 3, the San Bernardino City Council approved adding national real estate developer Lincoln Property Company (LPC West) to the development team as the project’s principal partner, joining RD-ICO. The Council had on July 20, approved seeking bids to demolish and clear the Mall property.

LPC West is the second largest apartment operator in the United States and has developed over 130 million square feet of mixed-use space throughout the country. It finances, constructs, and operates large projects that bring together housing, office, and commercial space in one location.

“With their proven track record of developing large successful projects across the country, many inland cities have wanted to do business with Lincoln,” said San Bernardino City Manager Robert Field. “Having them committed to the Carousel Mall project speaks volumes about downtown San Bernardino’s potential.”

The addition of LPC West to the development team is part of a third amendment to an exclusive negotiating agreement (ENA) with the current development group, RD-ICO, a partnership between Renaissance Downtowns USA and ICO Real Estate Group. 

The amended agreement establishes LPC West as the new project lead in partnership with RD-ICO and allows continued negotiations on a development agreement that will include the sale of the property, financial terms, and additional project details. The ENA, which runs through September of 2023, also includes timeframes and milestones that must be met to ensure the project continues to proceed in a timely manner.

The City will seek proposals to demolish the mall in the coming months as it works with LPC West to finalize a sale agreement to redevelop the Carousel Mall property. Last week, representatives from several demolition firms toured the property with City officials in anticipation of an upcoming Request for Proposal (RFP) seeking bids to demolish and clear the site. The cost to demolish the mall will be factored into the purchase price of the property.

“Having the City move ahead with the demolition and clearing of the mall property while we work with LPC West on the terms of the sale and the development plan helps expedite the process tremendously,” said San Bernardino Director of Community, Housing, and Economic Development Nathan Freeman.

With news of the addition of LPC West spreading, there has been an immediate heightened interest in other downtown San Bernardino properties as well.

“We know the redevelopment of the Carousel Mall will serve as a catalyst to transform the entire downtown area,” said Freeman. “The number of phone calls we have received from additional developers has increased. Things may be happening faster than we envisioned.”