Council votes on Carousel Mall redevelopment plan

It took two decades and multiple administrations including the Morris and Davis administrations, but finally under the still-young tenure of Mayor John Valdivia a decision has been made to advance the redevelopment of the long defunct Carousel Mall.

In a 6 to 1 vote on Wednesday, March 3rd, the city council chose the combined team of Renaissance Downtowns USA and ICO Real Estate Group to redevelop the more than 40-acre piece of blighted real estate.

In essence, the City will now enter into negotiations with the development team that will lead to an exclusive period of time for the project to evolve into a reality that could be approved by the City.  All proposed development on the site will have to eventually be approved by the City.

“In a sense the city is entering into a long option agreement that allows the development team to find a profitable and ultimately fundable project, said Jay Prag Lead Economist at The Drucker School.  “While that may not be fulfilling at this time, it at least does not commit the City to using scarce resources on a project that might take a very-long time to come to fruition.  What to do with defunct malls is becoming a national problem but in the case of the City of San Bernardino it’s tantamount to deciding what to do with your #1 first round draft pick if you are a moribund sports franchise – it very well might determine your future for years to come.”

The development of the project will be financed from a variety of sources including the pursuit of federal and state grant monies intended for such purposes.  The destruction of local redevelopment agencies and the funds that went along with them by then Governor Jerry Brown, has complicated the future of blighted downtown cores in many cities across the state.  This is by no means a San Bernardino only problem when it comes to what to do with white-elephant properties.