CIM Group's proposal for a mixture of retail and offices for the complex brought protests about gentrification and a lack of housing.
— and mounted a campaign to pressure CIM and its financial backers into withdrawing from escrow.
Downtown Crenshaw also said CIM Group is “quietly backed by Donald Trump and Jared Kushner,” which CIM denied in a statement Monday. CIM Group co-founder Shaul Kuba said in April that the company did not plan to move ahead with construction of nearly 1,000 apartments or a 400-room hotel next to the mall that had been approved by the city at the behest of Capri Capital Advisors, a Black-owned Chicago firm that bought the mall for $136 million in 2006 and spent more than $35 million on upgrades, including a makeover of the movie complex formerly operated by retired Lakers basketball star Magic Johnson.
“Once it became clear that we were going to apply a lot of pressure on the chief investors of CIM, the public pension funds, by exposing how their treacherous business relationship is harming the very public whose money is being used, I think CIM had to reassess the deal,” Jackie Ryan, the former president of the Leimert Park Village Merchants Assn., said in a statement Monday.
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