NEWPORT BEACH, Calif. — A joint venture between Village Partners Investments, LLC (“Village Partners”) of Newport Beach, California and The Bascom Group, LLC (“Bascom”) of Irvine, California has received full entitlements and approval of its development agreement for the mixed-use State Street Village project at the site of the former Redlands Mall in Redlands, California.
On May 10, 2022, State Street Village entitlements were unanimously approved with a 7-0 vote by the Redlands Planning Commission and a 5-0 vote by the Redlands City Council. This positive momentum continued with a unanimous 7-0 vote by the Planning Commission on June 14, 2022 and a unanimous 5-0 vote by the City Council on July 19, 2022, approving State Street Village’s Development Agreement with the City of Redlands. On September 6, 2022, the State Street Village Development Agreement was officially approved with the adoption of Ordinance No. 9233, indicating final approval by the City of Redlands.
Village Partners principal Michael Morris remarked “State Street Village will provide a significant contribution to Redlands’ diversity and supply of housing.” His partner, Don Henry, similarly stated “We are excited to bring back the historical street grid, small blocks and transform the once lively Redlands Mall into an exciting new pedestrian district that promotes walkability and honors Downtown Redlands history.”
State Street Village will be a vibrant, 12.2-acre mixed-use pedestrian district in the heart of downtown Redlands and will serve the community’s housing and commercial needs with a variety of high-quality housing options, curated retail tenants, and restaurants. This project will serve as a centerpiece of Redlands’ public life, showcasing the best of local cuisine, art, landscape, and design. With entitlements and development agreement in hand, the State Street Village project will press forward and break ground in the latter part of 2023.
Designed by architectural firms Mithun, Torti Gallas Partners, and BAR Architects, the State Street Village redevelopment will honor and restore the prominence of historic Downtown Redlands, extending State Street toward a grand new public gathering space, Redlands Plaza, set below a grand new archway. At completion, this redevelopment will provide approximately 700 new residential units and cutting-edge amenities to support Redland’s growing population, and will be home to many local business, restaurants, and bars with its roughly 84,000 square feet of commercial space.
About Village Partners:
Village Partners is a full-service real estate development company focused on the development of distinctive in-fill mixed-use projects, including multifamily residential, retail and office. Village Partners principals have been involved in the development of approximately 3,000 urban multifamily residential units and 3 million square feet of commercial space with a combined value of over $1 billion in development costs. Its pipeline includes other planned mixed-use projects in nearby Claremont and Montclair, California.
Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Derek Chen, Jerry Fink, and David Kim, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $21 billion in multifamily value-added transactions encompassing 354 multifamily properties and over 100,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and Realm Group. Bascom’s subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S.