Redlands Mall development future uncertain
Village Partners Inc. defaults on $17M loan as market conditions slow
This article was originally published Feb. 12 at 21:58. It was updated Feb. 14 at 9:43 and Feb. 20 at 12:13.
Update 2/20/25: The sale of the property has been postponed to March 20, 2025 at the beneficiary's request. This is a developing story and additional information will be posted here.
UPDATE 2/14/25: After being cried at auction on Feb. 13 the sale has been postponed to Feb. 20 at the beneficiary's request. This is a developing story and additional information will be posted here.
REDLANDS, Calif. 02/12/25 – The Redlands Mall property is set to go to public auction on Thursday, Feb. 13, however, the developer says it’s working with its lender to resolve the loan default and avoid a sale.
Why it matters: The State Street Village redevelopment was approved in May 2022 as a mixed-use project featuring 700 housing units in downtown Redlands. The developer - given five years to begin construction - was expected to break ground in the fall 2023. However, financial and economic challenges have delayed the project and now are expected to cause changes to the development plans.