Baldwin Hills Crenshaw Plaza has a new owner, which will soon be followed by a new look.

David Schwartzman’s Beverly Grove-based Harridge Development Group has purchased the 42-acre shopping center for roughly $140 million.

The payment includes $111 million to a private equity fund for the bulk of the mall and $30 million to Macy’s Inc. to acquire the company's department store building.

“It’s an amazing piece of property. It’s unbelievably significant for the African American community and the community of Los Angeles,” Schwartzman said of the mall. His mother grew up in the Baldwin Hills area, he added, making it personally significant to him.

Schwartzman expects to spend five to seven years carrying out a major redevelopment that would add 961 units of multifamily housing. He pegged the project's price tag at $900 million to $1 billion, including the purchase price.

The mall's future has been in limbo for years.

In June 2020, CIM Group backed out of its plans to purchase the center amid opposition from the community. Locals objected to CIM Group’s redevelopment plans and raised concerns about gentrification.

Downtown Crenshaw, which was pushing to have the mall sold to a community coalition, called the sale to Harridge Development Group “disappointing.”

“At its root, the decision by the sellers of the mall … to sell to Schwartzman instead of the Black community illustrates that systemic and generational racism in real estate remains alive and well,” the group said in a statement.