CRA Ends Magic's Deal.

The L.A. Community Redevelopment Agency unanimously voted to terminate Magic Johnson's exclusive right to negotiate for a proposed $120 million renovation of the decaying Santa Barbara Plaza.

The move came after the agreement hit several snags. Two big-box retail tenants that were expected to anchor the project either partially or fully pulled out.

As a result, a community advisory group that has long backed the project became convinced that Johnson couldn't follow through and asked the CRA to end exclusive negotiations with his Beverly Hills-based company, Johnson Development Corp.

Johnson and his partners, who include Ira Smedra's Arba Group, had been trying to close a $33 million funding gap through a combination of additional public funds and a scaled-back project design.

The agency voted to devise a new commercial development strategy for the project that would lead to a new request for proposals.