Source: San Francisco Business Times
Author: Marlize van Romburgh
The site around the soon-to-be-demolished Candlestick Stadium in San Francisco is slated for redevelopment as a 500,000-square-foot shopping center. Homebuilder Lennar Corp. and shopping center developer Macerich are joint partners in the venture. The mall would include shopping, restaurants, movie theaters, a hotel, performance venue and an African-diaspora marketplace and would serve to anchor a planned 6,000-home project.
“We fully expect that the Candlestick Point project will be a magnet for economic activity and community-building,” Randy Brant, executive vice president of real estate at Macerich, said in a statement.
Candlestick’s development will kick off with the demolition of the defunct stadium in coming months and will include more than $1 billion of new investment and infrastructure over the next four years, the firms said.
“The partnership with Macerich to develop the urban outlet jumpstarts the overall Candlestick redevelopment,” Kofi Bonner, president of Lennar’s San Francisco division, said in a statement.
Up to 12,000 units of new housing are planned in new developments in the neighborhoods surrounding Candlestick Park. Lennar has started construction on The San Francisco Shipyard, a 6,000-home development just north of Candlestick Point. The project will also include 3 million square feet of office and commercial space as well as 230 acres of parks and open space. The first homes at the Shipyard hit the market in June.
Lennar said it has also started building out infrastructure for the nearby Alice Griffith affordable-housing community, a 248-unit project to be built on vacant parking lots next to Candlestick Park. Construction is expected to start next year.
“Rebuilding and redeveloping Candlestick and The Shipyard is helping us deliver on our promise to make sure San Francisco remains a City where families at all levels of the economic spectrum can succeed,” said Mayor Ed Lee, who is pushing an agenda to build or rehab 30,000 units in San Francisco by 2020, in a statement.