Brookfield Properties wants to add more than 500 more homes and fewer offices to a revamped Stonestown Galleria mall in San Francisco.
The New York arm of the Toronto-based real estate giant has updated plans for its redevelopment of the 775,000-square-foot indoor mall at 3251 20th Avenue, the San Francisco Standard reported.
Its latest proposal calls for up to 3,500 homes, with fewer offices and the elimination of a 200-room hotel.
Two years ago, the firm filed plans for a $2 billion redevelopment of the 41-acre site in southwest San Francisco, with 2,930 homes and 18 stories of new offices, shops and restaurants, and a hotel atop its parking lot. The 11-acre mall, built in 1952, would be preserved.
The proposal’s 3,500 residential units — both rentals and for-sale housing — would be located in several complexes from three to 18 stories. Plans also call for a plaza for a neighborhood farmers’ market, parks, a town square and community open space.
The move comes after Brookfield Properties has landed a $180 million refinancing package, avoiding a default. The lender and terms of the deal were not disclosed.
It also came six months after Brookfield Properties and Paris-based Unibail-Rodamco-Westfield said they would stop making payments on a $558 million loan tied to Westfield San Francisco Centre, surrendering the half-empty mall to its lenders. The mall has gone into receivership.
Despite the failure of San Francisco Centre, Stonestown Galleria has been on the upswing.
The Galleria’s fortunes have been buttressed by an 11-screen movie theater and Sports Basement, Target and Whole Foods, drawing increased foot traffic. A new bowling complex and arcade is expected to open next year.
It also had an influx of popular Japanese stores.
In September, Round One Entertainment, a Brea-based unit of Round One of Osaka, leased 50,000 square feet, taking a chunk of a defunct Nordstrom. Round1 offers bowling, billiards, karaoke, ping-pong, darts and arcade machines from Japan. Terms of the lease were not disclosed.
In the summer last year, Japanese discount store Daiso leased a 5,250-square-foot store for undisclosed terms.
— Dana Bartholomew
Read more
Commercial
San Francisco
Brookfield wraps up $180M refi on Stonestown Galleria mall
Commercial
San Francisco
Brookfield wins 30 days to repay $180M loan for SF’s Stonestown Galleria
Commercial
San Francisco
Round1 amusement center to take 50K sf at SF’s Stonestown Galleria