Brookfield Properties has gained approval to build a retail village of 3,500 homes around the Stonestown Galleria mall in San Francisco.
The Board of Supervisors approved legislation allowing the New York-based builder to redevelop the parking lots around the mall at 3251 20th Avenue, in Lakeside, the San Francisco Business Times reported.
Plans for the 41-acre mall include 3,500 homes, 700 of which will be affordable; 150,000 square feet of shops and restaurants; 96,000 square feet of other commercial uses; 6 acres of parks; and a parking garage for 4,681 cars.
The $2 billion redevelopment, in the works for several years, would preserve the 775,000-square-foot indoor mall, built in 1952.
“With the approval of this transformative project at Stonestown, we are showing how we can get to yes on housing and create a more affordable San Francisco for all,” Mayor London Breed said in a statement. “This investment in our city will deliver jobs, sustain the mall as an economic engine and provide badly needed housing, including for our seniors.”
The approved legislation is the first step in forming an enhanced infrastructure financing district for the property, according to the Business Times.
The financing district would allow part of the property tax revenue generated by the new development to be reinvested into the infrastructure needed to support the project.
Brookfield Properties acquired the property in 2018 as part of its acquisition of General Growth Properties for $9.2 billion.
In April, the unit of Toronto-based Brookfield increased the number of homes planned for the mall by 20 percent to 3,500, from 2,900. The affordable housing would include a senior village.
In December, Brookfield tweaked its redevelopment plan for fewer offices and more homes, plus the elimination of a 200-room hotel.
Brookfield’s latest plan calls for a town square with outdoor dining, recreation areas and a plaza to host a farmer’s market. There would also be a “Main Street” of shops, restaurants and entertainment venues along 20th Avenue.
Housing would be built in a mix of townhomes, mid-rise buildings and a 19-story apartment highrise. Construction on the 30 acres of parking lots will come in phases. A timeline for development was not disclosed.
The retail village will include an on-site childcare center for 100 children. A YMCA annex will be replaced by a 7,000-square-foot senior center. The project calls for improved circulation, parking and access throughout Stonestown.
“Stonestown as a town center will address city housing goals, enhance the location as a focal point of community activity, and contribute to the long-term vitality and resilience of San Francisco,” Christie Donnelly Sr., Brookfield’s director of development, said in a statement.
— Dana Bartholomew
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