Lennar Corpand retail developer Macerich on November 17 announced a joint venture partnership to develop a 500,000 sq-ft urban outlet project at Candlestick Point in San Francisco. The development will be an anchor to a new community that Lennar currently has under construction at Candlestick Point, which is located on the site of the former Candlestick Park sports stadium.
Project officials say the Candlestick Point project is expected to create more than 3,000 permanent jobs and deliver more than 6,000 homes. Just north of Candlestick Point, Lennar is also developing The San Francisco Shipyard project, located at Hunters Point, on 700 acres of land that used to be a US Navy military base beginning in the 1940s. Together, these two projects will deliver more than 10,000 new residences.
Lennar says that the Candlestick Point development will be one of the largest urban mixed-use projects in the United States. In addition to the urban outlet component, the project will feature a diversity of commercial offerings, including neighborhood retailers, a restaurant village, an African diaspora-themed marketplace, movie theaters, a performance venue and hotel.
The project will also include rental and for-sale homes, all anchored by a first-of-its-kind urban outlet shopping district that will feature major regional, national and international retailers. Lennar and Macerich are 50/50 partners on the development.
Randy Brant, Macerich's executive vice president, real estate, said in a news release that Candlestick Point is a "prime location in one of the strongest regional economies." Santa Monica, CA-based Macerich's retail development experience includes Broadway Plaza in Walnut Creek, Santa Monica Place in Santa Monica, and The Village at Corte Madera in Corte Madera, CA.
The launch of the Candlestick development will be marked by demolition of the now dormant Candlestick Park in winter 2015 and will include more than $1 billion of new investment and infrastructure over the next four years. The new investment will include sites for community use, including both a fire and police station.
Infrastructure work by Lennar is underway in preparation for the complete rebuilding of the nearby Alice Griffith affordable-housing community. Construction of Alice Griffith housing is expected to begin next year.