by Brianna Crandall — December 8, 2014—As part of a citywide public-private revitalization effort, Lennar Corp., a nationwide homebuilder, and Macerich, an owner, operator and developer of high-performing retail properties, recently announced a joint venture partnership to develop a “first-of-its-kind” 500,000 square-foot urban outlet project that will anchor an entirely new and vibrant community at Candlestick Point, former home of the San Francisco 49ers.
Lennar and Macerich are 50/50 partners on the urban outlet portion of the mixed-use development, which is adjacent to the waterfront views of Candlestick Point State Recreation Area. The Candlestick project is expected to create more than 3,000 permanent jobs and deliver more than 6,000 homes. By offering a fusion of residential, education, office, retail and entertainment uses and promoting recreational activities, the new community is expected to become a magnet for economic activity and community-building, and be “one of the Bay Area’s great destinations.”
In all, the Candlestick Point development is projected to be one of the largest urban mixed-use projects in the United States. In addition to the urban outlet component, it will feature a diversity of commercial offerings, including neighborhood retailers, a restaurant village, an African diaspora-themed marketplace, movie theaters, a performance venue and a hotel. It also will include rental and for-sale homes, all anchored by the innovative urban outlet shopping district that will feature major regional, national and international retailers.
The launch of the Candlestick development will be marked by demolition of the now dormant Candlestick Park football stadium 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 also underway in preparation for the complete rebuilding of the nearby Alice Griffith affordable-housing community.
In addition, construction of new housing is underway at The San Francisco Shipyard just north of Candlestick Point. The Shipyard will be home to an additional 6,000 homes, 3 million square feet of office and commercial space, and more than 230 acres of parks and open space.
