Presidio Bay and Prado Group have emerged as the successful bidders for the San Francisco Centre Mall, marking a significant step toward revitalizing the iconic shopping center. After enduring years of decline, the mall, which boasts a sprawling 1.2 million square feet, was foreclosed upon by lenders last November and subsequently left vacant.
The developers’ partnership was chosen following a competitive bidding process last month, competing against an unnamed investment group from outside the region. While the exact sale price has not been disclosed, sources suggest that the new owners plan to undertake a significant redevelopment of the property. Their strategy appears to focus on converting parts of the mall into office space while still retaining sections for retail.
Presidio Bay and Prado Group have been actively involved in real estate development since the onset of the pandemic. Recently, Presidio Bay has engaged in various projects, including the renovation of an office skyscraper at 88 Spear St. and a plan to transform a former U.S. Geological Survey campus in Menlo Park into a mixed-use neighborhood. In addition, they secured an office building on Valencia St. earlier this year. Meanwhile, Prado Group is advancing two residential projects in Presidio Heights, highlighting the developers’ commitment to enhancing the urban landscape.
Originally opened in 1988, the San Francisco Centre was once a prominent fixture in the city’s retail landscape, featuring unique architectural elements such as the first spiral elevator in the U.S. and a breathtaking Tiffany dome skylight. The new owners’ plans may breathe fresh life into the property, potentially restoring its former glory and reinvigorating the local economy.
The forthcoming redevelopment of the San Francisco Centre signifies a hopeful outlook for the area, as it promises not only to repurpose a long-dormant space but also to contribute to the evolving landscape of urban development in San Francisco.