March 13, 2019
FivePoint Holdings is shifting gears at its Candlestick Point development. The developer noted in SEC filings it no longer plans to build a 635,000-square-foot mall at the 280-acre site and former home of the San Francisco Giants and 49ers. The Irvine, CA-based developer envisions building 750,000 square feet of office and research space.
Though that change will require city approval, the developer has already secured approvals for 7,200 housing units, a 200-room hotel and 300,000 square feet of commercial space.
The adjustment in plans is largely viewed as a response to the challenges facing the retail sector. It is not surprising, given the high demand for office space in the Bay Area by tech companies.
In February’s SEC filing, FivePoint indicated it terminated a partnership with Macerich, paying the mall operator roughly $70.6 million as part of the agreement.
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