San Francisco Examiner/Peninsula/Brendan P. Bartholomew, 7/19/15. "Serramonte Center in Daly City set for major expansion."
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| Shopped and stuffed, back home to Pacifica |
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| Serramonte, one stop Shopping Center |
"Councilman Mike Guingona recently described the role Serramonte
Center plays in Daly City’s cultural landscape as a sort of town square.“Other towns have a Main Street; we have Serramonte,” he said.
The redevelopment will cost about $109 million and add at least
200,000 square feet of retail space to the 80-acre property, said Bill
Brown, executive vice president of development at Equity One, the
Florida-based company that acquired Serramonte in 2011.
Brown estimates the project will create about
900 new jobs, and
provide temporary employment for several hundred construction workers.
And because the mall’s existing businesses are currently generating
annual sales of about $450 per square foot, he believes the a
dded
capacity will generate an additional $1 million per year in sales tax
revenue. The facility’s increased valuation will probably yield an additional
$2 million in property taxes, Brown said, but he was not sure what Daly
City’s share would be."
Read article.
Related article. The Registry/Bay Area Real Estate/Jon Peterson, 2/19/15. "Equity One Plans Serramonte Center Redevelopment as high as $100MM." North Miami Beach, Fla.-based Equity One is planning a redevelopment
of the Serramonte Center retail project in Daly City that is likely to
cost between $80 million and $100 million, according to the company’s
2014 fourth quarter results conference call.“We
are now scheduled to be in front of the Daly City Council this summer
for our project entitlements,” says David Lukes, chief executive officer
for Equity One during the conference call. .... The land at Serramonte Center is roughly 80 acres in size. During the
past three years, Equity One has brought in several new tenants to the
property. This includes Dick’s Sporting Goods, Uniqlo, Zumiez and
several restaurant tenants. The property currently totals 895,438 square
feet, and some of its major tenants are Target, JCPenney and Macy’s.
Equity One is a publicly traded real estate investment trust that
owns major retail properties across the country. The company has
ownership of 11 properties in California totaling 2.4 million square
feet, according to its Web site. Serramonte Center is its largest
property it owns in the state of California.
Reference -
Daly City, CA Serramonte Shopping Center Expansion, Draft EIR, 3/15, pdf pages 356. Note photographs" sign from the related The Registry article above from Yelp. Serramonte street scape from the referenced Daly City Draft EIR, cover page 1.
Posted by Kathy Meeh
