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Alexandria Real Estate is gearing up to redevelop a shopping center in San Bruno, California, into its latest mixed-use development centered around life sciences.
Alexandria will present an update to the San Bruno City Council next week on the status of its proposed 2M SF campus replacing The Shops at Tanforan.
The company paid $328M for the property last year.
Alexandria’s plan would redevelop an existing Target store on the site, replacing it with a new 158K SF Target and incorporating the existing Century at Tanforan movie theater at the new location. The development is also expected to include 90K SF of retail and a 400K SF open space, according to the San Francisco Business Times.
Alexandria has yet to enter into a development agreement with the city. In addition to life sciences and retail space, the 44-acre site will also contain 1,002 homes.
Redevelopment opportunities involving retail or movie theater spaces are becoming more common. In Berkeley, Gilbane Development is aiming to replace the California Theatre with a mixed-use facility.
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