Kimco Realty Is Adding Housing To Bay Area Mall Sites
As the Bay Area struggles with a harrowing housing crisis, the current retail evolution may be able to provide some relief.
The concept of bringing housing to mall sites as owners re-examine older malls has taken hold. Kimco Realty is one mall owner turning its sights to pursue residential development of mall property, reflecting its interest in capitalizing on what is increasingly underutilized space.
Kimco has received approval to build 179 apartments at Daly City's Westlake Shopping Center, and is proposing 303 apartments in a six-story mixed-use apartment building at the Fremont Hub, the San Francisco Business Times reports. Kimco owns both malls.
Malls are being repurposed in various ways to stay relevant in the changing retail environment. Some are being transitioned to office or coworking space, mixed-use developments with housing over retail or hotels.
Kimco's Fremont plan is under design review.