Formalized Plans On Stonestown Galleria Macy’s Makeover Submitted To City
GGP has drafted a plan for redevelopment of the Macy’s building at Stonestown Galleria in San Francisco. The company has closed escrow on the Macy’s building and submitted its plans to the planning department, SocketSite reports. GGP bought the 280K SF building for $40M in 2017. The store, which Macy’s has leased back, is expected to close sometime in 2018.
The company wants to redevelop the space into a 12-screen, 1,400-seat movie theater, seven small retail spaces and a large retail space of 46K SF for a potential grocery store.
A former Macy’s Men’s store in Union Square is already undergoing a transformation and will become a mix of up to six retailers, two floors of office, a food hall and a rooftop restaurant, according to the San Francisco Business Times. The redevelopment is designed by Gensler. Blatteis & Schnur and Morgan Stanley Real Estate bought the building for $250M in 2017.