Think the jobs estimate is even more inflated than normal for a Newsom-Lee administration press release (that “700 jobs” figure for the Metreon store by its lonesome sounds high – it should be 350, IIRC), but anyway…
One down and one to go.
All the deets below.
“MAYOR LEE BREAKS GROUND ON NEW METREON AND CITY’S FIRST TARGET STORE
Metreon Project to Create 1,300 Jobs, Generate $4.4 Million Annually in Local Tax Revenue and Bring 20 New Businesses to SF
San Francisco, CA— Today Mayor Edwin M. Lee, Westfield Group and Target marked the start of major improvements to revitalize Metreon in downtown San Francisco. The project includes a new 85,000 square foot CityTarget store, a new “Dining Terrace” overlooking Yerba Buena Gardens, dozens of new retailers and eateries, and major improvements to the AMC Theatres and Westfield’s City View event space. The project is expected to create 600 construction and 700 permanent jobs, both with resident local hire goals of 50 percent. The Metreon project is projected to generate $15 million in tax revenue a year through sales and real estate taxes, with more than $4.4 million a year going to the City.
“This is the perfect example of smart redevelopment that works,” said Mayor Lee. “At a time when growing our economy is a top priority, the Metreon project will create hundreds of new jobs, generate millions in tax revenues, and will be the home of the City’s first Target Store. I am proud to kickoff the start of this significant project.”
Metreon is in the Yerba Buena Center Redevelopment Project Area, which was formed in 1966. The Redevelopment Project Area is now the City’s cultural, convention and shopping district, with signature features like the six-acre Yerba Buena Gardens, Moscone Convention Center, and world-class museums and hotels. More than 2,500 new residences have been built in the Yerba Buena Center Redevelopment Project Area, including approximately 1,400 affordable units for seniors.
“Working with our private and non-profit partners, the San Francisco Redevelopment Agency transformed this area into a thriving destination, a burgeoning neighborhood and an economic engine for San Francisco,” said San Francisco Redevelopment Agency Executive Director Fred Blackwell. “Metreon is an important anchor to the neighborhood’s long-term success.”
Metreon opened in 1999. In 2006, it was purchased by Westfield and Forest City and in 2010 Westfield acquired ownership from Forest City, and is investing $30 million in its revitalization.
“Westfield has always believed that the property could be re-imagined to be better integrated into the neighborhood. The enhancements will celebrate beautiful Yerba Buena Gardens, improve the visitor experience, and complement nearby cultural and entertainment activities. We believe in San Francisco, in this location and we are thrilled to get started,” said Westfield Regional Senior Vice President Antony Ritch. “Westfield is literally ‘throwing open the doors’ to beautiful Yerba Buena Gardens by integrating a new signature Dining Terrace and turning the tenants on the first floor toward the street, like most San Francisco buildings do to invite guests into the building. Dynamic new lighting, especially in the evening, will make Metreon a beacon to pedestrians.”
The new Metreon is nearly 100% leased, with more tenants to be announced in the months ahead.
The first floor will include local and regional food operators. The 470 seat Dining Terrace will feature three stories of glass facing Yerba Buena Gardens. Additional seats will be added along the park facing the exterior of Metreon. An active retail and dining promenade will be created along Mission Street and 4th Street. Street level and Dining Terrace tenants include: La Boulange Bakery; Best of Burger; Massage Envy; So Green Yogurt; Chipotle; San Francisco Soup; Mixt Green’s; Brandy Ho’s; Sorabol Korean BBQ; Firewood grill; Jillian’s (existing); Buckhorn Grill (existing); Sanraku (existing tenant). Additional retailers include: National University/San Francisco Campus; and, Chronicle Books (existing).
The second floor will be home to a new 85,000 square foot CityTarget store, which is a smaller version of a traditional Target store designed for urban markets. The store will feature a two-story glass entrance on Mission Street, which will take visitors directly into the new CityTarget and will offer a selection of merchandise tailored for city-dwellers, including fresh grocery offerings. San Francisco is one of a select group of major metropolitan areas with this new format store.
The third floor will be home to a re-modeled AMC Theatres and IMAX, with a new entrance and box office located at a new mid-Fourth Street entrance. AMC Theatres will remain open for business throughout the construction and revitalization of Metreon.
The fourth floor features the City View event space that is part of the renovation. City View is able to accommodate 2,000 guests in 30,000 square feet of special event space.
AMC Theatres, Jillian’s and Sanraku will remain open during construction. City View will open in September 2011. The first floor and Dining Terrace are scheduled to open early in 2012 and Target will open in late-2012.
About Westfield Group
The Westfield Group owns the building on land leased by the San Francisco Redevelopment Agency. Westfield is the largest retail landlord in the State of California, and also has a national and global presence, with 119 shopping centers in the United States, New Zealand, United Kingdom and Australia valued in excess of $58.2 billion, with approximately 23,900 retailers in 113 million square feet of retail space.