The San Francisco Office of Controller and Economic Analysis published an Economic Impact Report for the Stonestown Mixed-Use Development.  

The developer, Brookfield, created a Special Use District to title the multi-phase project. 

The proposed redevelopment of San Francisco's Stonestown Galleria aims to transform its parking areas into a mixed-use hub, preserving the mall while adding residential, retail, office, and community spaces. 

Project Details:

  • Housing Units: 3,419 homes, 20% of which will be affordable (687 units).
  • Non-Residential Spaces: Includes 96,000 sq. ft. of office and 160,000 sq. ft. of retail space.
  • Community Amenities:
    • A childcare facility for 100 children.
    • A 7,000 sq. ft. senior center.
    • Streetscape and open space improvements (6 acres of publicly accessible private open space).
    • Enhancements to Rolph Nicol Jr. Playground and $1 million for additional upgrades.

Economic Impact:

  1. Construction and Spending:
    • $1.6 billion in construction costs over 25 years.
    • Expected to generate significant construction jobs and economic activity.
  2. Housing Effects:
    • Expected to slightly reduce citywide housing prices by 1.3%.
    • Affordable units will save tenants an estimated $5.4 million annually in housing costs.
  3. Employment:
    • Long-term creation of 901 jobs (403 office, 435 retail, 63 childcare).
  4. Retail Impact:
    • The loss of surface parking spaces may reduce mall retail sales, but new residential demand could offset losses.

Broader Economic Effects:

  • Citywide Growth:
    • An average increase of 870 jobs annually over 20 years.
    • A $228 million boost to San Francisco's GDP.
    • Housing prices relative to the U.S. expected to decline by 0.2%.
  • Phased Development:
    • To occur in six phases over 25 years, with timelines influenced by market conditions and financing availability.