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:
- Construction and Spending:
- $1.6 billion in construction costs over 25 years.
- Expected to generate significant construction jobs and economic activity.
- 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.
- Employment:
- Long-term creation of 901 jobs (403 office, 435 retail, 63 childcare).
- 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.