Future of Candlestick Park: "Urban Outlet" Shopping Center
San Francisco Mayor Ed Lee on Monday unveiled the future of the now-defunct Candlestick Park, in what developers hope will be an "urban outlet" mall, featuring an African diaspora-themed market, movie theaters and 6,000 homes.
"I am overjoyed," Lee said at a news conference.
Candlestick Park, built in the 1950s, was decommissioned after the 49ers football team left the San Francisco stadium, nicknamed the 'Stick, for a new $1.2 billion stadium nearly 40 miles south in Santa Clara earlier this year.
Demolition of the storied venue is expected to begin this winter.
The new Candlestick development project, which is expected to largely be completed by 2017, is a partnership between Miami-based real estate developer Lennar Corp. and shopping mall operator, Macerich.
The hope for the former 49ers football stadium is to create a 500,000-square-foot “urban outlet” shopping center, which may resemble a shopping center much like Santana Row in San Jose. In a statement, Lennar and Macerich said the project is expected to create more than 3,000 permanent jobs and build 6,000 homes. The Wall Street Journal estimated the cost would be more than $200 million.
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