San Francisco’s Dead Downtown Mall to Be Sold to Local Developers The shuttered San Francisco Centre Mall, once a landmark of the city’s retail scene, is set to change hands after a bidding process that ended with a local developer partnership securing the property. Presidio Bay and Prado Group, a San Francisco-based development team, have been awarded the 1.2 million-square-foot mall, the largest in the city, following a competitive bid. The exact sale price remains undisclosed, and the real estate firm CBRE, which marketed the property, has not commented on the transaction. The mall, which had been vacant since its foreclosure by lenders in November, has been a symbol of decline for years. Originally opened in 1988 as the San Francisco Centre, it was once hailed as a crown jewel of the city’s retail market. The site featured iconic elements like the country’s first spiral escalator and a historic Tiffany dome skylight. However, its fortunes have steadily deteriorated since previous owners, Unibail-Rodamco-Westfield and Brookfield Properties, defaulted on their loans. The departure of anchor tenant Nordstrom in 2023 marked a turning point, accelerating the mall’s decline. The sale comes amid broader challenges facing San Francisco’s downtown core, including deteriorating street conditions and a struggling retail landscape. The partnership of Presidio Bay and Prado Group, which has been actively acquiring properties and securing development permits since the pandemic, now faces the task of redeveloping the site. Sources indicate the developers plan to convert parts of the mall into office space while preserving existing retail areas. Both firms have a track record of large-scale projects. Presidio Bay is currently renovating an office skyscraper at 88 Spear St.#san_francisco #presidio_bay #prado_group #san_francisco_centre_mall #cbre
Ghost Mall San Francisco Centre Under Contract to Be Purchased The San Francisco Centre, a once-thriving commercial hub in the city’s downtown, is one step closer to being sold. A joint venture led by developers Presidio Bay and Prado Group has been chosen to acquire the 1.2 million-square-foot property. The partnership is currently under contract to purchase the site, though the transaction has not yet finalized. The exact sale price remains undisclosed. Presidio Bay, a commercial real estate firm, specializes in commercial, residential, and mixed-use projects across the United States. Prado Group, a privately held company based in California, focuses on urban residential, retail, office, and mixed-use developments. Together, the duo aims to revitalize the long-neglected property. The San Francisco Centre, which has gone by names such as Westfield and Emporium in the past, has faced a steady decline since 2023. Previous owners, Unibail-Rodamco-Westfield and Brookfield Properties, defaulted on their loan and ceased mortgage payments, leading to the mall’s financial struggles. Anchor tenant Nordstrom departed the same year, exacerbating the downturn. By September 2025, the mall was reportedly 95% vacant, with ongoing losses of retailers and restaurants in its food court. Despite the mall’s struggles, the surrounding area has experienced a resurgence. New shops have emerged, some through the city’s Vacant to Vibrant revitalization initiative, while others, like the Union Square Nintendo store, have established long-term presence. This contrast highlights the shifting dynamics between the mall’s decline and the neighborhood’s renewed vitality.#san_francisco_centre #presidio_bay #prado_group #unibail_rodamco_westfield #brookfield_properties
