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
