"Macy's is partnering with developer TMG Partners for the future development of its 600,000-square-foot store property, which spans most of the block on the southern side of Union Square Park between Geary and O'Farrell streets. TMG, and its CEO Michael Covarrubias, say they are "wildly excited" to begin work on reimagining the massive property alongside Macy's. Covarrubias tells the Chronicle that they are still discussing the "right choice of uses" for the future development, and that they see great potential "for that building, in that place, at this time.""
"TMG is also involved with the renovation at 149 New Montgomery Street, the former Yelp headquarters, and the firm is in contract to purchase the Metreon complex, with plans to reimagine that as well. This is good news for Union Square as a whole, as it struggles to fill a large number of vacancies and as retailers are likely wary of filling those empty spaces on Powell and Stockton streets not knowing whether anchor store Macy's might close up shop within months."
"Macy's announced in February 2024 that it had plans to abandon Union Square, as part of a larger sell-off of store properties nationwide. But the company said its store would not close until it found a buyer for the property. Today's announcement makes it sounds like Macy's will remain in place for an extended period as the development plans take shape, and/or it sounds like a Macy's store could still have a place in the future redevelopment of the property."
Macy's will not close its Union Square flagship store soon and will partner with TMG Partners to reimagine the 600,000-square-foot property spanning most of the block south of Union Square Park between Geary and O'Farrell. TMG's CEO Michael Covarrubias says the firm is 'wildly excited' and that discussions are underway about the right choice of uses and potential for the building. TMG also has projects at 149 New Montgomery and the Metreon complex. The decision reduces near-term closure uncertainty, may encourage retailers to fill vacancies, and could involve housing in future redevelopment.
Read at sfist.com
Unable to calculate read time
Collection
[
|
...
]