Last month, Cleveland-based developer Forest City Enterprises announced that it would drop one part of the project that no longer seemed viable in today's economic climate. The developer's decision to drop a hotel tower from the plan, which calls for $27 million in city subsidies, caused some speculation about the future of the project.
However, last week, specific plans regarding the connection of the Bloomingdale's project and the San Francisco Shopping Centre were announced. Along with Bloomingdale's, which will be built next door to Nordstrom's on Market Street and connected at five points to the shopping center, the new project includes smaller retail shops, offices and a nine-screen cinema.
Referring to the project as "a retail and entertainment destination,'' Mayor Willie Brown says he expects it will give the city's retail core a huge boost when completed in 2006.
According to Brown, developer Forest City's 1.2 million-sf, $350-million project will generate an estimated 1,950 permanent jobs, 770 construction jobs, $9.7 million in annual taxes, $43.3 million for affordable housing over 30 years and over $4 million for MUNI/BART, Hallidie Plaza improvements and other public purposes. The groundbreaking date for the project has been set for this fall.
The new department store will replace the old Emporium at 835 Market St., with its main entrance facing onto Mission Street between Fourth and Fifth streets.
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