Alexandria Real Estate Equities has unveiled plans for a mega-project in the San Francisco Peninsula that will transform an aging shopping mall in San Bruno into a hub with 1.8M square feet of office and research space and 1,000 new homes.
The plans are linked to JCPenney's announcement in January, noting it would close its 275,000 square foot anchor store in May at the Shops at Tanforan, a 970K square foot mall located along San Bruno’s main commercial corridor at 1122 El Camino Real. Pasadena-based Alexandria bought the 54-year-old mall in 2022 for $328M.
The life science REIT is partnering with San Francisco-based Strada Investment Group on a massive mixed-use redevelopment of the 44-acre mall. The plans, which were unveiled to city officials last week, envision a high-density, transit-oriented project that blends housing, retail and open space with three life science buildings designed to support hundreds of workers.
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