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Buyer selected for most of San Francisco's shuttered downtown mall

Buyer selected for most of San Francisco's shuttered downtown mall

Money Moves San Francisco, CA local

A new owner for the SF Centre's Market Street-facing portion, but not the former Bloomingdale's, marks a step toward its redevelopment.

4 days ago: Buyer selected for SF Centre's Market Street portion

Overview

Updated 1 hour ago

A buyer has been selected for most of the shuttered SF Centre mall, the property facing Market Street. The former Bloomingdale's store is on a separate parcel of land and was not included in this deal.

This is the first concrete step toward a new future for the massive, 1.2-million-square-foot complex that has weighed on downtown San Francisco's recovery since its previous sale fell through.

Why it matters

If this sale closes, it could finally break the gridlock over one of the biggest vacant properties in the downtown core, a key test for the area's economic recovery.

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Timeline

June 2025 October 2026

4 events Latest: 4 days ago
Tap a bar to jump to that date
  1. Buyer selected for SF Centre's Market Street portion

    Latest Real Estate

    The mall's owners choose a buyer for most of the former SF Centre property, excluding the former Bloomingdale's store.

  2. Multiple bids submitted for the dead mall

    Real Estate

    CBRE confirms receiving several bids by the deadline, including a sports-themed proposal from Urban Land Development and TMG Partners.

  3. Previous buyers pull out of purchase agreement

    Real Estate

    Presidio Bay and Prado Group walk away from a reported $130 million deal to buy the mall, prompting CBRE to relist the property.

Scenarios

1

Sale closes with the selected buyer, a mixed-use redevelopment proceeds

Possible Resolves by Apr 19, 2027

Discussed by: San Francisco Standard, SFist

The chosen buyer completes due diligence and closes the transaction for the Market Street-facing portion. They then file permits for a mixed-use development, possibly incorporating the sports-focused concept pitched by Urban Land Development and TMG Partners, or a more traditional retail/office mix. This would finally give the property a defined path forward.

2

Deal falls apart, mall returns to the market

Possible Resolves by Apr 19, 2027

Discussed by: San Francisco Standard

Similar to the last attempt, the selected buyer walks away during the due diligence period, citing financing issues or economic conditions. The ownership group would be forced to relist the property, setting the redevelopment timeline back further and extending the mall's vacancy.

3

Sale closes, but redevelopment stalls due to legal or financial hurdles

Possible Resolves by Oct 19, 2027

Discussed by: San Francisco Standard

The transaction for the Market Street portion goes through, but progress is slow. A delay occurs due to a challenge over the separate Bloomingdale's parcel, the preservation of the mall's historic dome, or the owners' inability to secure financing for their intended project. The mall stays mostly empty for years.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

2023 - 2026

Metreon's transformation (2023-2026)

The Metreon mall, located near SF Centre, was struggling with high vacancy. TMG Partners bought the property in 2025 and began redeveloping it, shifting away from a pure-retail model.

Then

The Metreon is now a destination with a mix of retail, entertainment, and experience-based tenants.

Now

It serves as a template for how a large-format mall in downtown San Francisco can be successfully repurposed.

Why this matters now

TMG Partners, a key bidder for SF Centre, owns the Metreon. This gives them a direct, recent example of how to handle large-format retail properties in the same neighborhood.

2018

The Emeryville Market failure (2018)

A new development in Emeryville, California, failed shortly after opening, showing the risks of new retail and entertainment concepts in the Bay Area's shifting market.

Then

The property experienced significant turnover and financial losses for its investors.

Now

It became a cautionary tale for developers betting on specific retail trends without strong tenant commitments.

Why this matters now

It highlights the financial risk behind the ambitious, sports-focused concept proposed for SF Centre, suggesting that even well-intentioned redevelopment plans can struggle.

Sources

(2)