Steelwave bought a shuttered strip mall in South San Francisco, the site of a long-stalled residential and retail project, to build a mixed-use development.
The developer paid Shamaim $98 million for the 14.5-acre site at 180 Camino Real, the Mercury News reported. Steelwave, acting through an affiliate, bought the property in an all-cash deal.
The site, home to the vacant Spruce Shopping Center, is at the corner of Camino Real and Spruce Avenue. The new development will be anchored by a 63,690-square-foot Safeway grocery store and include 7,930 square feet for shops and 2,980 square feet of stand-alone retail as well as 197 covered and uncovered parking spaces, according to San Francisco YIMBY.
Steelwave also plans to build 750,000 square feet of office and research space across multiple buildings on a site adjacent to the store. Aside from Safeway, an additional 19,500 square feet of retail space could also be a part of the project.
Previous plans for a similar project at the site, the Centennial Village Development, had called for the construction of 284 new homes and 220,000 square feet of retail and public space. That proposal has been stalled since 2014.
Construction is set to begin on the grocery store this spring, with an estimated completion date of summer 2023.
“The new Safeway will anchor and stimulate positive improvements in the area and offer our residents greater shopping and eating options,” said Mayor Mark Addiego.
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