Shopping Centers Today

DEC 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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82 S C T / D E C E M B E R 2 0 1 8 F ollowing its 1964 opening, San Francisco's Ghirardelli Square quickly became a destination for Bay Area residents. Over time, though, many locals grew disenchanted with the open-air retail and restaurant complex, one of the country's €rst adaptive-reuse projects. By 2013, when†Jamestown L.P. —†a real estate investment and man- agement firm with†headquarters in Atlanta and in Cologne, Germany —†bought Ghirardelli Square,†it had become largely a tourist draw. James- town†now seeks to restore Ghirardelli Square as a magnet for locals and tourists alike.† Ghirardelli Square†receives some†9 million visitors†yearly, according to Jamestown, which is perhaps best known for†successfully repositioning New York City's mixed-use†Chelsea Market. That†property's ground-floor food hall alone draws roughly 500,000 visitors per month.†In March†James- town sold Chelsea Market to Google Inc. for about $2.4 billion.† "Our goal was to make [Ghirardelli Square] the best of San Francisco again," said Michael Phillips, James- town's president, who notes†that†at various†times†the complex has been home to some trend-setting eateries. For one, the high-end, 300-seat†Man- darin restaurant, founded and operat- ed for decades by chef Cecilia Chiang, operated there†from 1968 to 2006. It is perhaps unsurprising, there- fore, that†Jamestown has made food San Francisco's Ghirardelli Square gets a food-focused makeover By Anna Robaton Golden gateway a focal point in its repositioning of Ghirardelli Square. The†property†had a significant amount of vacant space at the time of the purchase†five years ago, the company says, but today†this†complex of red-brick build- ings, with roughly 100,000 square feet of leasable retail space,†is about 97 percent occupied. Ghirardelli Square is located in the famed Fisherman's Wharf area, and its roughly†25 shops and restaurants†almost all boast†local roots. CBRE's Laura Sagues, Hollie Bried and their team handle retail strategy and lease execution for the property.†"For us†[the repositioning] was about fixing the food, bringing it back into balance," said Phillips. The strategy also includes†bringing in more local retail concepts and expanding the community-oriented activities, he says. The Cheese School of San Francis- co, — a locally owned and operated cheese shop, café, school†and†event space†— opened at Ghirardelli Square this year.†So did San Fran- cisco Brewing Co. & Restaurant, a 12,000-square-foot craft brewery and restaurant with an outdoor beer garden. Pico Latin Street Food and Palette Dim Sum are set to join the lineup too by the end of this year. Among the other recent additions are Maker Studio SF, a nonprofit that provides children's educational pro- grams for math, technology and engi- neering; and Subpar Miniature Golf. Phillips says Jamestown will con- tinue to make physical improvements, such as upgrading public areas and restoring the iconic Ghirardelli†sign — one of the largest and most†famous signs in the city. Jamestown has already upgraded certain historical elements, such as the original fountain, designed by the late Ruth Asawa, a renowned American sculptor.†James- town also plans to bring in such mer- chants as those that†sell†artisanal foods that hail†from the regional scene. Though now more than five decades old, Ghirardelli Square con- tinues to shape San Francisco's†retail landscape†and broader life in many ways,†Phillips says. The center is†a potential launching pad for startup companies, he says,†given the high levels of exposure its tenants enjoy. Ghirardelli Square, he said,†"is one of the great†urban mixed-use icons." Q S I T E S & C I T I E S square feet of retail space fronting San Francisco Bay 100,000

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