Transformation of Tanforan Mall: A New Life Sciences Research Village
Alexandria Real Estate Equities, a Pasadena-based firm specializing in life sciences, has announced a bold redevelopment plan for the 54-year-old Shops at Tanforan mall located in San Bruno. This initiative aims to convert the existing structure into a comprehensive research village that includes residential, commercial, and recreational spaces.
Redevelopment Plans Overview
The proposed project will involve the demolition of the nearly 970,000-square-foot mall on a 44-acre site. In its place, Alexandria envisions the construction of approximately 1.8 million square feet dedicated to life sciences research and technology offices alongside 1,000 units of residential housing.
Key Features of the New Development
- A high-density transit hub attracting both commercial and residential populations.
- Three dedicated life sciences buildings integrated within a retail village, enhancing the overall environment.
- A revitalized movie theater and a range of dining options.
- A 63,000-square-foot Target department store, conveniently located for residents.
- A public market designed to foster community engagement.
- A focus on affordable housing, with 200 units earmarked for low-income residents.
Community Collaboration and Support
To ensure the inclusion of affordable housing, Alexandria is collaborating with Strada Investment Group of San Francisco, which is currently in discussions with affordable housing developers to finalize partnerships. This commitment supports San Bruno’s broader goal of accommodating 3,100 new homes by 2031, crucial in light of the housing challenges faced by many lower-income workers in the region.
Historical Context of the Tanforan Mall
Originally known as the Tanforan Park Shopping Center, the site opened in 1971 and served as a shopping destination with several anchor stores, including JCPenney. Historically significant, the location was also the site of a World War II internment camp for Japanese Americans.
Recently, the decision by JCPenney to close its expansive 275,400-square-foot store has accelerated the momentum for redevelopment, marking a shift in the area’s commercial landscape.
Market Outlook and Challenges
While the redevelopment presents an innovative approach to urban planning and housing solutions, the life sciences sector currently faces uncertainties. The sector is grappling with a market slump, with the Bay Area’s life sciences space showing a vacancy rate of 24.6% as of June in the previous year, according to CBRE. Despite the optimism surrounding the project, Alexandria is navigating a market that has seen reduced activity, with only three properties changing hands nationally in the early months of the last year.
Next Steps for the Project
The redevelopment plan is now undergoing an environmental review process, with potential approvals expected by November. Upon approval, demolition of the existing mall will commence, setting the stage for a transformative project aimed at revitalizing the San Bruno area.
As the project progresses, Alexandria continues to develop its retail strategies and residential plans, striving to create a space that meets both commercial needs and community living standards.
For ongoing updates about this redevelopment and its impact on the San Bruno community, stay tuned to local news sources and updates from Alexandria Real Estate Equities.
