New mid-range mall decides to adopt Sixth Street connotations and renames itself 6X6: SFist


After several delays, the six-story mall that was once intended to be value-driven, and previously known as CityPlace and Market Street Place, will not open as early as November as 6X6. The Chronicle is part of the rebranding of developer Cypress Equities, which aims to refer to both proximity to Sixth Street and the six-story complex ?? the building occupies land that once housed a Social Security building, a cinema and a 7-11 between Fifth and Sixth Streets on Market, and was opened two years ago.

The 250,000 square foot complex has 18 foot ceilings and a two story parking garage below ?? which will apparently open to deal with the traffic crisis during the holidays in November, whether retail tenants move in or not.

Cypress has contracted with rental agent Cushman & Wakefield and they are now looking to fill the vast space, the largest new retail project from the Westfield Center, although no major tenants have yet been announced. . The deals you may have heard of in previous years, including those with JC Penny, Target, Nordstrom Rack, and Golfsmith, all fell through with Target opting for the Metreon instead.

And, as the Chronicle notes, the 6X6 is hitting the market “at a time when the mid-market seems both booming and sluggish.” They refer to the significant delays in the large residential and mixed-use project across the street at 950 Market (now slated for 2019, perhaps), the continued vacancy of Hibernia Bank building a block, and they could also be referring to the languishing and rapid closure of mid-sized, high-end restaurant projects, albeit several blocks away, like Bon Marché. Also, two hotels, including the much publicized remake of the Hotel Renoir at the Seventh and Market ?? that we now learn is called San Francisco proper ?? are way behind schedule.

The big promise of several years ago, when Twitter and Uber took to the neighborhood and the Market blocks between Fifth and Seventh showed significant gentrification, has faded somewhat with all these delays, but a major change is nevertheless on the horizon in the next few years. , especially once 6X6 fills up with tenants and begins to expand pedestrian traffic to retail in Union Square and Westfield a block farther than ever in decades.

What can you expect in terms of stores? The only clues in the article are a) they’re looking for big “fashion forward” retailers that haven’t yet established a foothold here, like Top Shop and Primark, and b) high-end retailers. potentials leaving Union Square who want cheaper rent and more secure leases. In addition, they also want a mix of entertainment and food, with the fifth floor of the resort dedicated to “several restaurants and lounges, as well as a dining room for mom and pop.” A grocery store, too, could be on the cards ?? but which one, since Trader Joe has just committed a block and a half down in Fourth ?? which should open in October.

The team tries to sound upbeat about it all, despite the proximity of the holiday shopping season, but they say the delays “have been 100 percent in our favor,” saying if they were. committed to their earlier concepts, they would regret it now.

But one thing’s for sure: they need a key tenant with major buyer’s appeal, because otherwise no one will walk much further than Nordstrom Rack before they get back to their car or back on the train.

Previously: Finally, Market Street Place leads the way


Source link

Peggy P. Gilmore