Peninsula mall in Daly City is about to pass $109 million for the expansion.
Daly City’s City Council approved the 200,000 sq ft expansion and redevelopment of Serramonte Center, a 895,438-square-foot shopping mall on Highway 280.
The owner, Equity One Inc., which acquired the mall in 2012 as part of the $600 million portfolio it purchased from Capital & Counties, will invest $109 million in redevelopment of the site. The project, along with a couple of other sites in Florida, brings the developer’s gross development and redevelopment pipeline to more than $275 million in budgeted costs.
Construction is likely to start in the next couple of weeks on the mall’s 80-acre site at Highway 280 and Serramonte Boulevard.
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With the purchase of the mall in 2012, Equity One became one of the largest Bay Area retail owners. It also acquired other sites including Walnut Creek’s Plaza Escuela, 222 Sutter in San Francisco and the Willows Shopping Center in Concord as part of the deal.
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