Global alternative asset manager The Carlyle Group (Carlyle) and real estate developer Cypress Equities companies* (Cypress) today announced they will develop a 250,000-square-foot, multi-level retail center at 935 to 965 Market Street in the acclaimed shopping district of San Francisco. The 1-acre site, formerly known as CityPlace, will be rebranded Market Street Place. The project is fully entitled, groundbreaking is slated for the fall of 2012 and the grand opening is scheduled for the first quarter of 2015.
The six-level urban redevelopment project, located on the south side of Market Street between 5th and 6th, will feature an exterior facade of translucent glass that captures fragmented images of the streetscape while providing a peek into the shopping experience inside. The building will offer retailers exceptional street presence with up to 270 feet of frontage, as well as ceiling heights up to 18 feet and large floor plates of up to 45,000 square feet.
?Cypress is proud to have the opportunity to develop another vibrant retail destination that will surely attract more shoppers to the Mid-Market Street corridor,? said Chris Maguire, CEO of Cypress Equities. ?With the development of Market Street Place, we look forward to further enhancing the appearance of the neighborhood and the streetscape west of Fifth Street.?
Cypress will develop the project and Carlyle is the lead equity partner. In the past, Cypress and Carlyle have partnered on 24 different real estate deals as well as mixed-use and large-scale retail projects within the United States ? most recently, West 7th in Fort Worth, Texas, and Village at Leesburg in Leesburg, Virginia.
?This desirable location just steps from public transportation provides destination retail options for shoppers in the heart of San Francisco. We are pleased to again team with Cypress Equities, which has a successful track record in retail development and project management,? said Paul Brady, Managing Director at The Carlyle Group.
SRS Real Estate Partners will serve as the retail leasing representative for Market Street Place.