Equity One’s Mall Makeover is Ready to Launch

At the beginning of the year, Equity One was planning to submit a plan to redevelop a large retail facility in The Bay Area. Now, the Florida-based company is making it known that the City Council of Daly City unanimously approved its ambitious redevelopment and expansion scheme.

Equity One Inc. will launch a $109 million expansion of its regional mall in Daly City in the next several weeks following the project’s approval by the city council, the company announced on June 29.

The project will add 200,000 square feet to the 895,438-square-foot Serramonte Center, the largest property in Equity One’s portfolio.

Serramonte Shopping Center

Serramonte Center

By February, when North Miami Beach, Fla.-based REIT revealed the expansion plan, it was in talks with the center’s tenants about their space needs. Officials estimated that the expansion would increase the property’s NOI about 40 percent.

According to Equity One CEO David Lukes, the groundbreaking will take place in the next several weeks on the retail center’s 80-acre site at Highway 280 and Serramonte Boulevard.

Lukes said in a statement that the project would move the company “towards achieving our goal of delivering $100 (million) to $150 million of redevelopment and development projects annually.” The Serramonte Center project brings Equity One’s project pipeline to $275  million, Lukes noted.

Image courtesy of facebook.com/SerramonteShoppingCenter