SAN FRANCISCO (KGO) — Some promising news about the future of San Francisco’s Union Square. A local developer has been chosen to reshape the future of Macy’s flagship store. The store has been a staple of the shopping district for than 80 years and had been slated for potential closure.
There are so many reasons people love to come to Union Square around the holidays. Some of it has to do with Macy’s.
“It’s a great anchor of the store,” said Jeanine Elstor, a Bay Area resident. “I especially admire the puppies in the window.”
Last year, Macy’s announced it would close its flagship store in Union Square.
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But big news and new hope for positive changes to come.
TMG Partners— a real estate investment and property management firm –has come to an agreement with Macy’s for the future development of its landmark complex.
The firm has done dozens of development deals, historic rehabs, and they have experience dealing with large historic buildings.
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We talked to TMG Partners about what they plan to do.
“With a clean sheet of paper, we are going to look what we can do with the building. How can we make it part of the community other than one giant 600-thousand square foot department store,” said Michael Covarrubias, Chairman of TMG Partners.
TMG Partners and Macy’s say they are still in the early stages.
“To have the opportunity for us to work with Macy’s hand in hand to come up with a new solution for the building that includes all the potential opportunities of rent , housing, retail, experiential office. It’s the most exciting project we have,” said Covarrubias.
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Macy’s released a statement to ABC7 on Tuesday saying it’s partnership with TMG is “part of Macy’s ongoing strategy to evaluate compelling options for its real estate portfolio.”
Local leaders are hopeful for what this means for San Francisco’s Union Square.
“It’s a good day for our city. We are creating the conditions for success for downtown. This is an example of what is working,” said San Francisco Mayor Daniel Lurie.
“We’re all being waiting for this for long time to understand what the future Macy has stood for 80 years,” said Marisa Rodriguez, President and CEO of Union Square Alliance. “They’re looking at it from a very forward-thinking perspective.”
For shoppers like Jeanine Elster of the Bay Area, new development means new opportunities and a reason to return to Union Square—for visitors and locals alike.
“I hope so. It would be great to continue to have that vitality around here,” said Elstor.
TMG Partners and Macy’s confirmed there is currently no closing date set for the store. Macy’s is going to continue to operate through the end of the year, through the holiday seasons and end of the first quarter.
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