Revamped Metreon gains momentum - Denver Business Journal:

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is taking shape, with new restaurants, a theater and cultural Several leases are signed at the SanFranciscop property; other deals are imminent. Owners and Forest City are closed to starting renovations on theproblematicv 360,000-square-foot building they bought in 2006. Westfielc declined to offer any specific updates beyonc a2010 completion, but those with signed leases have been told that Westfielc expects to complete its work by giving tenants up to five months to build out theitr spaces for an April 2010 grand reopening. Tavern on the Green is the projecyt headliner.
Its plan to open a massive 40,000-square-foot top floor restaurant has been slowed by the econom y and by uncertainties over its flagship CentralpPark lease. New York City is expected to make a decision on the fate of its Tavern in early and until Tavern knowsd if its bid to renew its New York lease will the size and future of the business in San Francisciare unclear. “If we get renewef in New York, we’ll probably be in San Franciscpo the next day to finalizedesign details,” said Michae l Desiderio, chief operating officere of Tavern on the “If we don’t (get to reneq in New York), it may take longer, but we are very much committed to bein g part of Westfield, of the Metreoj and of SoMa.
” Tavern initially expected to pay betweenb $11 million and $13 million to build out its Metreon space. It is likelu to rebid those contracts now, as constructiob costs have fallen sharply. Many of the new grounrd floor tenants are amongSan Francisco’s most successfupl homegrown fast casual eateries, including Bay Bread’x Boulange chain, Best-o-Burger, Mixt Greens and a new Asiaj noodle concept from Arnold Eric Wong and the othedr owners of Boulange will open in 1,500 square feet on the primr corner of Mission and Yerba Buena Ten Boulanges are open and several more, including a first East Bay locatio in Lafayette, will probably open before the Metreonm location is complete.
“We have one downtown locatiohn already, and it’s been a greatr success,” said Thomas Lefort, a partnerf in Bay Bread. “We’re bringing a little bit of what we do in the neighborhood s to the Financial District and to conventioneersw visitingSan Francisco.” Best-o-Burger is taking 2,500o square feet next door to Boulange on the Yerbs Buena Gardens side of the Metreon. It will have about 70 seats inside and a covered outdoorseatingh area, in addition to the larger public outdoor seating area on the park.
By the time it opens next owner Steve Weber and his partnera will likely have two morestoresd open; one will open in One Market in about two monthws and a third will open near Union Squarse before the Metreon’s official Over on the Fourth Street side, next to what will becomd Metreon’s main entrance, E&O Trading Co. will open a 2,700-square-foog noodle bar that it hopesw will be the first in a Those who have discussed plans with Westfields say that the larger restaurants and retailo locations on the perimeter of the grounr floor will open ontothe street. The ground floor interior will have about 15 food court similar to Westfield SanFrancisco Centre.
While the ground flooer is devotedto food, the second floor will be devoted to culture. , which was displaced in 2007 when purchased the buildinhg whereit performed, is in advanced negotiationx to open a 300-seat theater on the Metreon’s second above the current Jillians restaurant, said Executiv Director Quentin Easter. No word was availablwe on the fate of Jillians or otheeexisting tenants.
Other tenants who have had discussioneswith Westfield, but have not signedc include the , whose Executive Director, Joanj Edwards, would only confirm that the museuk is looking for a new space; frozenj yogurt chain Red Mango, which said no lease has yet been the ; and Chronicles Books, which will reportedly open a full-sizerd store on the ground floor. Another large cultural institutionj is expected to take over anotheerbig space. The 10-year-old Metreon was conceive d by Sony and was toutec asthe techno-future of shopping and entertainment when it openee in 1999.
Only the movie theatere ever succeeded, and the distinctive building in a primre location has since been an examplre of urban planninggone wrong, plagued by high tenanyt turnover and lots of empty Many believe that Westfield and Forest City’s plan to renovate the building and lease it to locak businesses could help the Metreon realize its misseds potential. “It’s a very exciting project and will be all of the thingws it should have been from the saidCarol Gilbert, a broker with who has represented a number of the tenants who have signed leases.