San Francisco’s vacant downtown mall has new stewards: A pair of experienced, San Francisco-based developers, who are teaming up to reimagine the languishing 1.5 million-square-foot complex.
The Chronicle has learned that Presidio Bay Ventures and Prado Group have been jointly awarded the exclusive right to purchase the now shuttered San Francisco Centre at Fifth and Market Streets that once drew suburban families, office workers and international tourists into its glass-domed atrium and nine-screen movie theater, which officially closed in 2023.
It is unclear how much the firms have agreed to pay for the massive property — sources with insight into the mall’s sale said that now that a selection has been made, a due diligence period is expected to stretch up to three months. The price guidance was set at $100 million, according to those sources, who expected any winning bid to land at over $130 million. More than a decade ago, the 5-acre complex was valued over $1 billion…