Mayor Ed Lee smashed mallets against a concrete pillar this morning to welcome new renovation to San Francisco’s Metreon and the future site of the city’s first Target store.
“I’m smiling today because I get to be somewhat destructive and productive at the same time,” Lee said.
The improvements will include the addition of 20 new restaurants, re-orientation of the Metreon’s entrance to face the intersection of Mission and Fourth streets, and a new design for the site’s event space.
The project is expected to bring an estimated 1,300 jobs — 600 from construction and 700 permanent positions–with a goal of half from local hires.
The renovations are made possible by a $30 million investment by the Westfield Group, which owns the Metreon.
“We are moving forward as a city,” said Anthony Ritch, Westfield’s regional senior vice president.
The expansion is projected to generate $15 million in tax revenue annually through sales and real estate taxes, with more than $4.4 million going to San Francisco every year, Lee said.
The expanded dining terrace and other renovations are expected to be completed in early 2012, with Target’s opening scheduled for October of that year.
The 85,000-square-foot store will be Target’s 47th in the Bay Area, but it will feature a specific urban design, Target spokeswoman Donna Egan said.
“One size does not fit all,” she said. “We meet needs or tailor Target stores to fit the location.”
The store will hire more than 200 employees about six to eight months prior to its opening, Egan said.
The project is focused on job improvement, job sustainability, and investment in San Francisco, Lee said.
Rachel Purdy, Bay City News