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Retailers, local and big box and just about everybody and nobody could make it work. Even using the global reach of our company, we couldnt make it happen. Nowhere in this country is there a shopping sent we are as many floors as westfield San Francisco center. Not in chicago, not in new york. The retail is why they succeed which is why the body amended the planning code to eliminate the need for a cup for the seventh and eighth floors and above. So we believe this investment is good for San Francisco center and mixed use buildings are inherently complementary with the office use supporting the retail and retail an amenity for the office. And we are going to do a full renovation and that includes improved lighting at the street level and the largest nordstrom in the portfolio and will remain one of the largest in the country. Letters of support including one from nordstrom and ....
And i want to tell you that what were seeing right now is not a cycle change. Its a structural change, and i am sure you are aware and seen the retailers and the retailers are shrinking the footprint and it is not the Large Department stores but even tenants that used to be 5,000 feet are shrinking to 1,000 feet and trying to deal with how to market the goods online and cross market both aspects. It has had a very structural change and quite frankly t vacancy rate at union square is the lowest that i have seen in 25 excuse me t highest in 25 years of business in union square. This there is, as we all know, a lot of vacancies that are happening. Barneys is going to close, forever 21 is closing, Williams Sonoma and the multifloor retailers are going out of business and those are the only ones that can occupy the upper floors. They are just not there. We have been marketing 1 ....
From 220 post. The likelihood that a Retail Business would want a stand alone third Floor Office Space that is accessible from an alley that provides minimal foot traffic, marginal street visibility and has some Security Issues is in our opinion simply less than minuscule. On the overhead, i want to post one more image which is looking at the alley from grant street and if you see the orange box, that is where the third floor business is. Pretty tough to see. Pretty unvisible. So with all that said, nothing prevents the third floor and the upper floors being turned back into retail if at some future point that becomes viable. Project does not include any physical changes that would preclude that, so i am going to let the project sponsor speak about the actual efforts to lease this building, but before i go, in your ....
Secondly the letter of approval is usually included by, excuse me by the permit holder. I didnt see that either. Lastly in the last page of their submission they show various sites that they attempted to look out, i presume, but they provide very Little Information there. The code says something about good faith efforts. When so many puts on the table that there was no interest. I have no idea whether that is a good faith effort, or not. I need to see these things before i make a final decision. I would be happy to respond. My understanding, the first item you brought up was our compliance with the Design Guidelines and preservation review. Did i understand that correctly . Historical review. I can respond to that. This is not within the webster street historic district. It is immediately adjacent to the district which was established in 1981. This property was not inc ....
Is usually included by, excuse me by the permit holder. I didnt see that either. Lastly in the last page of their submission they show various sites that they attempted to look out, i presume, but they provide very Little Information there. The code says something about good faith efforts. When so many puts on the table that there was no interest. I have no idea whether that is a good faith effort, or not. I need to see these things before i make a final decision. I would be happy to respond. My understanding, the first item you brought up was our compliance with the Design Guidelines and preservation review. Did i understand that correctly . Historical review. I can respond to that. This is not within the webster street historic district. It is immediately adjacent to the district which was established in 1981. This property was not included. It is a category d buildi ....