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LIST: Union Square newly-opened establishments look to revive downtown SF

LIST: Union Square newly-opened establishments look to revive downtown SF

Yahoo28-01-2025

SAN FRANCISCO (KRON) — Last week, one of the last major retailers of the San Francisco Centre announced it was leaving the mall. The upcoming closure of Bloomingdale's this spring marks the last anchor tenant to depart the mall.
With San Francisco Mayor Daniel Lurie in his first month in office, a priority has been made to revitalize downtown. It's still to be determined if Lurie can get the downtown mall area back to its thriving years in the late 2000s and early 2010s.
Amid all the reported closures in the past 18 months, new businesses are also moving into Union Square. KRON4 compiled a list, according to the Union Square Alliance, of businesses that opened in 2024 and are set to open this year (see below). Notable businesses include Ross and Nintendo.
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Business
Location
Open Year (Dates TBA)
Wine Bar (Hotel Stratford)
242 Powell St.
2025
Sunshine Prophecy
370 Sutter St.
2025
Shoe Palace
301 Geary St.
2025
Ross
901 Market St.
2025 (Expansion)
Taylor Jay Collection
220 O'Farrell St.
2025
Yadav Dav Diamond & Jewelry
170 Grant Ave. Suite 500
2025
Silk Road Bar
134 Ellis St.
2025
Wessling Contemporary
39 Grant Ave.
2025
Once Upon a Dosa
35 Kearny St.
Nov. 2024
Bombay Brasserie
340 Stockton St.
Aug. 2024
Cityscape (Hilton Union Square)
333 O'Farrell St.
Re-opened Sept. 2024
ABSteak
124 Ellis St.
Oct. 2024
Magnin Street Cafe & Bistro
138 Cyril Magnin St.
Aug. 2024
Rolex
845 Market St. (SF Centre)
2024 (Expansion)
Patek Philippe
259 Post St.
Fall 2024
Ross renewed its lease in 2024 and plans to expand its current space. According to the Union Square Alliance, the Ross on Market Street will expand to a 40,000-square-foot building in 2025.
Macy's has publicized plans to eventually close down its iconic Union Square location, although no closing date is set yet. Nordstrom inside SF Centre closed in the summer of 2023.
With several notable closures hampering downtown San Francisco's growth, Lurie said 'there is a lot of work to do in our city.'
'I am confident San Francisco's best days are ahead,' Lurie said. 'I'm energized every day by businesses of all sizes opening and growing in our city. San Francisco has green shoots everywhere, and we continue to work towards the revitalization of the city.'
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Mayor Lurie made ‘painful' cuts in his S.F. budget proposal. The hurt is far from over
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Mayor Lurie made ‘painful' cuts in his S.F. budget proposal. The hurt is far from over

San Francisco Mayor Daniel Lurie said he made 'painful decisions' when assembling his recent budget proposal that would slash nonprofit contracts and shrink the City Hall workforce. But the hurt is far from over. Lurie recently told the Chronicle that he is still eyeing a more ambitious overhaul next year as he tries to erase a deficit that's projected to reach as much as $700 million in the 2028 fiscal year. Complicating Lurie's plans to rein in city spending is the fact that the Trump administration has already moved to claw back federal funds from San Francisco and could try to take more money away. And a Tuesday report from the city controller's office warned that proposed Medicaid cuts advanced by Congressional Republicans could further hurt city revenue — as could a potential recession. Lurie's city spending plan would eliminate about $185 million in grants and contracts over two years and cut about 100 filled jobs from the government payroll. 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Home prices continue to climb, putting pressure on buyers even with a six-figure salary. Ross Mac, host of the Yahoo Finance podcast Financial Freestyle, breaks down how much house you can realistically afford and why waiting on lower rates may not pay off. Financial Freestyle with Ross Mac on Yahoo Finance is dedicated to promoting economic prosperity for all. Through expert insights, practical advice, and inspiring success stories, we empower you to build and grow wealth. Join us on this transformative journey toward financial freedom and inclusive economic growth. To watch more expert insights and analysis on the latest market action, check out more Wealth here. The average price of houses sold in the US in the first quarter of the year was over $500,000. So, can you afford that? It's a big question. Here to explain how much house you can afford, we've got Ross Mac, host of the Financial Freestyle podcast. Ross, good to see you. Let's start with this basic principle. How much money is recommended for Americans to spend on housing costs? What's the general rule of thumb here? Brett, my man, it's great to see you. So look, when you're talking about the general rule of thumb, right, if you're going into a house, right, one of the things you're going to say is what type of mortgage am I going to get, what type of loan. And so, we're going to assume a conventional mortgage loan where you're putting down, right, as a down payment, maybe 5 to 20% of the actual average housing costs, right? But not just that, right, you also got to think about the closing costs. So one of the things, right, if we're using call it $437, which is like the median household costs right now, you're talking about roughly $21,000 over $80,000 just for the down payment and an additional $13,000 or so for the closing costs. But, I always want a person to work backwards, right, because when you take into account, and one of the things I've been talking about recently is like, you know, that American dream is getting a lot more pricier, right, because if you have a $100,000 salary, believe it or not, you're actually only able to afford a home in roughly 16 states right now. When you start taking into account a lot of the things. And so, if you say I make $100,000, it's kind of a rule of thumb that you don't want to pay more than 30% of your gross income. So making $100,000, that means you're spending $30,000 annually, right? If you back back into that, well, guess what, that's $2,500 per month. And now, right, you look at that, there are a lot of other hidden costs that come with that, such as, you know, private mortgage insurance, other maintenance costs, right, you know, taxes, etc. So, you know, I think it's important to understand, right, it's starting to get a lot pricier, but the average person says, well, okay, well let me just wait till rates drop. Well, guess what? You waiting to rates drop, prices are continuously rising, right? If you look at kind of what the median household price is today versus call it five years ago, right in 2020, it's roughly 40% higher. And so, what about all the extra costs that go into a home, insurance, maintenance, etc.? Are those part of the 30% rule that we were breaking down? It absolutely is. And so, you actually have to bake into that, right? So it's it's roughly about kind of in totality about $21,000 per year, when you really start backing into it and understanding just how much your mortgage PMI is, just how much your property taxes are and obviously those utility bills, and obviously unforeseen housing maintenance costs. And so, when you really look at it, you really want to bake into saying, okay, here's how much my mortgage is, but now, what's my PMI? What are my estimated property taxes and on top of that, you know, a few of the other costs? So I do say, right, when you're thinking about 30% of your gross income, you want to also include some of those costs. And Ross, you'll be talking about housing costs a little bit more here at the Maconomics wealth summit in July. Talk to us about what people can expect to hear there. Absolutely. This is our third year doing the Maconomics wealth summit and something that we are really proud of because we're giving people the true blueprint of hopefully getting on their own journey to building generational wealth. So, in addition to speaking about real estate, we'll be talking about, you know, the psychology of money, overcoming those past financial traumas. We'll talk about investing in both stocks, retirement planning. We'll talk about cryptocurrency. We'll talk about entrepreneurship and how to leverage, you know, different, some of our sponsors, some of the programs they have when it comes to getting business loans and personal loans, etc. But this is very exciting. July 18th through the 20th, it's an entire weekend for the Maconomics wealth summit. Ross, good to have you back here with us. Thanks so much. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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