The San Francisco Board of Supervisors made it official-official on Tuesday, voting unanimously to approve a huge new project on what is currently parking lots surrounding the Stonestown Galleria mall.

Originally built in 1952 and called Stonestown Shopping Center, the mall on SF's west side has been through a number of upgrades and changes over the years, including a significant redeveloment and renovation in 1987 that brought with it the "galleria" name.

Now, developer Brookfield Properties has the go-ahead to start Phase 1 of a huge project that will span two decades, and won't start construction until 2026. The initial concept phases of the project happened back in 2021, and the final version that the supervisors approved Tuesday includes 3,500 housing units, 160,000 square feet of new retail space, and 100,000 square feet of office, in addition to parks, a senior center, and a new community center.

The 775,000-square-foot mall will remain in place, and will remain open throughout construction.

As the Chronicle explains today, work will begin in about two years on infrastructure, including the creation of a new, pedestrian-friendly 20th Avenue that will be the central artery of the new retail village. There will also be new underground parking built, as well as utilities, sidewalks, and parks in Phase 1. Later phases will include the construction of four-story townhouses and 18-story residential towers, along with other mid-rise buildings.

This new housing joins the original 3,500 apartments that were built, in towers, behind the original Stonestown mall.

Supervisor Myrna Melgar, who was the only supervisor to speak on the project as it is in her district, said Tuesday that the project represents "a very large down payment into the housing we are required to build on the west side of town." And, she added, that "this is an ideal place to build, on top of parking lots, in an existing commercial hub."

Some of the funding for the first phase of construction will come in a similar fashion to how redevelopment projects supported by the former SF Redevelopment Agency would be funded. As the Chronicle reports, an Enhanced Infrastructure Financing District (EIFD) will be created, enabling the project to tap funds from the city based on a projection of net new property tax revenue to be earned once the project is complete. This type of tax-increment financing was common in redevelopment before Governor Jerry Brown dissolved all the state's redevelopment agencies in 2014, and EIFDs are the equivalent financing tools.

Previously: Latest, Greatest Version of Ambitious Stonestown Development Gets Approval, With Even More Housing