National home builder Lennar Corp. has joined with mall owner Macerich Corp. on plans to develop a luxury-outlet mall as the anchor of a redevelopment of San Francisco’s Candlestick Point.

Lennar LEN, -3.73% intends to announce Monday that its Lennar Urban division, which specializes in urban-redevelopment projects, has formed a 50-50 partnership with Macerich to develop the 500,000-square-foot mall at an estimated cost of more than $200 million.