Mills Corporation, of Virginia, was one of two companies chosen to oversee the development.
The Mills Corporation has itself been in financial difficulty in the past.
The Mills Corporation purchased the property for the project from the city on November 11, 2005.
The name comes from that of the property developer, formerly known as the Mills Corporation.
In many ways, the selection of the Mills Corporation saves both the state and the mall developer from a costly confrontation.
For its part, the Mills Corporation says it would restore 380 acres of wetlands, more than any other developer under the commission's plan.
But the Mills Corporation is pushing ahead with its mall, which would be its 12th retail complex nationwide.
The Mills Corporation had hoped to use the land to develop a shopping mall but dropped that plan in the face of vigorous opposition.
Mills Corporation, the company tapped by the 49ers, was unable to put together a plan to successfully construct a new stadium for the team.
Brookfield would have paid $21 for each share of Mills Corporation.