While it's still a couple months before Twitter moves in to their new headquarters at 10th and Market, it's never too early to check in on how that whole neighborhood revitalization thing is going. In the news this week: two national developers pushing projects around Central Market: one 720-unit condo development moves forward after years of stalling and another 260-unit complex will move in around the corner on 9th Street. And a local developer snaps up an adjacent office building.
As the real estate gazers at CurbedSF noted yesterday the shallow pit at 1411 Market, just across the street from the forthcoming Twitter HQ, saw some new action yesterday. The lot has been approved for a 750-unit Crescent Heights development since 2007, but stalled with the faltering economy. According to an earlier report from the San Francisco Business Journal, the project has gotten a kick in the pants with a new architect on the job: Handel Architects - the same folks responsible for the Metreon and Millenium Tower.
Around the corner, the Biz Journal reports today that turnkey apartment leasing group AvalonBay is set to develop a 260-unit complex in what is currently a vacant lot on 9th Street. If the "Avalon" name rings a bell, you probably know it from Avalon Yerba Buena, Avalon Nob Hill or Avalon Mission Bay North. We're hoping they go with "Avalon Midtown" or something equally innocuous for the new development.
Next door to the forthcoming Avalon, the (paywall blocked) Wall Street Journal reported earlier this week that the California's State Compensation Insurance Fund has unloaded their headquarters at 1275 Market Street. As Curbed noted, a spokesperson for the fund has said they "wanted to take advantage of the market in San Francisco right now... The Twitter deal in midmarket San Francisco has positively [affected] the area." The 17-story building was allegedly purchased for $48 million by local real-estate company TMG Partners along with a New York-based hedge fund. TMG would be the folks who rebuilt One Market Street and the theater complex at 1000 Van Ness as well as the slick SOMA Grand residences.