Efforts to revitalize mid-Market Street appear to be paying off.
At 10th and Market streets, contractor Swinerton Builders is hoping to cash in on new business that could be attracted to the area by Twitter’s future move.
The 749-unit apartment complex was originally approved as a condominium building in 2008, but the economic downturn slowed the project. Last week, however, Swinerton spokeswoman Meggie Doscher said the project is back on track with the hope that an uptick in new technology businesses will bring tenants.
“This location, it’s strategic based off the influx of tech businesses in that area,” Doscher said.
In April, the Board of Supervisors approved a payroll tax break to make the area more attractive to businesses, most notably social media giant Twitter.
For years, the corridor loosely bound by Sixth Street and Van Ness Avenue has had the highest commercial vacancy rate in The City, according to Supervisor Jane Kim, whose district encompasses mid-Market.
Within the past nine months, though, more developers have been eyeing the area for new projects, and dormant projects approved years ago have been revived, said Kevin Guy, a planner for San Francisco’s northeast quadrant. Guy said he could not speculate on whether the recent interest is in response to the tax incentive and Twitter’s move.
Kim said she’s pleased with the area’s rejuvenation.
“I’m really excited. It’s been an eyesore for many years, that vacant lot on that corner,” Kim said of the Swinerton project.
Projects planned on the mid-Market Street corridor:
- 55 Ninth St.: Approved in 2007 as a 260-unit residential complex with 3,000 square feet of commercial space
- 10th and Mission streets: 190 affordable-housing units with 5,000 square feet of commercial space in the conceptual phase
- Eighth and Mission streets: Trinity Plaza development of 1,900 units with ground-floor retail