What is now a pile of concrete rubble on a plot at 10th and Market streets could become a catalyst for change in the area.
The site will soon become a 30-story retail and apartment building with the potential for more than 750 housing units.
The $350 million project, which is being built by Miami-based Crescent Heights, is just one of a flock of buildings slated for construction in a large-scale plan to revitalize Market Street west of Fifth Street, according to city planners.
“It’s one of the quintessential smart-growth proposals,” said Gabriel Metcalf, executive director of the San Francisco Planning and Urban Research Association, a public-policy think tank.
The housing units will be priced, more or less, from $400,000 to $600,000, developers said.
In the last five years, The City’s Redevelopment Agency has seen at least 22 new businesses move onto Sixth Street between Harrison and Market streets, helping to oust liquor stores and other “adult businesses,” project manager Mike Grisso said.
The revitalization plan also aims to offer below-market-rate housing in the area.
Crescent Heights bought the 25,000-square-foot parcel at 10th and Market streets for $26.5 million from the Tenderloin Neighborhood Development Corp. and Citizens Housing. TNDC and Citizens Housing kept one portion of the land, the southeastern plot, so it can build even more affordable housing for up to 150 families, said Don Falk, TNDC executive director.
“There’s a crying need for family housing in San Francisco because so many families are priced out of the housing market,” Falk said. “It could make a really big difference.”
Housing near The City’s business epicenter may encourage more foot traffic and less reliance on cars.
“We want to achieve some sort of jobs and housing balance,” said Amnon Ben-Pazi, a city planner. “The idea is that you will be able to walk to work and not have to have people commuting in.”