As successful tech companies continue to grow and prosper, their office space needs to grow, not to mention their residential needs.
The City and major developers recognized this need several years ago and started laying plans for a new neighborhood (Central SOMA), one close to where these companies exist today. The soon-to-be-completed Central Subway on 4th Street will provide an important transit link.
The new neighborhood, known as Central SOMA, is taking shape at the southern/western end of the existing SOMA neighborhood.
There are four major developers:
Tishman Speyer (Infinity/Lumina) has two projects. One is at 4th and Townsend where the Creamery now stands. The other is at 5th and Brannan
Kilroy Realty (333 Brannan/The Exchange) plans to develop five acres in and around the current Flower Mart – 640 Brannan at 6th
Boston Properties (Salesforce Tower) is planning a 1 million+ sq. ft. office complex at 4th & Harrison
TMG (Soma Grand/One Market) is developing 505 Brannan (the Bank of America site across from Marlowe Restaurant)
While the primary focus of these developments is new office space, some will have residential, market rate and/or affordable.
Architecturally, there is a desire is to retain the industrial/warehouse character of the neighborhood, rather than build tall glass towers, that we see in the Financial District and south of Market St. near the Transbay Terminal.
The development/build process takes time, what with EIR, Prop M limitations, entitlements, Planning Department reviews/approvals, permits, construction, etc.
Delays are inevitable, so think 2020 and later when we will see new buildings, parks, pedestrian walkways, etc.
Central SOMA is underway and its impact will be felt in neighborhoods throughout the city, just like the newer neighborhoods of Dogpatch, Shipyard, Mission Bay, South Beach, Yerba Buena are affecting residential economics across the City.
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