Jan 08, 2008
HISTORIC SAN FRANCISCO MART TO CHANGE PURPOSE,
Mixed-use repositioning of San Francisco Mart will enliven an evolving neighborhood
FOR IMMEDIATE RELEASE Monday, January 7, 2008
SAN FRANCISCO, CA – Today, ADCO reaffirmed its intention to transition and reinvent the San Francisco Mart, located at 1355 Market Street in San Francisco. The developer plans to reposition a once-exclusive venue offering wholesale home furnishings to design professionals and retail stores into a publicly accessible and lively complex complete with restaurants, shops, and office space which will re-branded as Market Square .
At over one million square feet, the historic property and annex building will offer amenities to neighbors and visitors, and a range of new temporary and permanent job opportunities. With many housing developments currently under construction nearby in the Civic Center area, approximately 5,000 residents are expected to move into the neighborhood in the next few years. Given the change and development of the area, ADCO determined that transitioning the property into mixed-use would better serve the neighborhood.
“We want to create a campus that will become a centerpiece of the developing residential community around us,” said Roseann Carini, General Manager of San Francisco Mart. “Our vision for Market Square is a destination where people not only work in a first-class office environment, but can grab a bite to eat, relax in the public space, and run their errands at the shops all under one roof.”
The primary impetus for the reinvention of San Francisco Mart is the shift in trends in the home furnishings industry. Wholesale furnishing businesses in the western United States have been dramatically impacted by the changing buying patterns at the wholesale level and the reduction of home furnishings retail stores in the United States. As a result of the changes in the home furnishings industry, as well as local opportunities that allow repurposing use to office and retail space, the management has decided this is in ADCO’s and the City’s best interest. Accordingly, San Francisco Mart has begun transitioning out showrooms and support related to the industry, in order to begin moving forward with the repositioning.
The leadership at San Francisco Mart embraced the industry trends as an opportunity for change. “By transforming San Francisco Mart into a new complex, we can ensure that this historic and valued property becomes a vibrant part of San Francisco’s future,” explained Linda Corso, Senior Vice President of Operations for San Francisco Mart. “With the vision clearly established, we’ve assembled a top-notch team of architects, engineers, consultants, and leasing advisers to realize the plan,” added Eric Grossberg, Managing Director of ADCO.
San Francisco Mart looks forward to creating a new public space with diverse offerings for the community.
Contact: Katherine Higgins (415) 364-0000 higgins@barcoast.com
|
