San Francisco is headed south!
Downtown San Francisco is facing a southward shift. J.K. Dineen reports in the San Francisco Business Times that the city’s traditional financial district may be staying put, but brokers and developers alike are seeing tenant demand jump over Market Street and head toward Mission Street in the South of Market district.
Dineen asserts that “Mission Street is on fire” with an eclectic mix of office, residential, and cultural development afoot. Major recent projects include Millennium Partners’ condo tower, which offers 419 residential units (with $12 million penthouses among them) as well as a Michael Minna restaurant. Both Tishman Speyer and Beacon Capital Partners have capitalized on Mission Street land to build office towers; Tishman Speyer’s is under construction, while Beacon Capital is set to begin construction.
“Over the last five years the image of Mission Street has changed,” Jones Lang LaSalle managing director Christopher Roeder told Dineen. “There is not a big company out there that is not considering South of Market.”
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