As we first reported in 2010, the plans to rehabilitate the Joseph D. Grant Building at 1095 Market Street and convert the eight-story building from office use to a hotel/hostel with 94 rooms, a 2,500 square foot ground floor restaurant, a 3,500 square foot nightclub and two rooftop terraces totaling 8,500 square feet were making their way through Planning.
Approved for development in October of 2010 with a three year window get going or lose their entitlements to develop, the project has yet to get started. From the project sponsor’s counsel:
“Implementation of the project has been delayed for two primary reasons. First, the economic downturn in 2009 made construction financing difficult to obtain. This was particularly true for the project sponsor 1095 Market Street Associates, which is a family-owned and operated company based in San Francisco. Second, the costs of implementing the project were more significant than previously anticipated. The task of thoughtfully rehabilitating a historic building presents certain unique uncertainties and challenges that reveal themselves as the project moves closer to construction. Our client believes that they are now in a position to move forward with the project and respectfully request the Planning Commission’s support.”
Next week, we expect San Francisco’s Planning Commission to extend the project’s window to get started, clearing the way for the development of 1095 Market at the corner of 7th to proceed.
Looks great to me. Another piece of the puzzle being filled in.
How does the Market Street Cinema stay in business?
Nevermind – The Market Street Cinema apparently closed in Feb. this year. Commence the steam cleaning!
Mid-Market. About time attention is focused on creating a quality mix of commercial and residential in this area. There is so much potential to create a stellar theater/arts district that would put other cities to shame.
I remember first coming to SF in 1998 and was told by everyone to avoid the area west of 5th and Market. Boy were they right.
Before they steam clean the old Market Street Cinema, let’s do DNA testing of the back rooms and publish a LONG list of all the Politicians who ever left their mark there.
And what does DNA testing have to do with a San Francisco real estate site? I couldn’t care less.
From the pictures, the new parapet on the building actually looks better than the existing, which deserves a kudo to the developer. It looks like a nice renovation.
Oh, Jackson. Jeremy was just being snarky. Cut him some slack.
I agree about the parapet. Some interesting ornamentation.
Love the ground floor.
On a lot of these older buildings, the original parapet was the first thing to be stripped in the name of easier maintenance/safety. Then the ground floor ornamentation disappeared as commercial tenants began demanding “modern” storefronts. The proposed changes seem to be mainly restoration of those missing elements. The same thing happened with the Flood Building, now faithfully restored:
http://i254.photobucket.com/albums/hh97/tahoe27/ZodiacSFWoolworths_zps18bcdf62.png