Cypress Set to Break Ground in September on Gensler-Designed Market Street Place
- Jun 05, 2014
Redevelopment is sometimes the best chance a forgotten city block has at resurgence. That’s exactly what Cypress Equities has planned for its Mid-Market San Francisco project, located on Market Street between 5th and 6th. Cypress recently announced that it has decided that it will hold an official ground breaking for the $150-million development project this September.
Market Street Place, as it will be known, is a 250,000-square-foot retail project that, when completed, will also offer 167 underground parking spaces. Although no leasing deals have been announced for the project, which is due to complete in the fall of 2016, the developer is betting that the multi-level retail center will refresh and breathe new life to a site that has been occupied by an abandoned lot in the Mid-Market area, part of a general revival that the area has seen recently. According to a press statement issued by Cypress, Market Street Place will offer around 270 feet of frontage, 15 to 18-foot high ceilings, and floor plates that offer up as much as 40,000 square feet of retail space.
According to Cypress CEO, Chris Maguire, the company is “pleased to have the opportunity to develop this iconic, flagship retail destination, that will attract more shoppers , and enhance the Mid-Market Street corridor.”
Architecture firm Gensler provided the designs for the modernistic building that will feature an exterior façade combining layers of clear and translucent glass with mirror patterning that capture frames of the nearby streetscape, while also allowing small glimpses of the facility’s interior. SRS Real Estate Partners has been tasked by Cypress Equities to handle retail leasing for Market Street Place. The new tenants will be announced as the development process goes on, a press statement shows.
Image courtesy of gensler.com