Mid-Market’s newest condo project is actively selling units at a price point not common for new condos in San Francisco. Encore Capital Management's Studio 1075 has studios starting in the mid-$500Ks. Average home prices citywide are currently $1.2M. Level Four Advisors is marketing homes in the 90-unit, eight-story building at 1075 Market St.
The homes have been particularly attractive to first-time homebuyers and millennials. Buyers have included young biotech professionals who may have a primary home in the South Bay and need a second home in the city, Skees said. Baby boomers also have expressed interest as part of downsizing from a bigger home. Units range from 400 SF to 1,100 SF.
The community includes one-bedroom units starting around mid-$600K and two-bedroom units starting at $1M. Level Four Advisors has sold 10% of the condos since October, according to Skees. The project is expected to be completed in February.
The building on Market Street is close to major employers, restaurants, theaters, museums, shopping and a farmers market in the Civic Center Plaza, according to Skees. Studio 1075 also is across the street from the recently opened Proper Hotel, which will offer discounted room rates to residents with guests, Skees said. The hotel's rooftop lounge, Charmaine's, also is available to the public.
The location allows for car-less living and has a walk score of 99, bike score of 99 and transit score of 100.
“Its central location makes it ideal to live, work and play,” Level Four Advisors principal Michelle Antic said.
Stage 1075 derives its name from its history as a former theater. It was called Grauman’s Imperial Theater in 1912, and was later Premiere Theater in 1929 and United Artists Theater in 1931. In 1972, it became Market Street Cinema, a dancing venue, until it closed in 2013.
The complex will have a restored original stained-glass window, which will be incorporated into the lobby design. The modern facade of the building displays a large-scale public art piece designed by San Francisco-based blacksmith artist Daniel Hopper. The art consists of forged hollow steel rings with bright round lights to symbolize theater marquee lights. Gizmo Art Production Inc. assisted with the fabrication and installed the piece, which runs vertically from the fourth to the eighth floor.
Amenities include a lobby attendant, a virtual doorman, Luxer One package lockers, a rooftop deck with barbecue, lounge seating and fire pits, a dog run and dog washing station, a landscaped courtyard, 8K SF of ground-floor retail, and bike storage and maintenance. The building also offers underground parking and some interior units include balconies.
Stage 1075 was designed by architect Levy Design Partners with the landscape designed by Chris Ford Landscape Architecture. The contractor is Build Group.
