Central Market Partnership, May 2011 - Office of Economic and ...

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Central Market Partnership, May 2011 - Office of Economic and ...

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Neighborhood Challenges Empty & underutilized large buildings Poor building condition; little “leasable” space Lack of retail/services/jobs for neighborhood Relatively high retail rents for what you get Need more than arts groups to revitalize area Open spaces and sidewalks populated by “badbehaviors” rather than positive activity/foot traffic


Vacancy DataCOMPARATIVE COMMERCIALDISTRICT VACANCY RATESCentral Market 31% Informal count yields approx390,000 SF of vacant storefrontand upper-floor office spaceCompare with Third Street/Bayview 24.5% Leland Ave./Vis Valley 10.2% Mission Street/Excelsior 9.8% Taraval 9.1%OFFICEVACANCY In 4 large buildings on CentralMarket, there is approximately1.5 million sq/ft of vacant orsoon to be vacant office space. Office vacancy rate is 51%,compared to citywide rate of15% Leasing up just 25% of thisspace would result in anestimated 1,500 new jobs inthe Central Market.


A Burgeoning Arts District


Pipeline Development ProjectsAnd Coming Soon: Twitter, Black Rock/BurningMan, Pearl’s Deluxe Burgers, CVS


The Arts Commission’sARTery ProjectActivating the streetthrough art:UN Plaza Art Market and Offthe Grid Food Trucks“Lights on Market Street”Art in StorefrontsBurning Man Sculptures


Tools/Incentives for Revitalization Cultural District Loan Fund Possible Tax IncrementFinancing Other existing tax incentives Grant funding Technical assistance tobusiness and arts groups Zoning to incentivize certainissues Payroll Tax Exclusion


Why Twitter Matters to Central Market Sends a signal of neighborhoodtransformation Leads to increased retail, services, andentertainment Other social media companies will co-locate Twitter will help designate unique niche forthe area Company will engage meaningfully with theCity and the neighborhood


Twitter’s s Economic Impact Jobs – Estimate up to 2,600 in6 years Year 7 Payroll tax revenue -$4 million Tax revenue - $9.7 million in6 years Spin-off jobs – up to 3,700 in6 years Spin-off tax revenue - $1.6million in just one year


Central Market Economic Strategy A thorough community planning process to prioritize theactivities, programs, and policies that will transformCentral Market Create a framework for Public Sector activities, private &philanthropic investment, and non-profit organizations Includes: Background Research, Mapping, Case Studies,Community Engagement, Public Meetings and Workshops Broad partnership of staff and volunteers, including nonprofitorganizations, business leaders, public agencies, and anexpert consultant team Rollout of Economic Strategy in Summer 2011

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