New Homes in San Francisco – Residential Homes (Under Construction) – 8/28
55 Ninth St.
AVA is a new living space in the energy of Mid Market – where bars and clubs converge with the opera and food trucks, where sushi meets pizza and music collides with performing arts. Oh yeah, and we’re just steps away from all modes of transportation including BART and the Facebook and Google shuttles. At AVA 55 Ninth, open-concept studio, 1 & 2 bedroom apartments feature urban inspired design that extends beyond your walls to social spaces to connect, chill and play. There’s the Lounge that spills out onto a huge terrace with flat screens, grills, outdoor dining, work pods, and lots of comfy seating for hanging out with friends. We’re smoke free. Eco friendly. And pet friendly too (even big dogs). Plus the awesome fitness center, DIY work space and a bike shop with storage will make you want to dive in and make it yours.
AvalonBay has completed its acquisition of 55 Ninth St., and will start construction in July on a $125 million development that will add 273 apartments to the rapidly growing neighborhood.
The project, right across the street from the new Twitter headquarters at 1355 Market St., will be different than AvalonBay’s Mission Bay projects in that it will be an AVA community, a new brand the company started to appeal to the sort of Gen Y renters who populate the offices of Twitter and other growing San Francisco tech companies. The AVA model draws on the flexibility and social interaction popular in the workplaces of social media technology companies.
“The common spaces will be designed to feel more open and flexible with communal tables, a range of seating areas, video, WiFi, and plenty of charging outlets, to encourage a sense of connectedness,” said Meg Spriggs, vice president for development for AvalonBay Communities. “We took a lot of inspiration for our common areas out of co-working spaces and coffee shops.”
While the apartments will be smaller than is typical in AvalonBay projects, they will include an abnormally high percentage of two-bedroom units, Spriggs said. About 60 percent of the apartments will have two bedrooms, which is meant to cater to young professionals wishing to live with roommates.
AvalonBay put the property in contract in June of 2011. While the company would not comment on the price, market sources put it at about $20 million, or about $73,000 per buildable unit. Based on recent land sales values have jumped more than 20 percent since seller Macquarie Bank agreed to the deal with AvalonBay.