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An Urban Resurgence Driven by Tweets
Twitter took a gamble on the middle stretch of Market Street (Mid-Market) in San Francisco when it decided to forgo the suburban campuses favored by its tech brethren to make its headquarters in the stubbornly seedy area in 2011. That gamble seems to be paying off for the company and the city.
"Now 15 other companies, like Spotify, Square and Yammer, emboldened by Twitter’s move and a city tax incentive that largely exempts them from city payroll taxes if they relocate to the Mid-Market, have committed to take 1.3 million square feet in the area, which the city has renamed Central Market," reports Kristina Shevory. "Apartment towers with 5,500 units are in the works, and arts groups, chefs, retailers and even a venture capital firm have taken up residence."
“You had a once vacant and blighted area that is now a gravitational center for some of the most innovative companies in the world,” said Todd Rufo, director of the San Francisco Office of Economic and Workforce Development.