New Residential Conversion Planned for 995 Market Street in San Francisco
Recent developments have emerged in the Mid-Market neighborhood of San Francisco, where Deep Ink Ventures, a venture capital firm based in Germany, has initiated plans for a conversion project at the Frontier Tower (formerly known as 995 Market Street). The project aims to revamp eight floors into co-living spaces, converting a portion of the building from commercial to residential use.
Project Overview
The proposed renovation will transform eight stories within the 16-story structure into eight individual co-living residences. Each unit will span an entire floor, comprising five bedrooms, a kitchen, dining area, living room, and various amenities.
Design and Specifications
The architectural firm responsible for this project is Creates Cool. Once completed, the renovated building will offer:
- Housing Space: 25,720 square feet
- Commercial Office Space: 61,820 square feet
- Parking: 4,800 square feet intended for a 16-car garage
995 Market Street floor plans, illustration by Creates Cool
Management and Resident Community Vision
The building will be overseen by Berlinhouse Society, a recently established entity under Deep Ink Ventures. The organization aims to cultivate a concept known as a “vertical village” within the Frontier Tower. This conceptual community aspires to function as a small democracy within the larger urban landscape, encouraging residents to engage as founding members or even ‘citizens’ of this space.
The initiative aligns with the principles of the Network State, a movement aimed at fostering decentralized communities, largely supported by libertarian thinkers in Silicon Valley.
Interior view of the office space at 995 Market Street, image via Frontier Tower
Historical Context
The building has a notable history, serving previously as the headquarters for the Burning Man organization and housing a WeWork space. The tower was auctioned last April for only $6.5 million after the previous owner, Bridgeton, defaulted on payments, a stark decline from the $62 million spent in 2016.
In early January, reports emerged of Deep Ink Ventures commencing the acquisition process at a price of $11 million, establishing new ownership.
Architectural Background
Originally constructed in 1908 and designed by the Reid Brothers, 995 Market Street has undergone numerous renovations, which have significantly altered its aesthetic over the years. A notable remodeling in 1963 included an annex and various alterations that have made the structure less recognizable compared to its original design.
Aerial view of 995 Market Street, image via Berlinhouse Society
Next Steps
As plans progress, details regarding the estimated cost and timeline for construction are still pending. The project promises to contribute to the ongoing renewal and diversification of living spaces in San Francisco, reflecting a growing interest in co-living arrangements.
