SAN FRANCISCO, CA. (July 10, 2012) — AvalonBay Communities, a NYSE-listed real estate investment trust (REIT), today hosted a ground breaking ceremony for its newest San Francisco apartment community, AVA at 55 Ninth. The community is AvalonBay’s seventh in the San Francisco metropolitan area and its sixty-seventh in California. It is also the State’s fourth AVA branded community, designed to attract Gen Y renters. AvalonBay’s first AVA community in San Francisco, AVA at Nob Hill, the redevelopment of an existing AvalonBay community, was opened July 2011.
An enthusiastic crowd of over sixty attended the ceremony and reception, which was held at the site of the new development in the heart of the increasingly popular Central Market neighborhood. Mayor Edwin Lee and AvalonBay executives, led by Meg Spriggs, Vice President for Development, addressed the gathering, pointing to the future community as the latest addition to one of the City’s fastest growing and newest “hot spots.”
“The Central Market area is one of the most centrally located and accessible neighborhoods in San Francisco, said AvalonBay’s Meg Spriggs. The area’s proximity to downtown, the Civic Center/Hayes Valley district, the Mission and the Castro make it ideal not to mention easily accessible by foot, bike, or public transit. The City’s introduction of the payroll tax elimination, the focus on attracting arts and cultural organizations, small and large businesses and generally good public policy and programs have created a meaningful conduit for innovation and value creation.”
San Francisco’s Mayor Ed Lee, said, “I am thrilled that Avalon Bay’s project is coming on line, because what better way to create a vibrant, 24/7 neighborhood than to create new housing opportunities right where we are creating thousands of new jobs. Our goal is to revitalize and stabilize Central Market by bringing in jobs, retail, arts and entertainment, and housing. Avalon Bay’s project is the most recent addition to this mix.”
AVA at 55 Ninth is a 273 unit high rise community with sixteen (16) floors of apartment homes over approximately 5,000 square feet of ground floor retail. Many of the apartment homes are designed to easily accommodate roommate shares, appealing to Gen Y renters who are showing strong interest in the Central Market neighborhood. AVA at 55 Ninth will have a mix of two bedroom, one bedroom and studio units. The community will have an array of amenities, including a 3,320 square foot, state-of-the-art fitness center, the “Loft,” which is an open-style lobby that is a community anchor offering an informal, social setting that fosters interaction, and a separate “chill lounge.” Approximately 10,000 square feet of beautifully landscaped courtyard open space will include an outdoor movie screen and numerous places to relax with friends, all with the goal of enhancing the ease of social interaction among residents. There will also be over one-hundred secure ground level bicycle parking stalls, a bike repair room, a pet wash station, and a dog run.
AVA at 55 Ninth will also be a remarkable venue for public art. AvalonBay has partnered with The Black Rock Arts Foundation, a neighborhood arts organization that sponsors the popular annual Burning Man exhibition. The Foundation, which will serve as AVA at 55 Ninth’s art consultant, advised on the selection of an artist to design an “art canopy” for the community. The concept, which is inspired by local history, will be abstract and bold, in the spirit of the AVA brand.
Apart from the unique elements of the emerging Central Market neighborhood, AVA at 55 Ninth residents will also enjoy the community’s close proximity to downtown, the Civic Center, Hayes Valley, the Mission, and the Castro. This central location brings the shopping, nightlife, dining and convenience to work of all of these areas right to the doorstep of AVA at 55 Ninth.
The construction of AVA at 55 Ninth is expected to be completed July 2014, with occupancy to follow immediately.
About AvalonBay Communities, Inc.
AvalonBay Communities, Inc. is a real estate investment trust (a “REIT”) focused on developing, redeveloping, acquiring and managing high-quality apartment communities in high barrier-to-entry markets of the United States. These markets are in the Northeast, Mid-Atlantic, Pacific Northwest, Northern California and Southern California. As of March 31, 2012, the Company owned or held a direct or indirect ownership interest in 199 apartment communities containing 59,090 apartment homes in ten states and the District of Columbia, of which 20 communities were under construction and 10 communities were under renovation.