SAN FRANCISCO—Kilroy Realty Corp., which just last week purchased the property where the San Francisco Flower Mart is located, says it will incorporate the market into its development plans there.
Last week Kilroy announced that it had reached a deal to acquire the shares of the San Francisco Flower Growers Association, which owns part of the site. Kilroy will pay $27 million in stock and cash for that acquisition. Plans call for the SOMA site to be developed with two mid-rise buildings totaling 655,000 square feet. But the Flower Market will stay, chairman and CEO John Kilroy told the San Francisco Chronicle.
"The Flower Mart has been a part of the fabric of the community at this location for more than 60 years—and who doesn't love flowers?" Kilroy said. "Our first charge to (architect) SOM was first, let's find a way to make this project work economically and second, let's preserve the Flower Mart for the long term."
The paper noted that San Francisco Flower Mart is the second-largest market of its kind in the United States. According to the article, the property owned by the California Flower Market is not included in the sale agreement with Kilroy, but a separate deal is possible.
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