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Mid-Market: OK, What's Going On Here?

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A Curbed SF reader sent us the photo above, asking:

There has been some minor construction action at 1401 Market St. for the last 2 days. Seems like they're digging to locate buried pipes/electrical/??? something. Any ideas if they're finally moving toward constructing Crescent Heights?Meaning the big condo project designed by Heller Manus Architects planned for this blockfront of Tenth Street between Market and Mission Streets. The folks at Crescent Heights did not respond to our email yesterday, but hey, they're busy. Meanwhile, it's entirely possible the work is related to an upgrade of the parking lot. Or an EIR? The lot, which is recorded at 1411 Market Street, last changed hands in March, 2006 for $25,000,000, is directly across Tenth Street from the new Twitter headquarters. After the jump, what might have been. If you've got intel on this long-empty lot let us know in the comments.

1401 Market Street rendering c.2007 [Credit: Heller Manus Architects]

Meanwhile, at Ninth Street, the California State Compensation Insurance Fund shed themselves of their 17-story 1275 Market Street in exchange for $48,000,000. From the Wall Street Journal (from behind a subscription wall):

We wanted to take advantage of the market in San Francisco right now," said Denise Burian, the fund's real-estate manager. "The Twitter deal in midmarket San Francisco has positively [affected] the areaThe purchaser is said to be the privately-held TMG Group, presumably seeing the potential in luring start-up or growing tech tenants to the building with the Mid-Market tax breaks.
[Update: And not a moment too soon- as per the SF Business Journal, it looks like the project's been revived as rental units and designed by Handel Architects. Our thanks to guest commenter #1.]

[Curbed SF]