When San Francisco lawmakers revealed a controversial redevelopment effort in the blighted Mid-Market neighborhood, Supervisor Jane Kim promised economic development and jobs. And now, it looks like the plan is working.

On Tuesday, audio giant Dolby Laboratories announced it would be moving its headquarters from the ritzy SOMA neighborhood to the heart of Mid-Market.

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According to a press release, the 354,000-square-foot building is at 1275 Market Street near the intersection of 9th Street.

"San Francisco-based Dolby is an important employer and business leader here in the innovation capital of the world, and we appreciate the company's continued commitment to job creation in our city," said Mayor Ed Lee in the release.

"Companies like Dolby are transforming the Central Market neighborhood into a vibrant hub for entertainment, culture and innovation and are proving that our economic strategy for companies to start here, grow here and stay here is working," he continued.

According to the San Francisco Chronicle, the purchase price for the new building was $110 million.

Dolby is certainly in good company: the building is just a few hundred feet from Twitter's recently unveiled new headquarters.

Earlier this month, Twitter opened the doors to its new HQ, revealing a rooftop garden, a Skee Ball arcade and a micro health kitchen. Will Dolby house the same luxe trappings? We can't wait to find out.

Check out our slideshow below for a few other thriving Mid-Market businesses and destinations:

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  • The Orpheum

  • Dottie's True Blue Cafe

  • Huckleberry Cycles

  • Gray Area Foundation For The Arts

  • Twitter

  • Black Rock Arts Foundation