Flax Art & Design is an art supply store in the mid-Market area. They've been around since 1938 and have a glorious facade-type thing on the front of the building. The address is 1699 Market St.
In May 2014 rumors apparently abounded that the building would be replaced by condos. Indeed it will. The current building will be demolished and in its place will be: "a 9-story, 85-foot tall mixed use building with with 160 units, 123 parking spaces and 4,500 square feet of commercial space." [CurbedSF] The developer is Presidio Development Partners. According to the same CurbedSF article, the architect "is Solomon Cordwell Buenz, a Chicago-based firm best known locally for designing One Rincon Hill."
According to this Hoodline article, "The proposed project falls within the boundaries of the Market and Octavia Area Plan, a 2007 document detailing improvements and allocated funding for the Market Street corridor between Van Ness and Church. Some specific goals include making Market Street "a residential and retail spine," creating "a new residential center in SoMa West/South Van Ness area," and encouraging "high density housing and supporting uses close to the transit services on Van Ness and Market Streets.""