San Francisco Mayor London Breed says the $260 million project has been years in the making.
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"Two years ago, we met with IKEA and pitched them on filling this space," tweeted Breed. "It's been a long road, but it's exciting that this long vacant location in Mid-Market will be coming to life."
IKEA hopes to open the new store next fall.
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"The company will transform and redesign the 6X6 building at 945 Market Street into a new retail destination that's anchored by IKEA and complemented with mixed-use offerings that are uniquely suited for San Franciscans and their lifestyle," IKEA said in a statement.
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The San Francisco location will be different from other IKEA's. It will be about 20 percent of the size of the company's typical stores, according to the San Francisco Chronicle.
Mayor Breed says the new store will create more jobs, and offer a great new shopping experience for San Francisco residents.
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"We greatly appreciate all the work that Ingka Centres and IKEA have put in with our office to help make this a reality, and we look forward to celebrating when they settle in their new home," said Breed in a statement.