Update: We just received word from Paul Bragiel, co-founder of I/O ventures, who clarified a couple points.

“We at I/O own the building. The Summit was simply our coffee shop vendor. They weren’t able to pay the market rate for rent, so we’re going to have a new vendor in going forward. The incubator is definitely still open and will be having the next group of companies in the new year. ”

According to its website, the Summit, 780 Valencia, will close in January.

From the website:

So long, farewell, it’s time to say good bye.

After a year and half, THE SUMMIT SF will close it’s operations at 780 Valencia to re-open at a soon to be determined location. During this time, we’ve received press and accolades from Food and Wine to Business Week, created a community of entrepreneurs/digital thinkers/and creative like minds, helped launch many start-ups, hosted several culinary pop-ups, produced buzz worthy art shows, and threw some legendary parties. We could not have achieved such accomplishments without our amazing community of managers, staff, and of course, our patrons. We are proud of our time at 780 Valencia, and excited to take The Summit to the next level: a social enterprise spreading entrepreneurship and innovation around the world.

We are thankful for the opportunity to launch The Summit SF at IO Ventures and we wish them the best of luck on their future endeavors. We are hopeful the next tenants of 780 Valencia will carry on our spirit and become an asset to the vibrant Mission community.

Our doors are scheduled to close on 1/28/2012. Until then, we invite you to our NYE party – CLUB NOUVEAU NYE 2012 the first of many closing events celebrating the relationships and community we’ve formed while at 780 Valencia.

The Summit SF is actively seeking new opportunities and partnerships that align with our values. Follow us @thesummitsf or thesummit-sf.com as we document the launch of The Summit 2.0…

We will update this story when we get more information.

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Rigoberto Hernandez

Rigoberto Hernandez is a journalism student at San Francisco State University. He has interned at The Oregonian and The Orange County Register, but prefers to report on the Mission District. In his spare time he can be found riding his bike around the city, going to Giants games and admiring the Stable building.

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  1. I paid $5.35 for a medium mocha at this place and they don’t even use organic milk! Ritual has their medium mocha with organic milk priced@ $3.65. DUH!

  2. I overheard one of the staff saying that both Starbucks and La Boulange are bidding on the space. Those do not sound like amazing pop-up ventures. Yuck.

    1. hahah Starbucks and La Boulange ! let’s see if the progressive protestors come out to throw rocks through their window like they did with American Apparel !

      NO CHAIN STORES IN THE MISSION (except for Burger King, McDonalds, and GameStop of course)

      lolz !

  3. I actually like the Summit – it has good coffee and edible food. So, Ashwin, I don’t care about the partners@ 780 crap. If you wanted to create a good space, keep rent at an acceptable level to keep the Summit open. Otherwise, I wish you and your partners would go elsewhere.

  4. I’ve seen lots of great cafes close because people show up, buy one cup of coffee, and sit there an use the wi-fi all day long. Can’t sustain a business that way.

  5. I heard that The Summit foolishly only had a 1 year lease. They paid to put in a lot of the restaurant infrastructure and the change of use permits, etc, but the landlord jacked the rent up significantly higher then it was for that one year lease.

    Interesting to see the summit making nice noises towards the building owners in public, and the owners condescendingly stating “They were just our coffee vendors.”

    1. I sorta doubt this. The Summit folks clearly have common sense – nobody with common sense does a ton of TI on their dime unless they think they can make it back. Which they likely can’t in a year.

      If they had a year lease, it’s because IO paid for the TI and told them that was the deal – 1 year and we re-evaluate. So they re-evaluated. And things change.

  6. This is hard to believe.

    The Summit is always full of people, the employees and management work hard, and they have a good product. What does it take to sustain a business on Valencia Street?

    Best of luck to everyone involved.

  7. Sad to see the Summit go, but we are excited to see where they pop up. We will be launching a new cafe service at 780 in the coming weeks! Stay tuned….
    – the partners @ 780 valencia

    1. The Summit is working closely with IO Ventures to fill the space with some amazing pop-ups concepts. Keep your ear to the ground as we release a slew of events and pop-ups to mark the new year and beyond

      IO gave us and dozens companies amazing opportunities to live the dream and IO will continue to do so!