The strange story behind 780 Valencia St., formerly the Summit, has taken another twist.
To recap: the Summit left the space in January after a year and half because its owners couldn’t afford the new market rate. Then Jose Ramos, a longtime Mission resident, was given the space, which he renamed 780 Cafe. Many saw the cafe as a placeholder for something bigger — an enterprise that could pay the increasingly expensive rental rates on Valencia Street.
Kevin Montgomery of Uptown Almanac has been doing some leg work, and he uncovered the rental flyer for the building. We had previously heard that the owner, I/O Ventures, was testing the “high-end” market, and the flyer pretty much confirms it:
“$30k/month NNN in rent plus $2,300/month in estimated NNN expenses.”
That’s $79 per square foot per year for the 4,510-square-foot space, or about $6.60 per square foot per month. Merchants have told us that Valencia was already on the high end with $4 to $5 a square foot per month.
We went on loopnet to try to find something comparable, and nothing even came close. Now keep in mind that this space has the entitlements to be a full-service restaurant and is a class A building.
Here are some listings from loopnet:
820 Valencia: $36 a square foot per year.
1429 Valencia: $42 a square foot per year.
What restaurant/cafe can pay $30,000 a month?
The Valencia Corridor Merchants Association is concerned that someone with deep pockets will be able to pay the rent and raise their own. They will hold a meeting on March 5 to discuss the issue. Remember American Apparel?
This is beyond stupid. Hellooo Oakland. I’ll just learn to dodge bullets with the best of them.
People like Adriano Paganini will pay that much money for rent just to screw everyone else who try to make the living. he already agreed to pay 20 K a month for Medjool so another 10 k will be nothing for him just so he can control every corner in San Francisco. The Mission and Vallencia are changing dramaticly and I won’t be surprise to see Starbacks and other big corporations taking over the neighborhood.
This is really disturbing…Of course I don’t have any real estate expertise. But everyone in the neighborhood (and the Bay Area for that matter) can see business rental prices and apartment prices skyrocketing….too many people being pushed out and displaced.
We need to work together and with our city officials to ensure that our communities remain affordable.
This is really disturbing…Of course I don’t have any real estate expertise. But everyone in the neighborhood (and the Bay Area for that matter) is can see business rental prices and apartment prices skyrocketing….too many people being pushed out and displaced.
We need to work together and with our city officials to ensure that our communities remain affordable.
We already have one too many boutique neighborhoods in San Francisco. Do we really need another one? Greed is changing the look and feel of the Mission.