Downtown SF gets $1 million from Wells Fargo in promising investment
The big picture: SF New Deals launched Vacant to Vibrant under former Mayor London Breed to populate empty storefronts with local vendors through pop-ups. The fact that they're now evolving into more permanent tenants is a promising sign for downtown recovery.
Long-term lease signees include Devil's Teeth Baking Co., art studio GCS Agency, Whack Donuts, KALW radio and West African restaurant Teranga.
The fine print: Wells Fargo's donation will be shared across La Cocina, Main Street Launch and the San Francisco Chamber of Commerce.
La Cocina's mission is to solve inequities in food business ownership by supplying affordable kitchen spaces and training to entrepreneurs, while Main Street Launch aims to create economic opportunity by giving entrepreneurs the capital, education and networks they need.
SF Chamber of Commerce has been around since the Gold Rush era and plays a crucial role incubating small businesses.
Catch up quick: Since its inception in March 2020, SF New Deal has supported over 1,900 small businesses in San Francisco with financial and technical assistance.
It launched Vacant to Vibrant in 2023 to address growing empty spaces downtown and has since helped open 18 storefronts across the Financial District, Yerba Buena and the East Cut.
11 of those businesses signed long-term leases with Wells Fargo's investment.
The program, which has helped food trucks like Al Pastor Papi commit to brick and mortar, is expected to successfully jump-start 21 storefront locations by the summer. Over 20 are slated to open on a rolling basis over the next year.
Between the lines: San Francisco's office vacancy rate dropped for the second consecutive quarter during the first three months of 2025, according to real estate firm CBRE.
What's next: A formal check presentation will take place downtown at 11am Wednesday. Small Business Fest, a community celebration that's part of SF Business Week, will be open to the public from 11:30am to 3pm.
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