Elbo Room Granted Legacy Business Status, Relocation Still TBD
Valencia Street watering hole and live music venue the Elbo Room has been through ups and downs the past few years with lease terminations and extensions, but recently it was designated as a legacy business by the city of San Francisco. Despite the newly obtained status, the Elbo Room’s lease still expires on January 1, 2018, and the bar owners still plan to move because the owners of the building are developing housing on the current site.
By gaining legacy status, the Elbo Room can enjoy monetary benefits and could make it an attractive business to prospective real estate owners. The city’s legacy business program offers financial incentives to protect companies that have a significant standing and cultural impact in the communities they serve. Approved businesses are eligible for a city grant of $500 for each full-time employee (up to 100 employees), each year for up to $50,000 annually. Landlords who provide at least a 10-year lease to legacy businesses also qualify for a grant of up to $22,500 annually, or $4.50 per square foot of leased space (up to 5,000 square feet).
Elbo Room owner Matt Shapiro, who we spoke to earlier this year, said that he believes that the bar will find a Mission district landlord willing to take them in, even though commercial rents are currently very high.
It was back in 2014 that we first heard about the pending fate of the Elbo Room. In April 2015, the issue was further confirmed with details of the condominium plans. Fortunately, in September 2015, the Elbo Room celebrated a temporary extension on its lease.
We’ll keep you posted on updates as we hear them. In the meantime, get over there for happy hour. Self-proclaimed as “San Francisco’s Longest Happy Hour,” every day from 5-9pm, you can get $2 draft pints and a $1 off all other drinks. That’s pretty damn good.
Check out the Elbo Room’s Facebook page for more information.