San Francisco Is Revitalizing Downtown with Free Rent For Businesses
San Francisco is doing something that’s going to shock you. They are offering free rent to businesses as part of an initiative to help revitalize the downtown area, which has been left with empty storefronts post-pandemic. The program is bigger than just free rent. It’s about listening to the community and providing them with the resources they need to thrive.
Across San Francisco, the downtown area has the highest concentration of vacant storefronts. Historically, rent has been higher than a giraffe in downtown San Francisco. Yet after COVID-19 started, things changed. Businesses left, downtown became a different place and the spaces slowly were left vacant. Now, the city is trying to do something about it. That is how Vacant to Vibrant came to life. It’s a joint effort between SF New Deal and the San Francisco Office of Economic and Workforce Development.
Initially, around 850 entrepreneurs applied for the program. Out of 850 businesses, just 17 were chosen to occupy 9 spaces last fall. 7 of those extended their leases and are now paying rent, which is one goal of the program. The city believes that this will help regenerate foot traffic in the downtown area. 11 new businesses were selected in May and started operating their storefronts this summer.
So how does the program work? The city and business leaders will provide businesses free rent for up to 6 months. That’s not all though. They will also provide other funding to help cover business expenses, as well as incentives like assisting a business in setting up their permit. Initially, the businesses that are chosen are given 3 months rent for free, with the possibility of another 3 free months. The program provides up to $12,000 to also help cover insurance and other expenses. Utilities and tenant improvements are part of those expenses covered under the program.
“Vacant to Vibrant supports small businesses, artists and cultural organization to activate previously vacant storefronts in downtown San Francisco.”
The program is possible thanks to real estate partners and other sponsors. $1 million was contributed to the program thanks to Wells Fargo, which the goal of helping the businesses execute permanent leases.
If you happen to be in downtown San Francisco and need some coffee? Check out Paper Son Coffee. Need some flowers for your loved ones? Check out SAINTFLORA. You can find a list of all popups participating in the Vacant to Vibrant program on their website. There is also a downloadable map that you can take with you.