Following a year of uncertainty after the building's owners announced plans to develop the site, Elbo Room co-owner Matt Shapiro announced today that his bar and entertainment venue will remain at its current location until January 2019.
Via email, Shapiro told Hoodline that that he and business partner, Erik Cantu have extended their lease and plan on making several changes to the bar's interior. He wouldn't specify what's in store, but said he's excited for the future of the business.
For months, the Mission staple needed to find a new home because building owners Susan and Dennis Ring were planning on building condos on the property.
According to the latest planning documents, the existing two-story corner building would get three additional floors. After completion, the top four floors of the proposed five-story development would be used for residential housing.
Shapiro and Cantu set out to find a new place for their business and initially landed on a space just down the street at 1153 Valencia Street. It was put on the market through a Craigslist ad in January of this year, according to Mission Local.
"We got pretty far with it actually. But the further we went with it, the more outrageously expensive it became," said Shapiro. "This lease extension could not have come at a better time."
When we asked if he knew what would happen with the building plans, he said "Dennis and Susan [Ring] are still working towards their condo project, however, as far as we know, they have yet to acquire the building permit."
"They decided to offer us another year, since that will be mutually beneficial to both parties," added Shapiro.
We reached out to the Rings to get additional information on the proposed development, but didn't hear back before press time.
Never miss a story.
Subscribe today to get Hoodline delivered straight to your inbox.