If you’re involved in the startup world in San Francisco you’ve likely been to the Creamery on Townsend and 4th street. It’s iconic, even if only recently so.
In 2012 I wrote about the Creamery in a post talking about the shift in startups from the Palo Alto area to San Francisco, noting that “CrunchFund has probably closed (meaning the verbal agreement part) more deals there than anywhere else.”
Other press cemented the cafe’s reputation as the place to do business. Today there are probably at least a handful of startup meetings going on there at any given time – interviews, investment pitches, or just friends trading ideas.
Even this morning I ran into two people I know there. And a third saw me but I missed him.
Which is why I’m sad to say that from what I hear, the Creamery won’t be around that much longer.
The problem is the value of the real estate it’s sitting on. The cafe is a one story building sitting among much larger buildings.
CrunchFund recently bought a condo nearby as an office. In the disclosures of the building was a note that the land the Creamery was sitting on was being purchased.
I did a little digging – this is what I’ve heard: A group of investors have purchased the entire block, for hundreds of millions of dollars, and will be tearing all the buildings down and putting up a massive 20 story condo complex.
Good news for people looking for housing in the area. Bad news for those of us that like to hang out at the Creamery.
Update: Yup.
Uncrunched 