Golden Opportunity for SOMA Pilipinas
Juliana Yamada/Special to The Chronicle
Every other news report about San Francisco is about doom and gloom. It’s true that we have some major challenges facing us. Public safety is deteriorating, the fentanyl crisis is rampant, and the downtown economy is in a free fall.
“While the City by the Bay’s high cost of living is notorious for pushing out artists, it’s the very artists that have been driven out who could be the ones to help save it, with a crush of creative proposals—from pop-ups to Indian dancing nights—put forth to revitalize the city’s economic core.” - SF Standard, 05/22/23
I’m an internal optimist that the wealthiest, most innovative, and progressive city in America will eventually turn the corner. History has proven time and again that SF is a boom and bust city. Remember the great fires of 1906 that wiped out most of the city? Probably not because SF quickly rebuilt. Or how about the .com bust of late 90’s? That was temporary because a tsunami of new start-ups came to fill the void. Not even, the Great Recession of 2008 stopped SF housing prices from it’s meteoric rise.
Buy Low, Sell High.
It's a proven, age old strategy in investing. In the fluid world of real estate, the market follows a steady dance between fear and greed over time. It's during the moments of heightened caution or fear when the savy entrepreneurs recognize the prime chance to make their move, pluck valuable properties that were previously out of reach. With a ~30% vacancy rate there are opportunities abound. Our community no longer has to compete with well heeled start-ups for space.
“As the cultural district was coming to fruition, Danganan founded Kultivate Labs as a platform to support existing Filipino entrepreneurs and artists in the neighborhood, as well as cultivating or recruiting new ones to make a professional or even personal home in SOMA.” - NextCity, 04/25/23
Map showcasing SOMA Pilipinas anchors
Planting New Roots
With Team Sarap Shop at the helm of our SEED Network (a Kultivate Lab’s program dedicated to incubating small businesses) we’re confident that a new Filipino business renaissance is around the corner. We’ve mastered the art of creating pop-up spaces first with the UNDSCVRD Court, then Kapwa Gardens, and Balay Kreative and we’re ready to take this model of Filipino ingenuity and bayanihan to every empty and under-utilized space along Mission St to build our first commercial corridor for SOMA Pilpinas.
“The mission of the pilot pop-up is not only to uplift local artists but also to showcase how an urban retail space could be reimagined by creatives and reverse the proverbial doom loop.” - SF Standard, 06/10/23
Cementing Our Place In History
When historians look back at the role of Filipinos post-pandemic, they will undoubtedly recognize the profound transformation in the roles and contributions of Filipinos within the city. No longer limited to being viewed solely as caregivers and entertainers, Filipinos emerged as trailblazers and visionaries, playing a pivotal role in re-shaping and revitalizing the SF economy for the better.
“There’s a lot more in the works for SOMA Pilipinas, and it’s clear that they’ll be redefining the neighborhood as we know it for the sake of San Francisco itself.” – SFWeekly, 12/19/21
