For the first time since Richard Nixon was president, one of the Embarcadero’s prime dining locations is available for lease and expected to undergo a complete overhaul — a sink-or-swim moment for the north waterfront dining scene.
A new restaurant at Pier 7, an “iconic” spot between the Ferry Building and the Exploratorium, could become the “big, fluffy tail” that wags the dog on the prominent promenade, said Catherine Meunier of real estate agency Maven, which is marketing the space for the Port of San Francisco.
“We’re not looking for someone who’s going to coast on the views,” Meunier said.
The views, it should be said, are spectacular, with a panorama of the bay and the ongoing development at Treasure Island and Yerba Buena Island front and center.
Pier 7 was home to The Waterfront Restaurant from 1969 until late last year (opens in new tab), when the operators placed a sign on the front door saying their days of selling sustainable seafood and Wagyu steaks were over.
Maven’s Santino DeRose, who is co-listing the space and had his engagement dinner at The Waterfront Restaurant, called the closure “bittersweet.” Operators Al and Cheryl Falchi “clearly loved their time at Pier 7, but also felt it was the right moment to step away,” he said. The Falchis declined to comment.
Since the closure at the end of December, restaurateurs have been inquiring to peek inside the nearly 10,000-square-foot property, which has two kitchens and room for 350 inside, plus a glassed-in patio, tented patio, and parking lot.
The glassed-in patio offers bay and people-watching views. | Source: Photo by Diane Bentley-Raymond
Some are experienced operators who have been waiting years for this generational opportunity, while others are up-and-comers seeking the chance to make their mark.
Since the restaurant is on land owned by the Port of San Francisco, any overhaul would require crews paid prevailing wages; Meunier estimates this would run $600 to $1,000 per square foot — upward of $9 million for the indoor space alone.
Old-school might be in again, but Meunier can’t imagine anything less than a complete gut job. “To be relevant again, this space needs someone to come in and really put in some elbow grease,” she said.
She is expecting official proposals from at least three groups, although a few others are planning repeat visits over the next few weeks with architects and equity partners in tow.
This week, one of the parties touring the space included Larry Mindel, former owner of Italian restaurant chain Il Fornaio and current owner of Poggio in Sausalito and Copita in Sausalito and San Jose. His entourage included his son, grandson, director of operations, and Anthony Fish of Arcanum Architecture.
“It’s got good bones, and I think the space was underutilized previously. We could make something really amazing,” said Fish, whose firm designed Little Original Joe’s, Angler, and Samovar Tea Bar, among other San Francisco spots.
At 88, Mindel chooses projects carefully, he said. He’d all but ruled out the idea of opening a new restaurant until his son mentioned Pier 7, just next door to one of first offices on the Embarcadero.
Mindel hasn’t decided on a concept, but he’s got a chef in mind who is an avid fisherman and seeking a spot to serve what he catches himself. Mindel imagines that the local seafood would share the menu with classically fancy imported fare, like Maine lobster.
“This is a really interesting challenge,” he said. “If it’s done right it could be the fabulous restaurant in the city.”
To be a success, the spot at the end of Broadway, between the Ferry Building and the Exploratorium, must attract tourists and locals. | Source: Photo by Diane Bentley-Raymond
His son Michael said it is time for the north waterfront to shine again, after focus has shifted south to the Dogpatch and Mission Rock. “From Fisherman’s Wharf basically to this spot has been fallow for a period of time, and the city is ready to have this premier part become what it used to be, which was a very vibrant part of the waterfront,” he said.
The Ferry Building has managed to navigate a turnaround since early 2021, when several spots shuttered during the pandemic. The hope for Pier 7 is that it can also manage to bring in a magic mix of tourists and locals.
The port has a tenant improvement budget, but that is focused on basic infrastructure, like maintenance of the pier itself. The restaurant lease would be long term — at least 10 years — and rent would be a combination of a base and a percentage of sales. But, as with everything in real estate, the terms are negotiable.
Interest has come entirely from local operators with visions that include seafood, Asian, Italian, or a steakhouse, all with dynamic new interiors that won’t detract from the water views.
“I can see it being a very cool spot — a party spot,” said Meunier. “We want this to be here another 50 years.”