Hayes Valley could see a Trader Joe’s, but the grocery company will first need an exemption from the neighborhood’s chain store ban, which could be a costly and lengthy process.

The proposed site for the store is 555 Fulton St., a long-delayed five-story condo building with ground-floor retail. Trader Joe’s, which has six stores in San Francisco, is expected to be the largest tenant in the retail space.

City planning codes for Hayes Valley do not allow chain stores. It’s one of three neighborhoods in San Francisco, along with North Beach and Chinatown, that have what’s known as a formula retail ban.

A proposal to grant the grocer an exemption to the ban is going before the Planning Commission on Oct. 17. If it passes, it goes to the Land Use Commission and then to the full Board of Supervisors for approval.

If approved, Trader Joe’s can then pursue the rest of the permitting process, which would entail applying for a conditional use permit and having a second go in front of the Planning Commission. Only then can the grocer set up shop.

“Realistically, it could take them 20 to 24 months,” said Shakirah Simley, legislative aide for District Five Supervisor Vallie Brown. “Our office is encouraged, and we’ve asked them to do community outreach.”

Supervisor Brown said she’s been working several years to bring a fresh, affordable grocery store to Hayes Valley and the Fillmore. Her predecessor as supervisor, London Breed, now mayor, had sought to lure Portland, Ore. grocery New Seasons to the building, but it cancelled its lease in 2018, citing construction delays and other obstacles.

“Though 555 Fulton development has had its stops and starts, I’m looking forward to exploring the potential of Trader Joe’s joining our community,” Brown said.

The 555 Fulton project is being built by Chinese real estate developer Z&L Properties, which went on a buying spree in 2014 and 2015, picking up a dozen sites in the Bay Area and Los Angeles.

While the Fulton project is under construction, the other projects haven’t materialized, with some put off track by lawsuits, building code violations and increasing costs.

“With any new location, it’s about the right timing and fit, but nothing is confirmed at the moment,” said Kenya Friend-Daniel, a spokeswoman for Trader Joe’s.

Brown plans to hold an informational community meeting about the proposed grocery store at 5:30 p.m. Wednesday at the African Art and Culture Complex at 762 Fulton St.

Shwanika Narayan is a San Francisco Chronicle staff writer. Email: shwanika.narayan@sfchronicle.com Twitter: @shwanika