San Francisco native and venture capitalist Neil Mehta has committed $100 million to a nonprofit organization focused on the revitalization of the Upper Fillmore Street commercial corridor.
Mehta, founder of Greenoaks Capital, is the sole backer of the Upper Fillmore Revitalization Project, a revitalization fund that has already purchased the historic Clay Theater, an adjacent building, and several other properties on Fillmore Street this year. The goal of the project is to reverse the neighborhood’s decline by purchasing and restoring properties and offering below-market leases. Mehta’s stake in the project has been donated to a nonprofit foundation that will be the ultimate beneficiary of any returns generated by the investment.
“The pandemic knocked San Francisco down. The city is still trying to get back up,” said Mehta. “Fillmore Street is one of the best streets in our world class city, but dozens of my friends have left because of everything from crime and regulation to impossible rents. The street needs our love, attention, and energy to rejuvenate and revitalize it, and I want to make that happen.”…