San Francisco native and venture capitalist Neil Mehta has pledged $100 million to a nonprofit organization dedicated to revitalizing the Upper Fillmore Street commercial corridor.
Mehta, the founder of Greenoaks Capital, is the sole financier behind the Upper Fillmore Revitalization Project, a fund aimed at reversing the decline of the neighborhood by purchasing and restoring properties, as well as offering below-market leases.
The project has already acquired the historic Clay Theater, an adjacent building, and several other properties on Fillmore Street this year.
Mehta has donated his stake in the initiative to a nonprofit foundation, which will benefit from any returns.
“The pandemic hit San Francisco hard, and the city is still recovering,” Mehta said.
“Fillmore Street is one of the finest streets in our world-class city, but many of my friends have left due to issues like crime, regulation, and unaffordable rents.
The street needs our care, focus, and energy to bring it back to life, and I’m committed to making that happen.”