Neil Mehta, the venture capitalist known for purchasing the former Clay Theater and several retail properties on Upper Fillmore Street, recently shared his vision for the neighborhood in a podcast interview.
Mehta’s acquisitions sparked significant outrage last year among residents and business owners, particularly concerning the eviction of longstanding tenants like Ten-Ichi, a family-owned sushi restaurant that had been operating for 46 years.
The restaurant’s owner, Steve Amano, accepted a buyout to terminate his lease last fall, stating that he was never offered an option to extend.
This situation generated protests led by former District 3 Supervisor Aaron Peskin, who, shortly before leaving office, managed to pass legislation aimed at strengthening Legacy Business protections for local establishments on Fillmore Street.
In the aftermath, 45-year-old Mediterranean restaurant La Mediterranee received a four-year lease extension in a bid to safeguard the neighborhood’s character.
Mehta, who had maintained a low profile during much of the public discourse, previously revealed to the Chronicle that his aim was to “elevate the quality of upper Fillmore’s retail offerings” and that the Clay Theater would transform into a “high-end theater and hospitality concept.”
In a recent episode of the podcast “Invest Like the Best With Patrick O’Shaughnessy,” Mehta elaborated on his investments on Fillmore Street, expressing a deep connection to San Francisco.
“I’m born and raised in San Francisco, so I dedicated a reasonable amount of money to trying to fix just my street in San Francisco,” Mehta said, a statement likely to incite further debate among neighbors who may disagree with his assertion that Upper Fillmore requires “fixing.”
Mehta acknowledged that the financials of the building purchases were not favorable, describing them as “a terrible financial investment” and noted that the rents he could charge would barely cover costs.
Despite this, he expressed enjoyment in the project and revealed the establishment of a nonprofit, the Upper Fillmore Revitalization Project, to manage the financial aspects of his investments.
This announcement may quell fears that Mehta intends to profit significantly from his purchases or convert the Clay Theater into a major condominium complex.
Speaking with the enthusiasm of a tech entrepreneur rather than a creative visionary, Mehta stated, “I think San Francisco is a really important city.
I think it’s important for America.
I think it’s important because it’s ground zero for a lot of the most interesting people all over the world to come and build their version of the future.
And we’ve tried really hard to kill it.
We’re anti-business, we’re anti-growth, we’re high taxes, we’re anti-family.
A lot of things are going in the wrong direction.”
Critics might argue that transforming an already gentrified retail street into an even fancier destination does not address the broader issues of affordability or livability for families in the city.
Still, Mehta contends that addressing progressive policies in San Francisco is vital.
He added, “this was one part of my little corner of the world, starting to invest and make it better.
But it came from a place of wanting to make that street beautiful.
And if we can make that one street beautiful, then you could maybe do that across other parts of the city, and you could make the city livable for families and have people still there.”
Mehta pointed out the opposition he faced, specifically mentioning Aaron Peskin, who he referred to as “a guy who was a politician” that protested with signs depicting Mehta as the “billionaire taking over the city.”
Mehta responded to the protests, saying, “And I wasn’t doing any of that.”
However, he has been implementing changes he believes are beneficial and aesthetically pleasing for his part of the city, which has understandably caused discontent in a climate where billionaires have significant influence over local affairs.
During the podcast, he dropped a new detail regarding the space at Fillmore and Pine, which was previously occupied by Noosh and has remained vacant for some time.
Mehta is planning to open an “all-day diner” in that location, although it’s unclear if it will operate during nighttime hours as well.
He emphasized his desire to empower other entrepreneurs to create offerings that will delight residents and visitors alike, including a new theater that will have “a great partner” involved.
Listeners are encouraged to stay tuned for further updates regarding Mehta’s comprehensive plans for Upper Fillmore Street.
image source from：https://sfist.com/2025/04/15/billionaire-who-bought-up-part-of-fillmore-street-promises-new-theater-diner/
