Upper Fillmore Revitalization Project

The Upper Fillmore Revitalization Project (UFRP) is a real estate development project in San Francisco, California, US. The project has led to controversy, pushback from local officials, and a new San Francisco City Ordinance.

Ownership and acquisitions

The Upper Fillmore Revitalization Project, or UFRP, states that their goal is to restore and revitalize Upper Fillmore Street, in the Lower Pacific Heights and Pacific Heights neighborhood of San Francisco, California. The project is funded by venture capitalist Neil Mehta, and operated by nightlife entrepreneur Cody Allen. Both are residents of the neighborhood.

Funding

In August 2024 it was reported that Cody Allen raised $100 million for an investment fund -- Aegis Reserve Partners LP -- from a single investor. It was later revealed to be Mehta.

On September 30, 2024, Neil Mehta penned an op-ed in the San Francisco Standard stating that he donated his "entire interest to a nonprofit, I have zero financial interest in these properties and will receive nothing in return." The San Francisco Chronicle reported that Allen confirmed this in an interview. However, the ''Chronicle'' couldn't find evidence of the non-profit organization, and the ''Standard'' reported that "The organization has no website, and no record of it could be found with federal tax officials."

Buildings acquired

As of January, 2025, the UFRP has spent approximately $40 million to acquire the following buildings through LLCs it owns and controls.

Closures and neighborhood impacts

Ten-Ichi closure

In September 2024, Ten-Ichi, a family owned and operated Japanese restaurant on Fillmore Street since 1978 closed. Prior to the closure, ABC 7 reported that Steve Amano, the owner, felt they were "being strong-armed into closing".

Additional closures

In June 2024, Apizza, an "elusive affordable" pizza shop owned by a local restaurant group, and Noosh, a Mediterranean restaurant, both of which were located in buildings the UFRP purchased, shut down operations.

In December 2024, a Starbucks location that had been "open since the early 1990s" and Alice & Olivia, a high end boutique connected to the Clay Theater closed.

La Mediterranee

La Mediterranee, a restaurant with legacy business designation, and which has been in its current location since 1979, was told they would need to move out when their lease was up in May 2025 so that UFRP could conduct a seismic retrofit and then bring in a "high-end retail tenant." However, in December, 2024, it was reported that La Med, as it is referred to, was given a four-year lease extension.

Other impacts

In December 2024, the San Francisco Chronicle reported that at least one residential tenant has been affected by the UFRP acquisitions.

In January 2025 it was reported that the vacant storefronts owned by UFRP, including the historic Clay Theatre, were boarded up. Additionally, Zero&, a boba tea shop at 2252 Fillmore, closed in January 2025. However, there is no evidence that UFRP owns the building where they were located.

Pushback and legislation

The building acquisitions and business closures have resulted in op-eds and letters to various local news outlets. One opinion piece in the San Francisco Examiner by a local bar owner and president of a small business association accused the UFRP of misleading the public about the true purpose of acquiring buildings on Fillmore Street. The opinion piece went on to question why the UFRP owned vacant storefronts, while declining to extend Ten-Ichi's lease.

Soon after the San Francisco Chronicle began to report on the UFRP, San Francisco Supervisor Aaron Peskin held a live press conference in front of La Med. In the August 26, 2024 press conference, he detailed a plan to protect ''Legacy Businesses,'' a designation given by the city, from eviction. He subsequently introduced and passed legislation requiring a public hearing before a ''Legacy Business'' can be evicted.

In response to increased scrutiny on the building acquisitions, UFRP hired public relations firm Singer Associates to represent them.

In April 2025, Neil Mehta gave an interview in which he stated that Aaron Peskin "had picket signs with my face on them, marching down the street, 'billionaire taking over city.'" In response, Peskin described Mehta's comments as "defamatory and untrue" and requested that Mehta issue a public retraction. Mehta declined to retract his comments, stating through his spokesperson Sam Singer, "We respect Mr. Peskin, but what was said on the record reflects the spirit of the situation. We do not intend to apologize or issue a retraction.”

References

{{reflist

Politics of San Francisco

External links

Official Website
2024 in San Francisco
Real estate and property developers