"San Francisco's Academy of Art University made huge efforts to offload several buildings from its massive real estate portfolio this week. The for-profit, private art school listed 10 of its properties located throughout the city on Tuesday, in a move that totals almost 375,000 square feet, according to reporting from the San Francisco Chronicle. (The Chronicle and SFGATE are both owned by Hearst but have separate newsrooms.)"
"It remains a family business to this day, with Stephens' granddaughter Elisa currently serving as its president. By the 2010s, Academy of Art had become a real estate juggernaut with over 40 buildings in San Francisco, spanning campus locations and student housing. In 2016, the city sued the institution, claiming 33 of its properties "were out of compliance with zoning codes, signage laws or historic preservation rules,""
Academy of Art University listed 10 San Francisco properties totaling almost 375,000 square feet for sale. The school was founded in 1929 and remains family-run, with the founder's granddaughter serving as president. By the 2010s the institution owned over 40 buildings across the city, including campus sites and student housing. A 2016 city lawsuit alleged 33 properties violated zoning, signage or historic-preservation rules and accused the school of converting 160 affordable rentals into student housing; the case settled for $60 million. The university announced termination of all athletic programs citing financial unsustainability. Several iconic Van Ness Avenue properties, including St. Brigid Church, were listed.
Read at SFGATE
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