Written by The Business Journal Staff
(AP) — The Academy of Art University in San Francisco has agreed to a $60 million settlement with the city aimed at bringing the school’s many illegally converted buildings into compliance with local rules.
The San Francisco Chronicle reports Monday that the deal ends a city battle with one of the nation’s largest for-profit art schools. The institution is also one of San Francisco’s biggest landlords.
The city sued the academy in May, claiming at least 33 of the school’s 40 buildings throughout the city were out of compliance with zoning codes, signage laws or historic preservation rules.
Additionally, City Attorney Dennis Herrera claimed the school had taken 160 units of affordable housing off the market and converted them to student housing.
Academy of Art President Elisa Stephens says the academy is “very pleased” to reach the agreement.