Donald A. Promnitz" />

1260 Fulton St. is marked with a red "X" in this Google Earth image of Downtown Fresno. It totals about 20,000 square feet.

published on February 8, 2021 - 10:09 AM
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Central Valley Community Foundation, the region’s largest philanthropic foundation with $112 million in assets, is planning to relocate its offices to Downtown Fresno in the near future.

Just when Central Valley Community Foundation (CVCF) plans to move from the Fig Garden area of North Fresno is unknown, as details have not been finalized, said Ashley Swearengin, CVCF president/CEO and former Fresno mayor. She declined to comment further when reached by phone Friday.

A source familiar with the plan said CVCF will take up the top floor of 1260 Fulton St., the remodeled former home of the Marderosian & Cohen law firm. The building’s two floors have just shy of 10,000 square feet each, according to an online sale listing. Various online listings have an asking price for the building of around $4 million. It was built in 1975 and renovated in 2007.

Located at the southeast corner of Fulton and Merced streets, 1260 Fulton St. has a second floor that “is partially furnished. The finishes and furnishings are modern and attractive. All furnishings, which cost approximately $300,000, are included in the sale of the property.”

CVCF serves the counties of Fresno, Madera, Mariposa, Merced, Tulare and Kings with a full suite of giving options for donors — individuals, families, businesses and other foundations — to address social and environmental needs. It had $112 million in assets as of 2019, with 262 various funds that supported 276 scholarships worth nearly $900,000 and 774 grants totaling $7.27 million, according to the CVCF annual report.

It reported 2019 revenue of $2.97 million and expenses of $2.34 million, with $280,417 devoted to rent, telephone and IT services.

CVCF is also spearheading the Fresno DRIVE Initiative (Developing the Region’s Inclusive and Vibrant Economy). This planning process includes nearly 500 individuals and organizations with a goal to generate more than $4 billion in community investment in the next decade addressed at ending “chronic racial and economic disparities,” according to the 2019 annual report.

Swearengin made the revitalization of Downtown Fresno a major component of her two terms as Fresno mayor from 2009 to 2017. Her administration began the $20 million project to restore a portion of Fulton Street that was later completed by Mayor Lee Brand. She became president and CEO of CVCF in 2017.

The new downtown office for CVCF would be located on a portion of the restored Fulton Street. Its current office is located at 5260 N Palm Ave, Suite 122, in the Fig Garden Financial Center.

Gabriel Dillard contributed to this report.

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