An aerial view shows the site of the proposed Park at South Stadium Apartments development in Downtown Fresno. Developers recently secured $69.63 million in financing and closed escrow with the City of Fresno, clearing a key milestone for the planned 174-unit housing project. Image via City of Fresno

Developers of The Park at South Stadium Apartments have secured financing commitments and closed escrow, marking a significant step toward construction of a 174-unit mixed-use housing project near Chukchansi Park.

 

The Park at South Stadium Apartments has reached a major financing milestone, with developers securing $69.63 million in bond market financing and officially closing escrow with the City of Fresno, according to a city-issued press release.

City officials said the financing milestone means all major funding sources for the Downtown Fresno project have been secured or committed. The development is planned near Chukchansi Park and is expected to include 174 residential units, with a mix of market-rate and affordable housing.

What’s happening

Mayor Jerry Dyer called the achievement a key step toward advancing downtown housing development.

According to the release, the project has been years in the making and involved collaboration between developers, city officials and public-sector partners. The development is being led by The Park Partners LLC, whose principals include Mehmet Noyan, president of The Noyan Co., and Jeff Isenstadt, president of JCI Development Inc.

The project is planned for property acquired from both the City of Fresno and the Housing Successor to the Redevelopment Agency.

A Fresno City Council vote on a related funding agreement is scheduled for June 18. City officials said the agreement is contingent on the financing milestone that has now been reached.

Why it matters

The project represents one of the most prominent housing developments proposed for Downtown Fresno in recent years and aligns with broader city efforts to encourage infill housing and increase residential activity in the urban core.

City officials said public investments in surrounding infrastructure — including parking facilities, water and sewer systems, streets and pedestrian improvements — were intended to support additional housing and economic development in the area.

Dyer said in the release that the project reflects the city’s long-term focus on downtown housing and affordability.

Developers also described the financing achievement as a critical step toward beginning construction after years of planning and approvals.

What comes next

Pending Fresno City Council approval of the funding agreement in June, developers expect construction to begin in August. Project leaders said the apartment complex is targeted for completion in summer 2028.