An $800,000 agreement to sell the city-owned Berkeley Building in Downtown Fresno has been approved. Google Streeview photo
Written by Ravyn Cullor
The Fresno City Council voted 5-1 Thursday to approve the sale of a city-owned building on Fulton Street for apartment development.
The sale of 887 Fulton St. went to development partnership Noyan Frazier Capital for $800,000 with a number of provisions to move the sale and subsequent development along, said Marlene Murphy, executive director of the City of Fresno Redevelopment Successor Agency.
Mayor Jerry Dyer said it was important for the sale of the so-called “Berkeley Building” to go forward with those provisions to discourage developers from buying property and sitting on it until property values in the downtown area increase.
The property has been under an exclusive negotiating agreement with Noyan Frazier Capital since 2016.
Dyer and Councilmember Miguel Arias said approving the sale with these provisions, along with a promise not to ask council for any further extensions, would help alleviate housing shortages in downtown.
Councilmember Garry Bredefeld was the only member to vote against the sale, saying previous history with developer deals with the city set a complicated precedent. He also felt it had received too many extensions.
Noyan Frazier will have six months to close escrow or lose the property.
Councilmember Esmeralda Soria recused herself from the vote as she is engaged to Frazier.