A crew begins demolition on a building at the south end of Fulton Street to make way for the South Stadium Project in 2018. Photo by Donald A. Promnitz
Written by The Business Journal Staff
The Fresno City Council will vote in a special meeting Wednesday on whether to grant another extension for an apartment project near Chukchansi Park.
Originally called the South Stadium project — and now called The Park — the project headed by Fresno developer Mehmet Noyan has been more than a dozen years in the making.
The special meeting is required to meet an Aug. 31 deadline to maintain state funding for the project that will include affordable housing. The new timeline would require the developers to close escrow on the property by Dec. 31 and secure construction financing by March 31, 2023.
Part of the delay and need for extension was due to a redesign of the ground floor to address flood control issues. The new proposal would include 99 apartment units, of which 20 would be affordable. Anticipated development cost is $32.16 million.
Rent for the affordable units would be in the neighborhood of $554 dollars per month, according to the project developers.
The ground floor would include 4,500 square feet of retail space along Fulton Street.
Developer Terance Frazier was a partner in the project, but is walking away in hopes of securing five votes on the Fresno City Council to extend the development agreement, reported The Fresno Bee.