Fresno City Council to weigh final funding deal for apartment park

FRESNO, Calif. (FOX26) — A long-planned housing development near downtown Fresno has cleared a major hurdle after securing nearly $70 million in bond financing and closing escrow with the city.

Mayor Jerry Dyer announced that bond market financing totaling $69,630,000 has been secured for the park at South Stadium Apartments.

Escrow officially closed May 28, 2026, between the developer and the City of Fresno, marking that all funding sources have been secured or committed.

“The Park at South Stadium Apartments represents everything we have been working toward — quality infill housing, affordability, and a vibrant urban core,” Dyer said. “Closing escrow is proof that when the City, our partners, and the community work together, we are truly building a better Fresno.”

Dyer said the project shows the intended impact of state-backed infrastructure work around downtown.

“These state-supported infrastructure improvements were intended to catalyze housing, and that is exactly what this project demonstrates,” he said.

The milestone follows years of collaboration between the developer, the City of Fresno, and public and private partners to move the project closer to construction.

“The Park at South Stadium moving forward is a true testament to Mayor Jerry Dyer’s vision and commitment to Downtown Fresno,” said Mehmet Noyan, president of The Noyan Company and co-managing member of The Park Partners, LLC. “That coupled with the unwavering hard work and diligence of City Council and City Staff serving their community, has been unprecedented.”

“This is a monumental accomplishment,” said Jeff Isenstadt, president of JCI Development Inc. and co-managing member of The Park Partners, LLC. “We are honored to be working with the City and its Planning and Development Department to deliver The Park at South Stadium in summer 2028.”

The 174-unit project will be built on land purchased from both the City of Fresno and the Housing Successor to the Redevelopment Agency.

On June 18, 2026, the Fresno City Council is set to consider final approval of a funding agreement that was contingent on reaching the financing and escrow milestone.

The city has invested in surrounding downtown infrastructure, including parking garages, water mains, sewer mains, and street and pedestrian improvements. If the City Council approves the agreement, construction is anticipated to begin in August 2026.