Development of a project that city leaders are hailing as a major step for downtown Fresno broke ground on Monday.\u00a0<\/p>\n
The project \u2013 the Park at South Stadium \u2013 will provide affordable housing units and occupy a piece of land that has been vacant for more than three decades.\u00a0<\/p>\n
Driving the news: Late developer Mehmet Noyan had been working to build housing on the land since the late 2000s, but the project faced repeated delays and changes.\u00a0<\/p>\n
Noyan and Terance Frazier initially teamed up to develop housing and retail space at the site directly east of Chukchansi Park. They received approval from the city in 2016, but the project never got off the ground.\u00a0<\/p>\n
In 2022, the city denied an extension request from Noyan due to issues surrounding Frazier and his operations of Granite Park.\u00a0<\/p>\n
Noyan pivoted to the State Center Community College District for a potential partnership, but the district ultimately moved in a different direction.\u00a0<\/p>\n
Noyan then partnered with Jeff Isentadt, the President of JCI Development, in another attempt that ultimately worked.\u00a0<\/p>\n
What we\u2019re watching: Fresno Mayor Jerry Dyer said at a press conference Monday morning that the city anticipates the project will be completed by June 2028.\u00a0<\/p>\n
It will be an eight-story mixed housing development with 174 units, 70 of which will be classified as affordable for at least 55 years.\u00a0<\/p>\n
By the numbers: The city provided a five-year $8 million loan out of the city\u2019s revolving loan fund to help make the project possible.\u00a0<\/p>\n
The city also provided $3.7 million from the city\u2019s Local Housing Trust Fund.\u00a0<\/p>\n
Further, Noyan and JCI secured $69.6 million in bond financing.\u00a0<\/p>\n
What they\u2019re saying: Dyer praised Noyan, who passed away from cancer in June, for his vision for downtown Fresno over the last two decades.\u00a0<\/p>\n
\u201cThis project, as we all know, was near and dear to Mehmet Noyan,\u201d Dyer said. \u201cMehmet\u2019s perseverance and steadfast desire to see this development possible is why we are here today. We\u2019re not just breaking ground on another apartment building, we are breaking ground on the future of downtown Fresno.\u201d\u00a0\u00a0<\/p>\n
Fresno City Councilman Miguel Arias, who represents downtown Fresno, said he was warned not to get involved with the South Stadium project when he took office.\u00a0<\/p>\n
\u201cIt\u2019s been a long road, but it\u2019s worth it,\u201d Arias said. \u201cAt the end of the day, hundreds of families will call this home like I\u2019ve called it home for more than 20 years in downtown Fresno.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Development of a project that city leaders are hailing as a major step for downtown Fresno broke ground…\n","protected":false},"author":2,"featured_media":429288,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[112,114,113],"class_list":["post-429287","post","type-post","status-publish","format-standard","has-post-thumbnail","category-fresno","tag-fresno","tag-fresno-headlines","tag-fresno-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/429287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=429287"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/429287\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/429288"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=429287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=429287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=429287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}