City Commits $11.7M to Downtown Housing Project After Decades-Long Vacancy

Fresno Mayor Jerry Dyer broke ground Monday on an eight-story, 174-unit housing development near Chukchansi Park — a project the city is backing with $11.7 million in public financing to fill a property that’s sat vacant for more than 30 years.

The Park at South Stadium, led by JCI Development and the Noyan Company, secured $8 million from the city’s revolving loan fund and $3.7 million from its local housing trust fund. The project also closed $69.6 million in bond financing.

“We’re not just breaking ground on another apartment building. We are breaking ground on the future of downtown Fresno,” Dyer said at the ceremony.

Advertisement

The development will include 70 units designated as affordable housing for at least 55 years. The city also contributed the land itself. Completion is targeted for June 2028, though Dyer noted inspections could move faster.

District 3 Councilmember Miguel Arias said the project is the third iteration attempted on the site. “This is a third version of South Stadium with a third group of developers and a third vision of what it could be, and we finally got it done,” Arias said.

The project is expected to house students and young adults. JCI President Jeff Isenstadt said rents will be competitive and available citywide, with specific rates to be announced later. The development will include about 40 parking spaces.

The Breakdown

• The city is committing $11.7 million in public funds: $8 million as a five-year loan from its revolving loan fund, and $3.7 million from its local housing trust fund.
• The city also contributed the property, which has been vacant for over three decades.
• The project secured an additional $69.6 million in bond financing.
• 70 of the 174 units will remain affordable housing for at least 55 years.
• The development is targeted for completion by June 2028.

What This Means for You

This project represents a substantial public investment — $11.7 million in city funds plus the land itself — into a single downtown development. The total financing package reaches $81.3 million, which works out to roughly $467,000 per unit in total project cost, with the city covering about $67,000 per unit directly (not counting the land value, which isn’t stated).

The $8 million loan is structured as a five-year loan from the city’s revolving loan fund. The material doesn’t state the interest rate or what security the city holds if the project struggles.