Downtown Fresno Housing Project Secures $69.6 Million, Moves Toward City Council Vote

The Park at South Stadium Apartments has secured $69.63 million in bond market financing and closed escrow with the City of Fresno, clearing a major milestone for the long-planned downtown housing development.

The 174-unit apartment project, located at Fulton and Inyo Streets near Chukchansi Park, will include a mix of market-rate and affordable housing. The development is led by The Park Partners LLC, whose principals include Mehmet Noyan, president of The Noyan Co., and Jeff Isenstadt, president of JCI Development Inc.

The project has been in planning since as early as 2015 and has been stuck in financing difficulties since 2016. The total project cost is approximately $80 million, with the remaining funding coming from the city through its own money and its downtown housing loan program.

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The Fresno City Council is scheduled to vote on a related funding agreement on June 18. The agreement is contingent on the financing milestone that has now been reached. If approved, construction is expected to begin in August, with project completion targeted for summer 2028.

Mayor Jerry Dyer said in a city press release that the project reflects the city’s long-term focus on downtown housing and affordability. “The Park at South Stadium Apartments represents everything we have been working toward — quality infill housing, affordability, and a vibrant urban core,” Dyer said.

The project is planned for property acquired from both the City of Fresno and the Housing Successor to the Redevelopment Agency. City officials said public investments in surrounding infrastructure — including parking facilities, water and sewer systems, streets and pedestrian improvements — were intended to support additional housing and economic development in the area.

The city has received nearly $300 million in state investment this decade, which has been used in large part to update infrastructure in the city’s downtown and Chinatown districts. “These state-supported infrastructure improvements were intended to catalyze housing, and that is exactly what this project demonstrates,” Dyer said in the news release.

Noyan said the support they’ve received from city leaders was “unprecedented.” Isenstadt described the financing announcement as “monumental.”

The Breakdown

• The Park at South Stadium Apartments secured $69.63 million in bond market financing and closed escrow with the City of Fresno
• The project will include 174 residential units with a mix of market-rate and affordable housing
• Total project cost is approximately $80 million, with remaining funding from city sources and the city’s downtown housing loan program
• The Fresno City Council will vote on a related funding agreement on June 18
• If approved, construction would begin in August with completion targeted for summer 2028
• The project has been in planning since 2015 and stuck in financing difficulties since 2016

What This Means for You

If the City Council approves the funding agreement next month, Fresno will see construction of 174 new apartments downtown — a mix of market-rate and affordable units.