FresnoFacts
Aug 24, 2007, 6:50 PM
Fresno media are reporting today on revised plans to be presented to the City Council next week for 85 acres south of the downtown baseball stadium.
Forest City Development is proposing a multiphase project. The first phase, with a completion scheduled for 2011 would consist of:
665 apartments
100 townhomes
60,000 sq ft of retail (mainly neighborhood serving businesses)
Phases 2 and 3 would consist of commercial and entertainment development.
Originally the 85 acre development was conceived to consist of large destination retailers (such as Bass Pro and Ikea) with a smaller amount of housing. But Forest City was unable to attract interest from the large retailers.
The project was redesigned to take advantage of a small but growing demand for upscale downtown housing in Fresno. The 38 unit Vagabond Lofts was completely rented soon after opening last year. The H Street Lofts are scheduled to open its 26 units by December and has a waiting list of 40 interested renters. The 160 apartment Legacy project next to the convention center has interest for half its units and hasn't even been approved yet.
A condo conversion of 200 units at Villa Borgata near Highway 41 and Tulare Avenue sold out in just over a year and Fresno Pacific Towers is moving its condos quickly.
Forest City has developed a number of projects around the US including the redevelopment of Denver's Stapleton Airport, Southern California's Victoria Gardens shopping district in the Inland Empire, and University Park at MIT on the east coast.
Forest City Development is proposing a multiphase project. The first phase, with a completion scheduled for 2011 would consist of:
665 apartments
100 townhomes
60,000 sq ft of retail (mainly neighborhood serving businesses)
Phases 2 and 3 would consist of commercial and entertainment development.
Originally the 85 acre development was conceived to consist of large destination retailers (such as Bass Pro and Ikea) with a smaller amount of housing. But Forest City was unable to attract interest from the large retailers.
The project was redesigned to take advantage of a small but growing demand for upscale downtown housing in Fresno. The 38 unit Vagabond Lofts was completely rented soon after opening last year. The H Street Lofts are scheduled to open its 26 units by December and has a waiting list of 40 interested renters. The 160 apartment Legacy project next to the convention center has interest for half its units and hasn't even been approved yet.
A condo conversion of 200 units at Villa Borgata near Highway 41 and Tulare Avenue sold out in just over a year and Fresno Pacific Towers is moving its condos quickly.
Forest City has developed a number of projects around the US including the redevelopment of Denver's Stapleton Airport, Southern California's Victoria Gardens shopping district in the Inland Empire, and University Park at MIT on the east coast.