More living options headed to downtown Fresno
A longtime vacant office building near Fulton and Amador streets in downtown Fresno is being ground into dust. Granville Homes is razing it to make way for the central core's newest apartment and retail project.
The three-story Fulton Village (gvurban.com) is the latest housing project in the city's central core by Granville or an affiliated entity. It is a few blocks away from the nearly complete Iron Bird Lofts, which the company also is involved with.
Fulton Village will feature 60 apartments, 4,000 square feet of retail space on the ground floor, a park, and open courtyard with common area and barbecues - all behind gates.
Will people want to live there?
Granville's Vice President Darius Assemi said the company supports the revitalization of downtown, and is putting its money where its mouth is.
And Reza Assemi, a member of the Granville family who has done several other apartment complexes downtown, has been fairly successful leasing them up to people who work in the area and to those who want a touch of urban living.
But, how deep is that market? Can the area support an additional 60 apartments, especially when low home prices are enticing renters to become buyers and when people are losing their jobs and moving out?
"Sixty isn't like 600," says real estate analyst Robin Kane. "It scales well with the size of downtown."
What do you think? Would you live there?
Comments:
I live in H street lofts, and as far as I know it seems like the price of Iron Bird lofts are completely overpriced. We're talking about almost $1000 for the smallest one. What market are they going for? Tower crowd? Isn't gonna happen. Downtown trendy business professionals? Maybe. But still with the prices of houses still falling they're pushing it with the prices. Not to mention the 3 story loft at Iron Bird is going to cost something like $1400 or whatever my manager told me.
Now, back to the new development all find and dandy. But coming from a person who's lived in H street now almost 2 years there needs to be MORE than just living. The new 4AM nightclub law change is a start.
Posted by: Robert Schultz at October 28, 2009 3:57 PM
Hi Robert:
You make some good points. Kind of like the chicken and the egg. People don't want to live someplace where there aren't any amenities, but amenities won't come until more people live there.
Posted by: Sandy Nax at October 28, 2009 4:08 PM
I think there is plenty of ammenities all around,and it would be good for downtown's economy.
I agree that the price is a wee to much for such a small place,but other than that I think it would be great to have more people living in the downtown area.
Posted by: Norma Lopez at November 2, 2009 11:19 AM
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