Fresno sells Met land to Granville Homes

Source: The Business Journal

The Fresno City Council has approved a plan to sell more than two acres of Fresno Metropolitan Museum property, excluding the museum building itself, to Granville Homes, which plans to use it for homes, rentals and commercial uses. Granville has agreed to pay $634,000 for the property. The approval made by council members on Thursday, strictly involved the sale of land. Granville must provide financing for construction and go through the zoning and permit process. Darius Assemi, president of Granville Homes, estimates the cost of the mixed-use project at $13 million to $15 million. It will feature 69 residential units with between 30 and 30 units built in a first phase. About 24 units will be rentals will be affordable rental housing. Assemi also plans about 10,500 square feet of commercial space. The former Fresno Redevelopment Agency will provide a $3.5 million loan from affordable-housing funds approved before the agency was closed. The city took control of the Met property after the former owners defaulted on a $15.2 million renovation loan guaranteed by the city. The city paid off the loan and took possession of the building and property. The council created the city of Fresno Cultural Arts Properties Inc. as a non-profit organization to hold the property since a government entity cannot hold real estate funded with federal tax credits. In order to sell the property, Cultural Arts Properties sold the real estate to the city for $1. The city then sold the land to Granville Homes.

URL to orignal article: http://www.thebusinessjournal.com/news/real-estate/3662-fresno-sells-met-land-to-granville-homes

For further information on Fresno Real Estate check: http://www.londonproperties.com