Source: The Business Journal
Foreclosure rates in Fresno and other Central Valley locations decreased for the month of March over the same period last year, according to newly released data from CoreLogic, a global property information, analytics and data-enabled services provider.
The CoreLogic data shows that the rate of Fresno area foreclosures among outstanding mortgage loans was 0.91 percent for March, a decrease of 0.57 percentage points compared to March of 2013 when the rate was 1.48 percent. Foreclosure activity in Fresno was lower than the national foreclosure rate, which was 1.86 percent for March.
Also in Fresno, the mortgage delinquency rate decreased. According to CoreLogic data for March, 3.32 percent of mortgage loans were 90 days or more delinquent compared to 5.11 percent for the same period last year, representing a decrease of 1.79 percentage points.
Madera
Foreclosure rates in Madera decreased for the month of March over the same period last year, according to CoreLogic data.
The data shows that the rate of Madera area foreclosures among outstanding mortgage loans was 1.05 percent for the month of March, a decrease of 0.61 percentage points compared to March of 2013 when the rate was 1.66 percent.
Also in Madera, the mortgage delinquency rate decreased.
According to CoreLogic data for March, 3.74 percent of mortgage loans were 90 days or more delinquent compared to 5.41 percent for the same period last year, representing a decrease of 1.67 percentage points.
Hanford-Corcoran
Foreclosure rates in Hanford-Corcoran decreased for the month of March over the same period last year, according to newly released data from CoreLogic.
The rate of Hanford-Corcoran area foreclosures among outstanding mortgage loans was 1.06 percent for the month of March, a decrease of 0.61 percentage points compared to March of 2013 when the rate was 1.67 percent.
Also in Hanford-Corcoran, the mortgage delinquency rate decreased. According to CoreLogic data for March, 3.88 percent of mortgage loans were 90 days or more delinquent compared to 5.92 percent for the same period last year, representing a decrease of 2.04 percentage points.
Visalia-Porterville
Foreclosure rates in Visalia-Porterville decreased for the month of March over the same period last year, according to CoreLogic data.
The rate of Visalia-Porterville area foreclosures among outstanding mortgage loans was 0.97 percent for the month of March, a decrease of 0.60 percentage points compared to March of 2013 when the rate was 1.57 percent.
Also in Visalia-Porterville, the mortgage delinquency rate decreased. According to CoreLogic data for March, 3.59 percent of mortgage loans were 90 days or more delinquent compared to 5.06 percent for the same period last year, representing a decrease of 1.47 percentage points.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/12198-valley-foreclosures-still-falling
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, May 27, 2014
Wednesday, May 21, 2014
Developer begins North Fresno commercial centers
Source: The Business Journal
Written by Ben Keller, Business Journal staff writer
West Herndon Avenue is in line for a lot of new commercial activity as Ginder Development Corp. of Fresno begins work on a new business park and office building along the corridor. The company has already begun construction on a 20,000 square-foot office building on the site of a former parking lot at Herndon and Fruit avenues. CEO Rick Ginder hopes to complete the building and 84 parking stalls in early August, with plans to lease two-thirds of the space to Fresno property management company Manco Abbott. Another portion will be leased to real estate brokerage firm Gold Leaf Properties. About 80 percent of the building is already reserved for tenants, Ginder said. "I've been telling people it's going to be iconic. Probably 80 percent will be operated by solar for the electricity," said Ginder, referring to a roughly 36-kilowatt solar carport structure to be installed by Solar Universe. Ginder Development has also broken ground on a new business park at the southwest corner of Herndon and Milburn avenues, just south of the Save Mart-anchored Herndon Place Shopping Center. Ginder said one of four new buildings at the Herndon Place Business Center is already under construction, planned for a new clinic for DaVita Dialysis. Other tenants include SunnySkys Smog Shop and a car wash. The company is also in escrow for a property on the corner of Herndon and Blyth avenues with plans for retail development there. Ginder founded the Ginder Development Corp. with his wife Debra in 1978. Up until now, the company has been mostly involved with apartment complexes, having built some 18 of them in the Fresno and Clovis area over the last 30 years.
URL to original article: http://www.thebusinessjournal.com/news/construction/12114-developer-begins-north-fresno-commercial-centers
For further information on Fresno Real Estate check : http://www.londonproperties.com
Written by Ben Keller, Business Journal staff writer
West Herndon Avenue is in line for a lot of new commercial activity as Ginder Development Corp. of Fresno begins work on a new business park and office building along the corridor. The company has already begun construction on a 20,000 square-foot office building on the site of a former parking lot at Herndon and Fruit avenues. CEO Rick Ginder hopes to complete the building and 84 parking stalls in early August, with plans to lease two-thirds of the space to Fresno property management company Manco Abbott. Another portion will be leased to real estate brokerage firm Gold Leaf Properties. About 80 percent of the building is already reserved for tenants, Ginder said. "I've been telling people it's going to be iconic. Probably 80 percent will be operated by solar for the electricity," said Ginder, referring to a roughly 36-kilowatt solar carport structure to be installed by Solar Universe. Ginder Development has also broken ground on a new business park at the southwest corner of Herndon and Milburn avenues, just south of the Save Mart-anchored Herndon Place Shopping Center. Ginder said one of four new buildings at the Herndon Place Business Center is already under construction, planned for a new clinic for DaVita Dialysis. Other tenants include SunnySkys Smog Shop and a car wash. The company is also in escrow for a property on the corner of Herndon and Blyth avenues with plans for retail development there. Ginder founded the Ginder Development Corp. with his wife Debra in 1978. Up until now, the company has been mostly involved with apartment complexes, having built some 18 of them in the Fresno and Clovis area over the last 30 years.
URL to original article: http://www.thebusinessjournal.com/news/construction/12114-developer-begins-north-fresno-commercial-centers
For further information on Fresno Real Estate check : http://www.londonproperties.com
Friday, May 16, 2014
Fresno State gets $1.5M STEM grant, McCaffrey gift
Source: The Business Journal
Some science and math courses will get an overhaul at Fresno State with help from a $1.5 million grant from the National Science Foundation. The grant, from the National Science Foundation's "Widening Implementation & Demonstration Evidence-Based Reforms" (WIDER) program, is geared toward students majoring in science, technology, engineering and mathematics (STEM) courses. Nearly 900 students will be impacted when a 24-member faculty cohort in Fresno State's College of Science and Mathematics redesigns eight introductory courses in biology, chemistry, math and physics. The four faculty learning communities, known as Faculty Learning for Outcomes and Knowledge (FLOCKs) will work on the redesign over the next three years. In addition, the grant will also allow faculty to develop expertise in teaching methods that help improve student learning and increase the number of STEM majors, particularly underrepresented minority students, and their graduation rates. Fresno State also received a $25,000 gift from local builder McCaffrey Homes to fund scholarships at the university. The McCaffrey-Knowlton Scholarship will fund two $2,500 scholarships per year for the next five years for students in Fresno State's Department of Geography, City and Regional Planning. The scholarship is named for Brent McCaffrey, son of McCaffrey Homes' CEO Robert McCaffrey and Vice President Karen McCaffrey, and their son-in-law Ash Knowlton.
URL to original article: http://www.thebusinessjournal.com/news/education/11851-fresno-state-gets-1-5m-stem-grant-mccaffrey-gift
For further information on Fresno Real Estate check: http://www.londonproperties.com
Some science and math courses will get an overhaul at Fresno State with help from a $1.5 million grant from the National Science Foundation. The grant, from the National Science Foundation's "Widening Implementation & Demonstration Evidence-Based Reforms" (WIDER) program, is geared toward students majoring in science, technology, engineering and mathematics (STEM) courses. Nearly 900 students will be impacted when a 24-member faculty cohort in Fresno State's College of Science and Mathematics redesigns eight introductory courses in biology, chemistry, math and physics. The four faculty learning communities, known as Faculty Learning for Outcomes and Knowledge (FLOCKs) will work on the redesign over the next three years. In addition, the grant will also allow faculty to develop expertise in teaching methods that help improve student learning and increase the number of STEM majors, particularly underrepresented minority students, and their graduation rates. Fresno State also received a $25,000 gift from local builder McCaffrey Homes to fund scholarships at the university. The McCaffrey-Knowlton Scholarship will fund two $2,500 scholarships per year for the next five years for students in Fresno State's Department of Geography, City and Regional Planning. The scholarship is named for Brent McCaffrey, son of McCaffrey Homes' CEO Robert McCaffrey and Vice President Karen McCaffrey, and their son-in-law Ash Knowlton.
URL to original article: http://www.thebusinessjournal.com/news/education/11851-fresno-state-gets-1-5m-stem-grant-mccaffrey-gift
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, May 15, 2014
Valley home sales increase in April
Source: The Business Journal
Home sales shot up throughout the San Joaquin Valley in April although not enough to reach last year's levels. According to a new report from the California Association of Realtors, home sales increased 21 percent in Fresno County during the month but dropped 2.7 percent compared to April 2013. The price of a median home in Fresno County stood at $192,880 in April, down 4.6 percent from $202,100 but up 10.9 percent from $173,860 a year ago. Sales in Tulare County climbed 11.7 percent in Tulare County during the month but fell 8.1 percent in the year-over-year comparison. The county's median home price rose 4.3 percent in April to $172,500 over March's price of $165,380. That's also 23.6 percent over $139,520 a year ago. Madera County saw its home sales jump 31.8 percent in April, although the count was still 3.3 percent under April 2013's figures. Home prices in the county stood at $182,500 in the month, down 3.9 percent from $190,000 in March but up 7.4 percent over $170,000 a year ago. Kings County had a little less luck with sales dropping 12.7 percent in April but still surpassing last year's numbers by 4.5 percent. The county's median home price fell 7.2 percent, going from $179,230 in March to $166,250 in April. However, that's up 5.8 percent from last year when the average price stood at $157,140. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, stood at 4.3 months in April, down from 5.5 months in March but up from 3 months a year ago. Tulare County's index dropped to 4.3 months compared to 4.7 months in March but picked up from 3.1 months in April 2013. Kings County's inventory stood at 3.7 months in April, up from 3.3 months in March and 3.5 months a year ago. Madera County's home supply of 3.3 months was down from 4.3 months in March but remained flat from last year. Statewide, home sales totaled 394,070 units in April, up 7.4 percent from 367,020 in March but down 7 percent from 423,690 in April 2013. "With home prices increasing by double digits in 2013, many investors have decided to leave the market, which is adversely affecting home sales as a whole," said C.A.R. President Kevin Brown, in a release. "While the number of homes sold continued to decline from a year ago, the better-than normal sales activities in April is encouraging and could be an indication that we will see further improvement in the housing market in the next few months."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/12007-valley-home-sales-increase-in-april
For further information on Fresno Real Estate check: http://www.londonproperties.com
Home sales shot up throughout the San Joaquin Valley in April although not enough to reach last year's levels. According to a new report from the California Association of Realtors, home sales increased 21 percent in Fresno County during the month but dropped 2.7 percent compared to April 2013. The price of a median home in Fresno County stood at $192,880 in April, down 4.6 percent from $202,100 but up 10.9 percent from $173,860 a year ago. Sales in Tulare County climbed 11.7 percent in Tulare County during the month but fell 8.1 percent in the year-over-year comparison. The county's median home price rose 4.3 percent in April to $172,500 over March's price of $165,380. That's also 23.6 percent over $139,520 a year ago. Madera County saw its home sales jump 31.8 percent in April, although the count was still 3.3 percent under April 2013's figures. Home prices in the county stood at $182,500 in the month, down 3.9 percent from $190,000 in March but up 7.4 percent over $170,000 a year ago. Kings County had a little less luck with sales dropping 12.7 percent in April but still surpassing last year's numbers by 4.5 percent. The county's median home price fell 7.2 percent, going from $179,230 in March to $166,250 in April. However, that's up 5.8 percent from last year when the average price stood at $157,140. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, stood at 4.3 months in April, down from 5.5 months in March but up from 3 months a year ago. Tulare County's index dropped to 4.3 months compared to 4.7 months in March but picked up from 3.1 months in April 2013. Kings County's inventory stood at 3.7 months in April, up from 3.3 months in March and 3.5 months a year ago. Madera County's home supply of 3.3 months was down from 4.3 months in March but remained flat from last year. Statewide, home sales totaled 394,070 units in April, up 7.4 percent from 367,020 in March but down 7 percent from 423,690 in April 2013. "With home prices increasing by double digits in 2013, many investors have decided to leave the market, which is adversely affecting home sales as a whole," said C.A.R. President Kevin Brown, in a release. "While the number of homes sold continued to decline from a year ago, the better-than normal sales activities in April is encouraging and could be an indication that we will see further improvement in the housing market in the next few months."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/12007-valley-home-sales-increase-in-april
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, May 14, 2014
Fresno State ranks high on college list
Source: The Business Journal
Fresno State came in at 21 among the nation's top colleges, according to new rankings by Time Magazine. The list is based on a set of new proposed standards by the White House on how well school's serve their students in measurements like graduation rates, tuition and the percentage of students who receive Pell grants. At No. 21 on the list, Fresno State was just ahead of California State University, Stanislaus and just behind Lane College of Jackson, Tenn. Fresno State ranked 16 in terms of tuition with an average cost of $5,632 per school year. The university also ranked 119 for the percentage of students receiving Pell grants at 61 percent. Graduation rates were somewhat lower at 48 percent of students graduating within six years for a rank of 611 in that category. Fresno State was among 11 California universities in the top 25 colleges throughout the country most likely to excel under the proposed federal metrics that seek to reward schools with the best financial incentives to students. Those include the UC Riverside (No. 1), UC San Diego (No. 2), UC Davis (No. 6), CSU Long Beach (No. 10), Dominican University (No. 11), UC Santa Cruz (No. 14), UC Santa Barbara (No. 16), CSU Stanislaus (No. 22) and UC Los Angeles (No. 25). Time Magazine compiled the list with data from 2,500 colleges and universities from the Department of Education's Integrated Postsecondary Education Data System.
URL to original article: http://www.thebusinessjournal.com/news/education/11856-fresno-state-ranks-high-on-college-list
For further information on Fresno Real Estate check: http://www.londonproperties.com
Fresno State came in at 21 among the nation's top colleges, according to new rankings by Time Magazine. The list is based on a set of new proposed standards by the White House on how well school's serve their students in measurements like graduation rates, tuition and the percentage of students who receive Pell grants. At No. 21 on the list, Fresno State was just ahead of California State University, Stanislaus and just behind Lane College of Jackson, Tenn. Fresno State ranked 16 in terms of tuition with an average cost of $5,632 per school year. The university also ranked 119 for the percentage of students receiving Pell grants at 61 percent. Graduation rates were somewhat lower at 48 percent of students graduating within six years for a rank of 611 in that category. Fresno State was among 11 California universities in the top 25 colleges throughout the country most likely to excel under the proposed federal metrics that seek to reward schools with the best financial incentives to students. Those include the UC Riverside (No. 1), UC San Diego (No. 2), UC Davis (No. 6), CSU Long Beach (No. 10), Dominican University (No. 11), UC Santa Cruz (No. 14), UC Santa Barbara (No. 16), CSU Stanislaus (No. 22) and UC Los Angeles (No. 25). Time Magazine compiled the list with data from 2,500 colleges and universities from the Department of Education's Integrated Postsecondary Education Data System.
URL to original article: http://www.thebusinessjournal.com/news/education/11856-fresno-state-ranks-high-on-college-list
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, May 9, 2014
Year-to-year Fresno home prices up
Source: The Business Journal
CoreLogic, a global property information, analytics and data-enabled services provider, has released its March CoreLogic Home Price Index report showing a big year-over-year jump in Fresno area home prices. Home prices nationwide, including distressed sales, increased 11.1 percent in March compared to March 2013. The change represents 25 months of consecutive year-over-year increases in home prices nationally. In Fresno, home prices, including distressed sales, increased by 13.1 percent in March compared to March 2013. On a month-over-month basis, home prices, including distressed sales, increased by 1.9 percent in March compared to February. Excluding distressed sales, year-over-year prices increased by 11.8 percent in March compared to March 2013. On a month-over-month basis, excluding distressed sales, the CoreLogic HPI shows home prices increased by 2.1 percent in March compared to February.
Madera
In Madera, home prices, including distressed sales, increased by 19.8 percent in March 2014 compared to March 2013. On a month-over-month basis, home prices, including distressed sales, increased by 0.7 percent in March compared to February. Excluding distressed sales, year-over-year prices increased by 15.0 percent in March compared to March 2013. On a month-over-month basis, excluding distressed sales, home prices increased by 0.4 percent in March compared to February.
Hanford-Corcoran
In Hanford-Corcoran, home prices, including distressed sales, increased by 16.1 percent in March compared to March 2013. On a month-over-month basis, home prices, including distressed sales, increased by 2.1 percent in March compared to February. Excluding distressed sales, year-over-year prices increased by 15 percent in March compared to March 2013. On a month-over-month basis, excluding distressed sales, the CoreLogic HPI shows home prices increased by 3.6 percent in March compared to February.
Visalia-Porterville
In Visalia-Porterville, home prices, including distressed sales, increased by 17 percent in March compared to March 2013. On a month-over-month basis, home prices, including distressed sales, increased by 2.1 percent in March compared to February. Excluding distressed sales, year-over-year prices increased by 12.9 percent in March compared to March 2013. On a month-over-month basis, excluding distressed sales, home prices increased by 2.1 percent in March compared to February.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/11868-year-to-year-fresno-home-prices-up
For further information on Fresno Real Estate check: http://www.londonproperties.com
CoreLogic, a global property information, analytics and data-enabled services provider, has released its March CoreLogic Home Price Index report showing a big year-over-year jump in Fresno area home prices. Home prices nationwide, including distressed sales, increased 11.1 percent in March compared to March 2013. The change represents 25 months of consecutive year-over-year increases in home prices nationally. In Fresno, home prices, including distressed sales, increased by 13.1 percent in March compared to March 2013. On a month-over-month basis, home prices, including distressed sales, increased by 1.9 percent in March compared to February. Excluding distressed sales, year-over-year prices increased by 11.8 percent in March compared to March 2013. On a month-over-month basis, excluding distressed sales, the CoreLogic HPI shows home prices increased by 2.1 percent in March compared to February.
Madera
In Madera, home prices, including distressed sales, increased by 19.8 percent in March 2014 compared to March 2013. On a month-over-month basis, home prices, including distressed sales, increased by 0.7 percent in March compared to February. Excluding distressed sales, year-over-year prices increased by 15.0 percent in March compared to March 2013. On a month-over-month basis, excluding distressed sales, home prices increased by 0.4 percent in March compared to February.
Hanford-Corcoran
In Hanford-Corcoran, home prices, including distressed sales, increased by 16.1 percent in March compared to March 2013. On a month-over-month basis, home prices, including distressed sales, increased by 2.1 percent in March compared to February. Excluding distressed sales, year-over-year prices increased by 15 percent in March compared to March 2013. On a month-over-month basis, excluding distressed sales, the CoreLogic HPI shows home prices increased by 3.6 percent in March compared to February.
Visalia-Porterville
In Visalia-Porterville, home prices, including distressed sales, increased by 17 percent in March compared to March 2013. On a month-over-month basis, home prices, including distressed sales, increased by 2.1 percent in March compared to February. Excluding distressed sales, year-over-year prices increased by 12.9 percent in March compared to March 2013. On a month-over-month basis, excluding distressed sales, home prices increased by 2.1 percent in March compared to February.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/11868-year-to-year-fresno-home-prices-up
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, May 8, 2014
New club coming to Fresno's Granite Park
Source: The Business Journal
Written by Ben Keller, Business Journal staff writer
Following a slew of failed nightclubs in Fresno's former Cabo Wabo space over the years, a former general manager is shooting for something bigger and better when he opens Club Imperio in Granite Park on May 16. Located at 3950 N. Cedar Ave., the club fills the same space that drew crowds out to Club Rome when it opened in 2011 and Club Eva that took up residence there a year later. Club Imperio, meaning "empire" in Italian, keeps with the same Roman theme that popularized Club Rome under former General Manager Pino Borrelli. But taking back the 15,000 square-foot building earlier this year, Borrelli has played up the concept with an extensive remodel, VIP booths and a vision of bringing in bigger acts and better DJs. Local radio stations B95 (FM 94.9) and Q97.1 FM are also expected to come out every week. "Fresno deserves a true dance club, not a restaurant acting as a dance club," Borrelli said. "It's all about stage lighting, laser shows, the acts. It's just a grand level of club." Following its grand opening on May 16, Club Imperio will be open Fridays and Saturdays from 9 p.m. to 2 a.m. Borrelli will be accepting accepting applications and interviewing for positions at the club later this week. Borrelli said a liquor license should be in place in the next few days. He also has a security contract with the Fresno Police Department. Borrelli first helped open Club Rome along with local doctor John Janda. Club Rome was the site of an attempted firebombing in February 2011 that caused minimal damage. A falling out between Borrelli and Janda in February 2012 led to Janda replacing Borrelli with a new manager. Club Rome went under later that year until Janda revived the space as Club Eva in December. The Janda-helmed clubs filed for bankruptcy protection earlier this year. But the troubles go back even further than that, starting with the short-lived Cabo Wabo venture that ended in a heated conflict between local developer Milt Barbis and rock star Sammy Hagar in 2008. The establishment also sputtered under local businessman Kirk Vartanian, who attempted to reopen the club in 2009 as The Edge and later as a high-end restaurant he called LeReve that never opened.
URL to original article: http://thebusinessjournal.com/news/retail/11873-new-club-coming-to-fresno-s-granite-park
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Ben Keller, Business Journal staff writer
Following a slew of failed nightclubs in Fresno's former Cabo Wabo space over the years, a former general manager is shooting for something bigger and better when he opens Club Imperio in Granite Park on May 16. Located at 3950 N. Cedar Ave., the club fills the same space that drew crowds out to Club Rome when it opened in 2011 and Club Eva that took up residence there a year later. Club Imperio, meaning "empire" in Italian, keeps with the same Roman theme that popularized Club Rome under former General Manager Pino Borrelli. But taking back the 15,000 square-foot building earlier this year, Borrelli has played up the concept with an extensive remodel, VIP booths and a vision of bringing in bigger acts and better DJs. Local radio stations B95 (FM 94.9) and Q97.1 FM are also expected to come out every week. "Fresno deserves a true dance club, not a restaurant acting as a dance club," Borrelli said. "It's all about stage lighting, laser shows, the acts. It's just a grand level of club." Following its grand opening on May 16, Club Imperio will be open Fridays and Saturdays from 9 p.m. to 2 a.m. Borrelli will be accepting accepting applications and interviewing for positions at the club later this week. Borrelli said a liquor license should be in place in the next few days. He also has a security contract with the Fresno Police Department. Borrelli first helped open Club Rome along with local doctor John Janda. Club Rome was the site of an attempted firebombing in February 2011 that caused minimal damage. A falling out between Borrelli and Janda in February 2012 led to Janda replacing Borrelli with a new manager. Club Rome went under later that year until Janda revived the space as Club Eva in December. The Janda-helmed clubs filed for bankruptcy protection earlier this year. But the troubles go back even further than that, starting with the short-lived Cabo Wabo venture that ended in a heated conflict between local developer Milt Barbis and rock star Sammy Hagar in 2008. The establishment also sputtered under local businessman Kirk Vartanian, who attempted to reopen the club in 2009 as The Edge and later as a high-end restaurant he called LeReve that never opened.
URL to original article: http://thebusinessjournal.com/news/retail/11873-new-club-coming-to-fresno-s-granite-park
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, May 5, 2014
Downtown Fresno restaurateur buys Selland lot
Source: The Business Journal
Written by Ben Keller, Business Journal staff writer
The Fresno City Council voted today to sell 36,000 square feet of parking lot space at Selland Arena to the owner of the Cosmopolitan restaurant before the nearly century-old downtown building is leveled by high-speed rail. Gary Lanfranco has made headlines over the last few years as just one establishment in the crosshairs of the state's bullet train project. Even longtime customers were concerned over what would happen to the Cosmopolitan Tavern & Italian Grill once high-speed rail construction crews raze the building that has stood at G and Fresno streets since 1923. They now have an answer as the city sells a 36,467 square-foot lot at Ventura and O street to Lanfranco as part of its efforts to unload a number of pieces of city-owned real estate. According to Lanfranco, the space met his requirements of 5,300 square feet for his newly relocated restaurant, along with around 40 parking stalls. "I am currently and have been for many years debt free and doing good business in downtown Fresno," Lanfranco said. "All I want to do is replace that." The Cosmpolitan traces its roots back to 1902 when Lanfranco's family first acquired the property at 1546 Fresno St. After a building was set down on the site in 1923, the family started up a restaurant there in 1933. Under Lanfranco, 67, a complete remodel was done in 1971 and the top story was removed. Now, Lanfranco plans to pass on his legacy to his son who now manages the business. High-speed rail planners aim to level the current structure in place of a new G Street bridge crossing Fresno Street.
URL to original article: http://www.thebusinessjournal.com/news/retail/11814-downtown-fresno-restaurateur-buys-selland-lot
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Ben Keller, Business Journal staff writer
The Fresno City Council voted today to sell 36,000 square feet of parking lot space at Selland Arena to the owner of the Cosmopolitan restaurant before the nearly century-old downtown building is leveled by high-speed rail. Gary Lanfranco has made headlines over the last few years as just one establishment in the crosshairs of the state's bullet train project. Even longtime customers were concerned over what would happen to the Cosmopolitan Tavern & Italian Grill once high-speed rail construction crews raze the building that has stood at G and Fresno streets since 1923. They now have an answer as the city sells a 36,467 square-foot lot at Ventura and O street to Lanfranco as part of its efforts to unload a number of pieces of city-owned real estate. According to Lanfranco, the space met his requirements of 5,300 square feet for his newly relocated restaurant, along with around 40 parking stalls. "I am currently and have been for many years debt free and doing good business in downtown Fresno," Lanfranco said. "All I want to do is replace that." The Cosmpolitan traces its roots back to 1902 when Lanfranco's family first acquired the property at 1546 Fresno St. After a building was set down on the site in 1923, the family started up a restaurant there in 1933. Under Lanfranco, 67, a complete remodel was done in 1971 and the top story was removed. Now, Lanfranco plans to pass on his legacy to his son who now manages the business. High-speed rail planners aim to level the current structure in place of a new G Street bridge crossing Fresno Street.
URL to original article: http://www.thebusinessjournal.com/news/retail/11814-downtown-fresno-restaurateur-buys-selland-lot
For further information on Fresno Real Estate check: http://www.londonproperties.com
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