A long-awaited downtown housing development moved one step closer to construction today after the Fresno City Council approved a $3.727 million Local Housing Trust Fund Agreement for The Park at South Stadium Apartments project.

The 7-0 approval represents another milestone for the eight-story, 174-unit mixed-income apartment complex planned at the northwest corner of Fulton and Inyo Streets near Chukchansi Park and the Brewery District, a project that has spent more than a decade navigating financing challenges, economic headwinds and repeated delays.

“It is historic to have this project at this stage,” said Phil Skei, the city’s assistant director of planning and development. “I very much look forward to a groundbreaking.”

Thanks to the additional funding commitment, that should come in mid-August, said Skei.

The council’s action follows the recent announcement that developers secured nearly $69.63 million in bond financing, a critical piece of the project’s funding.

The project’s developers are The Park Partners LLC, a Fresno-based developer group co-managed by Mehmet Noyan, president of The Noyan Co., and Jeff Isenstadt, president of JCI Development Inc.

Both credited the City of Fresno for its persistence.

“This is a new benchmark for public-private partnership,” said Isenstadt. “This project is going to be a home run.”

The Park at South Stadium Apartments is expected to include 70 affordable housing units, providing opportunities for lower-income residents while maintaining a mix of market-rate apartments.

Fresno Mayor Jerry Dyer and other city officials have consistently emphasized the need for additional housing downtown, arguing that a thriving urban core depends on attracting more residents who can support local businesses, restaurants and entertainment venues.

“At the end of the day, we are going to be able to develop a beautiful, 174-unit, eight-story multifamily complex overlooking our Chukchansi stadium,” Dyer said.

The development paves the way for additional private investment downtown while helping address Fresno’s housing shortage.

“If we are in a housing crisis, and I believe we are, why would we not want to build 174 units that are going to allow for mixed-income housing in downtown Fresno?” Dyer said.

For more updates on Fresno County development and business initiatives, stay connected with the Fresno Chamber of Commerce.