VAGABOND LOFTS

The Vagabond Lofts, completed in late July of this year, has set the stage for Downtown Fresno California. With 38 apartments ranging from 650 to 1,000 square feet and nearly 10,000 square feet of commercial space this is the first step, and seemingly first test, for bringing residence Down Town. Developers and partners in this project admit they were surprised at the wide array of demographics that took note of this project. This affordable housing project was first expected to attract the young artist who was looking for an urban setting to call home, but when the doors opened and renters started applying, they soon noticed that doctors, lawyers and other young professionals, dubbed “urban pioneers” were lining up to be one of the first to take part in this new idea.

In the past 5 years Fresno has grown nearly 10% and is expected to double by 2020. For decades now, growth has sprawled to the North, East and West leaving Downtown Fresno with out attention and in turn appeal to local residence. The Vagabond Lofts, with over $10 Million invested, had quite an obstacle to overcome, and a crucial question in this saga of rebirth to answer: Do people really want to live in downtown Fresno? At the end of it’s fist month, when 32 of the 38 unites were rented-the answer was clear…it’s what Fresno has been waiting for.

“With Vagabond Lofts being Fresno’s first major downtown housing project in more than two decades- the success of this project will inspire more housing projects and bring a new era of downtown living” says City Council Members Henry T. Perea and Cynthia Sterling. In fact, with the initial success being so grand, the ambitious 30-year-old developer Reza Assemi has plans for more lofts, row houses, artist studios and commercial projects all along Broadway- an area Assemi and others call a burgeoning cultural arts district. “Downtown revitalization began with new government buildings, such as the Federal Courthouse, and Grizzlies Stadium” said Perea “Now the city enters the next step with the construction of downtown homes” he says. “Soon restaurants, bars, stores and a vibrant nightlife will follow.”

Brand new apartments with hardwood floors, granite counter tops, new appliances, soft track lighting, in a gated community. Rent starting at $1 a square foot, with some unites cut an additional $25-$100 for affordable housing…so far, this information being spread by word of mouth is the only form of marketing the Vagabond Lofts have done. Although according to the new tenants, that’s all the enticement they needed. De Mahony the on-site manager said, even with 100% occupancy, she is still receiving plenty of phone calls each week.

In a recent Fresno Bee article, they write- Fresno’s downtown, as a Fresno real estate market analyst said, is a “nine-to-fiver”-and during the workday downtown Fresno bustles. But as words sang in a 1960’s Loving Spoonful song Summer in the City “At night it’s a different world”. If Vagabond Loft’s developer Reza Assemi’s dare pays off, it’s hoped that other developers will awaken to the possibilities of downtown. Perhaps that’s why this small development is getting all the attention that’s been lavished on it. The stakes are much greater than one young developer’s dreams, though many city residence hope his dreams are fulfilled in this case. His risk-taking deserves praise, and it’s hoped to earn him success. If it does, maybe Fresno will soon be singing another song:
“The lights are much brighter there
You can forget all your troubles, forget all your cares
So go downtown
Things’ll be great when you’re downtown
No finer place for sure, downtown
Everything’s waiting for you
Downtown…”

 

Background:

In May 2004 Pyramid A-One acquired the blighted and boarded up property at 1807 Broadway where Vagabond Motel once stood- and a skateboarders haven resided. The Planning and Development Department, working in close collaboration with the Redevelopment Agency, The Housing Authorities of the City and County of Fresno and other City departments, facilitated this public-private development venture; a venture that was a first of it’s kind for downtown. A plan proposed by Pyramid A-One and Grandville Homes called for two new structures constructed as two-story buildings, a common garden area and on-site parking to be constructed in the interior of the structures. A $400,000 forgivable loan from the low and moderate income housing set aside fund of the Redevelopment Agency was provided to the project as gap financing and was provided in three equal installments. The project consists of 38 residential unites and 8 commercial spaces. Nine (9) of the residential unites are to be affordable to households earning between 80% and 120% of the area median income for a period of 55 years.
The Fresno Redevelopment Agency…