Firmus Financial acquired the 2.91 acre commercial parcel at 1501 North Blackstone in Fresno for $900,000 in July 2015. Shortly thereafter, we put it in contract with a low-income housing developer who has been actively pursuing the entitlements and grants for the above depicted 88 unit mixed-use affordable housing development including 7,500 square feet of commercial space. During the time we had it in escrow, we collected rents from the existing carrier tenants, sustaining over a 9% Cap rate during the 3.7 years we held the property while the developer took it through the entitlement process, and we closed escrow in March 2019 for $1.8 Million.
 

• Located strategically on the Blackstone BRT Corridor which connects the City of Fresno to Downtown and the High Speed Rail Station

• 4,000 square feet of the commercial space to be leased by Clinica Sierra Vista for a medical clinic

• 2,000 square feet of the commercial space will be dedicated to the City of Fresno for a Senior Center

• Disadvantaged Community Score of 97.41%
   

Integrated Community Development in partnership with Corporation for Better Housing and the City of Fresno, plans to redevelop a full city block on the Blackstone BRT Corridor with a new vibrant mixed-use development. This development, located across the street from Fresno City College, presents the unique opportunity to fulfill the goals of the General Plan and the State of California by constructing high quality, high density, affordable housing in close proximity to public transit and major employment centers. This catalyst project will be a shining

example of what smart growth and collaboration between public entities and the private development community can accomplish.