Posts Tagged ‘redevelopment’

Although Fresno’s Terance Frazier has been involved in the redevelopment of around 700 properties from 2003 to 2008, it’s obvious that he brings as much enthusiasm to each project as the ones before it.

On Wednesday, Frazier, who owns TFS Investments, along with Tyco General, Inc., unveiled their latest collaboration: The renovation of the Fultonia residential and commercial units.

Built in 1956, Fultonia, a low-income complex with several shop spaces facing the street, spans from 532 to 614 Fulton Street in Fresno. The complex has 39 residential units and 10 commercial spaces. Throughout the years, the faded light and dark gray complex has fallen into disrepair and has racked up numerous code violations, according to Frazier.

Preston Prince, the director of Fresno’s Housing Authority was on-hand for the announcement, saying he was glad to see something being done with Fultonia.

“I would drive by here every day,” Prince said. He wondered whether anything was being planned for the complex, stating he believe it had great promise.

The building went into foreclosure, and two months ago, Frazier, along with private investors, purchased it “for about $1 million.”

“This is such a unique property,” Frazier said. “It’s the heart between two arms: The Tower district and downtown.” He said that like a sick human heart, once that was healed, surrounding areas would begin to get better.

The project will take about $1 million in renovations and should be completed in four to five months, said Eric Tienken from Tyco General. The existing 10 to 11 tenants will be moved into another TFS-owned complex until renovations are completed.

Since Fultonia is low-income, Frazier is working with the Housing Authority to keep costs down, thereby making it possible for the current tenants to remain living there. Rent will run from approximately $500 to $600 a month for the one-bed, one-bath 700-square-foot units.

Tienken said the entire project will be visible from start to finish on the official Web site (www.fultonia.com) which will include a blog to be updated daily. Along with the renovation, the project will include “green” additions such as solar panels and white foam roofing. Residents will also be given air conditioning and heating, amenties they didn’t have before, Tienken said.

Fresno City Councilwoman Cynthia Sterling said the project was a good step in the redevelopment of the city. But, she added, redevelopment will take years.

“Let’s get to work,” Frazier said exuberantly.