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Developer updates council on Uptown Apartments; city explores short‑term loan program to bridge downtown financing gap
Summary
Uptown Limited Partnership updated the council on a shovel‑ready 54‑unit mixed‑use project downtown and said it faces a capital‑stack gap due to rising construction and insurance costs. The administration said a NOFA for a revolving loan fund to help bridge financing is imminent.
A private developer told the Fresno City Council on Aug. 14 that its Uptown Apartments — a 54‑unit mixed‑use project in downtown Fresno — now has plan approvals and is effectively shovel‑ready, but requires gap financing to reach construction.
Developer presentation: Sal Gonzalez of Uptown LP said the project totals about 1.47 acres and includes 54 units with street‑level retail and work‑live lofts; he estimated a total development cost near $29 million and said final hard bids were due the week after the council meeting. Gonzalez said the sponsor has invested roughly $1.3–$1.4 million in soft costs…
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