Fresno Mayor Jerry Dyer couldn’t contain his enthusiasm after nearly $70 million in bond market financing was secured for long-planned The Park at South Stadium Apartments.

On Thursday, escrow officially closed between the developer and the city of Fresno, signifying all funding sources have been secured or committed.

“The Park at South Stadium Apartments represents everything we have been working toward — quality infill housing, affordability, and a vibrant urban core,” said Dyer said in a statement. “Closing escrow is proof that when the city, our partners, and the community work together, we are truly building a better Fresno.”

Pending the City Council’s approval, construction is anticipated to begin on the 174-unit development in August 2026. Forty percent of the units would be affordable, developers have said. The council is scheduled to hear the item on June 18.

“The Park at South Stadium moving forward is a true testament to Mayor Jerry Dyer’s vision and commitment to Downtown Fresno,” Mehmet Noyan, president of The Noyan Company and co-managing member of The Park Partners, LLC, said in a statement.  “That coupled with the unwavering hard work and diligence of City Council and City Staff serving their community, has been unprecedented.”

Project Completion Is Expected in Summer 2028

The city has made substantial investments in the surrounding downtown infrastructure, including parking garages, water mains, sewer mains, and street and pedestrian improvements.

“This is a monumental accomplishment,” said Jeff Isenstadt, president of JCI Development Inc., and co-managing member of The Park Partners, LLC. “We are honored to be working with the city and its Planning and Development Department to deliver The Park at South Stadium in summer 2028.”