Developer John Allen has started making street improvements along 34 acres he owns in northwest Fresno where he still plans to build a commercial retail center known as the Commons at Figarden.
But don't get too excited; construction on the much-anticipated commercial project at Gates Avenue and Figarden Drive is at least a year away.
"It's been real slow," Allen said about the development. "It seems like it's been taking forever."
Allen introduced the project in 2004 when the housing market was booming, but the recession halted plans. Housing construction slowed and recruiting tenants to new shopping centers got tougher.
While the economy hasn't improved drastically since then, Allen said it's time to get some preliminary work done.
He's installed gutters and street lights. A roundabout is being built at the Gates Avenue entrance, and the street will be extended about 300 feet.
"We've been hanging on a long time with that property and we finally decided to put improvements in and record our parcel maps," Allen said.
Home sales up, prices are still falling
More homes in Fresno and Clovis were sold in December than the month before, but prices continue to fall.
In December, 630 homes -- which include single-family homes, condominiums and planned unit developments -- were sold, compared to 567 in November, according to the Fresno Association of Realtors.
That's a small increase over December 2010 when 607 homes were sold.
The median price, however, fell to $142,500 last month from $150,000 in November.
A year ago, the median price was $152,500.
Dan Hawkins, association president, was surprised to see median home prices fall after watching them edge up by $7,000 between October and November.
He said there are still so many distressed properties out there that buyers are bargaining harder for the lowest price they can get.
Grant for affordable housing loans
The Northern California Community Loan Fund, which has an office in Fresno, received a $2 million grant from Chase Bank to provide affordable housing loans to nonprofit housing agencies.
The loans, which have affordable rates and flexible terms, will help nonprofit housing agencies in the Central Valley and San Francisco build projects.
Source: http://www.fresnobee.com/2012/01/19/2690088/figarden-project-continues-slowly.html
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