We intend to commence work on the Loft portion of our building (floors 11 thru 16) in the spring of 2006. We have already received approval from the State of California Department of Real Estate for the 19 unit “Condominium Split” and preliminary requirements for the “Change of Occupancy” from the City of Fresno. Also, we will be able to apply the historic code to relax some of the more arduous California building codes to restore this architecturally significant and beautiful building.
The residences in the tallest skyscraper in Fresno will be custom designed with a minimum of ten windows overlooking the downtown Fresno cityscape. Some general requirements will include dual pane, tilt in windows for ease of cleaning, gas fireplaces in living rooms, exposed concrete ceilings and brink veneer on exterior walls, large walk-in master bedroom closets, bamboo or teak hardwood floors, granite for kitchen countertops, trash compactors in kitchens, and “Tennessee Walnut” marble (for the building) lining the bathrooms. Upscale kitchen appliances will be offered along with stackable washer/dryer units and Grohe or Toto plumbing fixtures.
Community rules (CC&R’s) have been developed for this project and parking spaces will be offered to residents as needed at the going market rate for our valet parking in our underground parking garage. A small monthly association fee will be needed to cover janitorial costs for maintaining the hallways and digitized elevator.
Lofts are being offered at $400.00 per square foot so the individual selling prices of the residences will be contingent upon the number of square feet in each loft. The above price per square foot was determined by comparing the selling price of the average home:loft in 5 cities in the United States. This ratio is comparable in each of the cities and by utilizing the average selling price of a home in Fresno and applying the above ratio to it, we were able to ascertain the value of a loft in the Fresno area.
