Fresno developer Terance Fraizer is removing himself from an oft-delayed downtown housing project, he told a local news outlet over the weekend
The project, known as The Park at South Fulton Street, has been in development for south of Chukchansi Park for several years.
Noyan Frazier Capital, LP, run by Mehmet Noyan and Terance Frazier, received a green light from the Fresno City Council in 2016 to develop housing and retail space.
But delays have set the development back further and further.
Two weeks ago, Noyan appeared in front of the city council to request another extension to close escrow and secure financing because of extra time needed to redesign the building’s ground floor to address flood control issues. .
The council voted 4-1 to approve the extension, but the city’s municipal code requires a supermajority for such development agreements, meaning five councilmembers will need to support it.
The lone vote in opposition at the last meeting was cast by Councilman Garry Bredefeld, who cited his opposition to the city working with Frazier, the operator of Granite Park.
Councilman Mike Karbassi was absent from the meeting, and Councilwoman Esmeralda Soria recused herself due to her romantic relationship with Frazier.
Since Wednesday is the deadline for an extension, the council is set to schedule a special meeting no later than that morning to take up another vote.
With Bredefeld opposed to Frazier and Karbassi previously being outspoken about Frazier’s Granite Park operation, Frazier is backing out.
“If I stay on the project, the project dies because Garry and most likely Mike are going to kill it,” Frazier told McClatchy. “So being a selfless person, I’m going to have to walk away.”
Frazier told the paper that his attorney is filing the paperwork to remove himself from the development partnership.
“I can’t be selfish about this project,” Frazier said. “It’s not about Terance Frazier. I love my city, and I’ll do everything I can to help Fresno keep moving in the right direction even if they keep harassing me.”
Frazier added, “They’re pretty much cancel-culturing me.”
If the development is awarded an extension from the city and is ever completed, it will house 99 units, including 20 affordable housing units, as well as 4,500 feet of retail space.
The total development cost is expected to run $32.1 million.
