But rehab work will soon begin to turn the structure into a 41-unit affordable housing complex.
The Arthur @ Blackstone is a partnership between Fresno Housing and CVS Health, which donated $18 million.
"It allows us to acquire the property and then move forward into developing," says Fresno Housing CEO Tyrone Williams.
Jeff Hermosillo is president of Aetna's California market, which is part of CVS Health.
He says 20 of the apartments will be reserved for young people facing homelessness or those transitioning out of institutions.
"It really is at-risk youth," he said. "It's really an area throughout the country and throughout the state where we have a lot of needs."
CVS has donated to other local housing projects. This complex would provide supportive services for residents.
"We're continuing to build out our HealthHUBs, which are opportunities or places for people to go and get some different types of health services that are very accessible," Hermosillo said.
Williams is excited to see how business partners like CVS can help reduce health disparities.
"They have really decided that Fresno is a place that they want to stake their flag and that Fresno Housing is the ideal partner to help them move forward," he said.
Work is expected to begin on The Arthur @ Blackstone before summer.
Another affordable housing complex, the Monarch @ Chinatown, is being built from the ground up.
"Right now, we're anticipating on completion in the Fall of this year, and that's going to add additional housing to Chinatown," Williams said.
The four-story complex will make 57 more apartments available near downtown.