A developer has plans to turn the historic downtown building into apartments
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"This project (ensures that) affordability of those coming Downtown is protected," said Fresno City Councilmember Miguel Arias.
Fresno City leaders on Thursday unanimously approved the plan that will allow APEC International to begin construction next month.
The renovation will create 79 single-family units for low-income residents, with work slated to be completed by late 2020.
Money for the $20-million project will not come from the City. Instead, tax credits and tax-exempt bonds will be used.
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"Here, being on the Council, I've seen how difficult it is to put a deal like this together. But what's exciting is that 79 families will have an opportunity to not only live in Downtown but have affordable quality housing," said councilmember Esmeralda Soria.
Once considered the Valley's most luxurious hotel, Hotel Fresno first opened 1912 but has sat empty and neglected since 1983.
"Fresno has a history of tearing down historical buildings and forgetting our own history and the heritage we bring to this community. In this case, we're protecting that history and that heritage and making sure that working families for generations will be part of that history," said Arias.