The historic landmark, formerly known as the "Security Bank" building, now has a new owner. The investor from Southern California, Sevak Kachadurian, said he fell in love with the building which is now called the Pacific Southwest Building.
With the help of Mayor Swearengin, Kachadurian laid out his plan to do what no one else has been able to do -- turn the property into a successful mixed use building.
Instead of selling the lofts, he plans to rent them out. Early estimates are rent will be about $1,800 to $2,000 a month for the spacious lofts that offer great views of the Downtown Fresno Area.
Kachadurian's expertise is mainly in the Los Angeles area with developments in Malibu, Beverly Hills and Downtown L.A. He expressed enthusiasm about the need for Fresno to have a thriving downtown. "My opinion is the most important place of the city is its downtown. Wherever, go all over the world to Paris, go everywhere. No one lives in the suburbs. Everybody's dream is to be in downtown. I've seen downtowns grow. I've seen Los Angeles change."
Earlier this year, a bank bought the 85-year-old building for just under $2-million. The previous owner, Saundra King, was $5-million in debt before she filed for bankruptcy.
Kachadurian signed a confidentiality disclosure with the bank so it's unknown how much he paid for the building. He also told reporters that he will be living at the building for the foreseeable future to oversee the daily operations.