New ownership may bring life to Hotel Fresno

FRESNO, Calif. (KFSN) -- New ownership could bring new life to a century-old building in Downtown Fresno.

A previous plan to restore the 'Hotel Fresno' failed to land financing. But the historic hotel, a landmark since 1912, could have a bright future.

The $21 million plan would build 70 residential units inside the Hotel Fresno. A new ownership group is asking the Fresno City Council for a $1.9 million redevelopment loan.

The Hotel Fresno in downtown is a throwback to what used to be. Developers had their visions of what could be but it remains an eyesore. Now the best chance to revitalize this building lies in the hands of APEC international LLC -- a southern California group in the process of buying the building from Jake Kojikian, who built the Mayflower Lofts downtown.

"They found a buyer APEC who has a very good track record," said Fresno City Councilmember Lee Brand. "They're very professional. They know how to do the financing."

Brand says city support in the form of a loan is contingent on the group landing about $6 million in both infrastructure infill and historical funds, and even more funding through tax equity credits.

"If they do get all those three benchmarks then they will be in a position I think to successfully build it," said Brand. "If they don't they'll probably walk away from it. Then we're back to square one."

Brand says we won't know if those conditions are met until the end of summer.

Councilmembers will discuss the project Thursday. To move it forward, they would also have to make an exception to its "Better Business Act," which sets limits on how public funds are used for private projects.