Developer breaks ground on South Tower project

Posted by BoNhia Lee on December 20, 2013 

Art deco design for South Tower, a live-and-work development on Fulton Street.

PHOTO COURTESY OF MARVIN ARMSTRONG, ARCHITECT

The Fresno developer who turned a foreclosed apartment complex on Fulton Street, south of the Tower District, into a live and work development two years ago is ready to move forward with another project across the street.

Terance Frazier of TFS Investments, his team and Marvin Armstrong, Architect will break ground today for South Tower, a 32-unit commercial and residential project.

The 23,000-square-foot art deco-designed complex will be located across the street from Frazier’s Fultonia, which opened in March 2011 on Fulton, north of Belmont Avenue.

The project has been a long time coming, said project manager Chris Foxen. Plans were to start last year, but the company had to settle some liens on the property before construction could proceed, he said.

The development will have eight residential units with commercial space on the Fulton Side of the building. The other two- and three-bedroom units will be 700 to 900 square feet in size and rent for $575 to $900. Seventeen of the apartments will go to low-income families.

All units will have their own laundry facilities. A community garden will also be built. A 100-year-old oak tree on the property will be preserved and used as a focal point in the design of the complex.

South Tower is expected to be finished by late summer or early fall.

Foreclosure relief coming, state AG says

California Attorney General Kamala D. Harris announced Thursday a $2.1 billion multistate and federal settlement with Ocwen Financial Corp. and Ocwen Loan Servicing over alleged mortgage servicing misconduct.

That means California homeowners with Ocwen-held mortgages could receive up to $268 million in principal loan reductions or nearly $23 million in cash payments under the settlement.

Fresno County homeowners are estimated to receive up to $7.2 million.

"This settlement will help homeowners who've been misled while trying to modify their Ocwen mortgages," Harris said.

Ocwen was accused of failing to promptly credit mortgage payments, miscalculating interest rates and charging borrowers improper fees.

The company holds nearly 390,000 loans in California, 12% of which are underwater, meaning mortgage holders owe more than the value of the home.

For more information about the settlement, email ConsumerRelief@Ocwen.com or call (800) 337-6695.

Fresno County home sales fall in November

Rising home prices and diminishing housing affordability pulled home sales down across California last month.

In Fresno County, home sales fell nearly 19% in November compared to the month before.

But home prices continued to increase as demand remained strong, according to a monthly housing report from the California Association of Realtors.

The median home price of an existing single-family house in Fresno increased to $193,020 last month from $182,620 in October. A year ago, the median home price was $148,240.

 

 

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