In Fresno, CA there is only one building on the Fulton Mall that is also on the National Register of Historic Places. That is the Bank of Italy Building. A new owner of the building was announced today in a press conference hosted by the City of Fresno.
The new owner is the Penstar Group, a Fresno based developer. The soft spoken but confident Penstar Group CEO, Tom Richards said that they had investigated buying the building before but the timing was not right. He also stated that them buying the building now is a vote of confidence from the private sector in the actions and policies that the City of Fresno is putting in place regarding downtown revitalization. Another investor in the purchase of the building is Brian Wagner. They formed a partnership called in a Pentori Inc.
The City of Fresno staff did play the role of matchmaker between Wagner and the Penstar group. Wagner was initially interested in purchasing the building but needed additional investors. The city also cleared various code enforcement and legal actions on the building before it was purchased. Craig Scharton comment on this was that with a developer with a proven local track record, we don’t need the “big stick” and that this way they have a clean slate.
Buildings that the Penstar Group have completed includes the IRS building and the United Security Bank Building at M & Inyo in 2003. Projects in progress include the One-Stop Center and Library on California next to Edison High School and Terry’s House
The Bank of Italy building was built in 1918 and designed by architect Charles Franklin
What is not clear is what the new uses of the building will be or the time line for reopening. Tom expressed that the sale went very fast and they have not had the opportunity to program future uses or find potential tenants. Their first course of action will be to secure the building from people breaking in and seal weather proof the exterior to prevent any further degradation.
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The Business Journal
Fresno Beehive
