What to do with those pesky Mural District properties?
by The Editor
The recent announcement that Dario Nassemi is selling his famed Mural District properties has caused many Downtown residents to question the future of the neighborhood. But don't worry! GBF has a plan.
This is going to be math heavy but bear with me. Granville is selling 291 apartment spaces with a roughly 95% occupancy rate. That means at any given moment, about 276.45 of them are filled. Let's take the conservative route and say that there are only 276 people living in these units right now (nobody's cohabitating).
Now, Granville hasn't released how much they're selling these properties for, so we'll have to estimate. There's about 250,000 sq. ft. that they're selling, and the average price per square foot in Fresno right now is $133. That's a grand total of $33,250,000.
So where am I going with this?
If all 276 residents come together and pool their money, it will only cost each of them about $120,471.01
The truth is, there's more than 276 people that live Downtown. The actual number is likely close to twice that.
And we could probably low ball them under the pretext of "if Granville is pulling out on such a large scale then there must be something wrong with owning these properties/properties Downtown."
Tell me this isn't the perfect plan.
The recent announcement that Dario Nassemi is selling his famed Mural District properties has caused many Downtown residents to question the future of the neighborhood. But don't worry! GBF has a plan.
This is going to be math heavy but bear with me. Granville is selling 291 apartment spaces with a roughly 95% occupancy rate. That means at any given moment, about 276.45 of them are filled. Let's take the conservative route and say that there are only 276 people living in these units right now (nobody's cohabitating).
Now, Granville hasn't released how much they're selling these properties for, so we'll have to estimate. There's about 250,000 sq. ft. that they're selling, and the average price per square foot in Fresno right now is $133. That's a grand total of $33,250,000.
So where am I going with this?
If all 276 residents come together and pool their money, it will only cost each of them about $120,471.01
The truth is, there's more than 276 people that live Downtown. The actual number is likely close to twice that.
And we could probably low ball them under the pretext of "if Granville is pulling out on such a large scale then there must be something wrong with owning these properties/properties Downtown."
Tell me this isn't the perfect plan.
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