Fresno Housing Authority received more than $18 million from CVS Health for the development of a new affordable housing complex in central Fresno, covering a majority of the project’s cost.
The Arthur @ Blackstone, at 3039 N Blackstone Ave., has been in the works since 2017 and will break ground this summer, with plans to be completed 18 months after construction begins. The 41-unit apartment complex will replace vacant office and retail spaces near the intersection of Blackstone and Shields avenues.
“We know that when families have access to affordable housing, they are better able to improve their physical, mental, and emotional health,” said Tyrone Roderick WIlliams, Fresno Housing CEO, in a news release jointly issued by CVS Health and Fresno Housing. “That’s why our partnership with CVS Health is exciting and innovative for the families we serve in our community.”
According to the news release, 20 of the 41 apartment units will be reserved for special-needs renters, specifically young adults who are considered chronically homeless or at risk of chronic homelessness. The housing complex will also provide supportive health services and 14,000 square feet of retail and community space.
The project is estimated to cost $24 million, according to Fresno Housing. About $1.6 million of the funds came from city of Fresno HOME funds.
CVS has invested $18.4 million into the project, their greatest investment into a Fresno Housing project, the release states. The company previously granted around $4.6 million and $2.1 million to the Villages at Paragon and the Villages at Broadway, respectively.
In February, CVS Health announced that Fresno would be one of its target areas for the company’s Health Zone initiative.
Jeff Hermosillo, market president of Aetna, a CVS Health company, stated in the news release that CVS is “committed to investing in the Fresno community and meeting the needs of individuals and families by providing them with the resources that enable equal opportunity for achieving good health.”