Mayor Swearengin Praises New Owner of JC Penney Building for Investment in Downtown Fresno
08/15/2013

Fresno, CA – Mayor Ashley Swearengin today praised Shay Maghame for making a significant investment in downtown Fresno by buying the former JC Penney building on the Fulton Mall.

“I want to thank Shay Maghame for showing confidence in downtown Fresno through this investment,” Mayor Swearengin said. “We stand ready to make this a good business experience for you and all of the other downtown investors. We know we are on the right track, and this investment proves it.”

A Fresno State and Fresno City College graduate, Maghame’s plans for the top three floors include 66 residential units. About 10 units will be held for affordable units for downtown workers. The ground floor and mezzanine will be retail space, possibly a Public Market. The basement will be converted to parking for building residents.

Maghame will name the building “The Diamanti.”

Swearengin said the purchase of the JC Penney building is the latest step forward for downtown Fresno. The City also has seen investments in the Bank of Italy Building, the Helm Building and the Pacific Southwest Building, and new investment is expected in the Bank of American Building on the Merced Mall. In addition, new owners are expected soon for the Luftenburgs Building on the Fulton Mall.

In all, new investment of more than 600,000 square feet has taken place in the Fulton Mall area in the past four-and-a-half years, Mayor Swearengin said.

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