The Ralph and Goldy Lewis Center for Regional Policy Studies

This report explores establishing community ownership structures in Fresno’s Chinatown in order to ensure local residents and business owners benefit from the anticipated redevelopment spurred by the planned California High Speed Rail Station. Chinatown Fresno is characterized by a historic diverse immigrant community, historic disinvestment and multigenerational business ownership. It faces significant gentrification risks with incoming investments. Conducted for Emerging Markets Development Corporation, this report assesses the feasibility and potential process of implementing a Neighborhood Real Estate Investment Trust (REIT) or other models to build wealth for community members and prevent their displacement. Methods included surveying U.S. community ownership models, analyzing current plans for Chinatown Fresno, examining tax increment financing, and interviewing key stakeholders in government, philanthropy and the private sector. Findings reveal strong local investment in the neighborhood's future, extensive planning efforts lacking cohesive financial feasibility assessments, and the potential for master-planned pro forma development to enhance the implementation of state and federal grants and coordinate external investments. It also suggests a Joint Powers Authority to align public resources and foster predictable investment conditions, with a Neighborhood REIT proposed as a vehicle to blend institutional and local investments, distributing returns to community members. The report aims to advise urban planners, foundations, community organizations, and government officials on how community ownership ideas can be incorporated into Chinatown Fresno and promote wealth building, prevent displacement, and achieve sustainable, inclusive redevelopment.