Maya Cinemas North America

Heritage Theatre

Fresno, CA

A 16-screen, state-of-art, movie theatre to serve as the anchor tenant for Fresno State’s $150 million Campus Pointe Town Center dining and retail project

The Project

Located on the campus of Fresno State and part of the university’s long-term development plan, Campus Pointe will bring much-needed retail, entertainment, dining services and jobs to students and residents of underserved neighborhoods surrounding the school. To create a ‘college town feel’ Campus Pointe provides preferential consideration and below-market leases to local businesses, forgoing large national chain-type businesses and franchises. Heritage Theatre is owned by Maya Cinemas, which is a minority-owned chain of theatres located in areas with strong Latino demographics.   Central Valley NMTC financing, subordinate to construction and permanent debt, was used for construction, equipment and furnishings.

COMMUNITY CONSIDERATIONS:

Poverty Rate:

30.8%

Median Family Income:

58.9%

Unemployment Rate:

10.4%

COMMUNITY IMPACTS:

Created 905 construction jobs and 46 permanent jobs that pay a living wage and benefits

Extensive community benefits agreement which mandates hiring preferences for students and low-income residents from the surrounding neighborhoods.

Flexible and under-market lease space

Since completion, theatre traffic has spurred the development and opening of 14 new locally-owned businesses, which employ over 450 residents.

Minority-owned and controlled

Financing

Total Project Cost

$
million

NMTC Allocation

$
million

PROJECT PARTICIPANTS:

Central Valley NMTC Fund, LLC; Maya Theatres North America, JP Morgan Chase Community Development Banking; Clearinghouse CDFI, California State University Fresno Auxiliary

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