Sonnenblick Development in The Fresno Bee: Will an amusement park really come to Fresno? Here’s what to know

Fresno leaders on Thursday confirmed they “rolled out the red carpet” for a big-time investor interested in financing a bunch of new entertainment developments.

While nothing is set in stone, the potential of $300 million worth of projects would undoubtedly transform Fresno. Here’s what we know so far.

Is Six Flags coming to Fresno?

We don’t really know.

Mayor Jerry Dyer said he’s legally prevented from discussing details of the entertainment venue, meaning he likely signed a nondisclosure agreement. The Bee reached out to Six Flags for comment but never got a response.

But what we do know is this: Investor Bob Sonnenblick visited Fresno earlier this year and has met multiple times with Dyer, Councilmember Miguel Arias, and LeeAnn Eager, the CEO of the Fresno Economic Development Corporation.

Sonnenblick has spoken publicly about working with Six Flags on other projects. He builds resorts and hotels. Plus, Sonnenblick made an offer to the city to buy Selland Arena.

Arias told The Bee potential projects could include an amusement park, indoor water park, and revitalized arena.

Eager said Sonnenblick and his representatives are excited about Fresno.

“They said ‘Fresno on the precipice of being great,’” Eager said. “Of course, we always thought we were, but they said we would really love to get involved and help with development.”

Bob Sonnenblick – Crittendon 2021 Conference Speaker

Bob Sonnenblick 2021 Critendon Real Estate Speaker

Session 101: Opening Keynote

The Post-COVID Real Estate Finance Marketplace

Moderator: Bob Sonnenblick
Chairman, Sonnenblick Development LLC

Real Estate Conference l Speakers

We would like to introduce you to some of our 2021 conference speakers!

Conference Speakers

Bob Sonnenblick – Chairman, Sonnenblick Development LLC

Mark Fluent – Head of West Coast Real Estate, Deutsche Bank Securities Inc.

David Eyzenberg – President, Eyzenberg & Company

David Moret – President, Highline Real Estate Capital

Donald Moses – Managing Director, Real Estate Private Credit, Arena Investors LP

Vic Clark – Senior Managing Director & Head of Conventional multifamily production, Lument

Randy Wynne – Director of Revenue Management, RE Carroll Management

Jason Miller – Chief Investment Officer, Grand Sakwa Properties

Gary Bechtel – Chief Executive Officer, Red Oak Financial

Arthur Nevid – Head of U.S. Loan Origination, Romspen Capital

Alison Coen – Managing Director, Barclays

Solomon Garber – Senior Vice President, Northeast Bank

Greg Schecher – Director, Archway Capital

**Note: These are only conference moderators. Please visit our website for other speakers

Session 101: Opening Keynote The Post-COVID Real Estate Finance Marketplace

Don’t miss out on these amazing speakers that are guaranteed to give you advanced industry information to help your business prosper and give you the necessary tools to build your company and succeed in today’s ever changing market.

More Info on Speakers

Conference Highlights

September 22-24, 2021 • Miami, Florida
2.5 days • 18 educational sessions • 65+ speakers • 5 networking events

We hope to see you there!

Register Here!

Testimonials

“The Crittenden Real Estate Finance Conference continues to be a fresh and high content event. Format and speakers bring the best of the best.”

– Robert Kline, Cushman Wakefield

“You will learn more about the motivation, focus and risk tolerance of high level decision makers, lenders and investors in 36 hours than any other conference you can attend.”

– David Repka, Bison Financial Group

PRESS: L.A. Developer, Others Compete to Take Fresno Arena Off City’s Hands

GVwire.com | David Taub June 23, 2021

The future of Selland Arena could come down to three bidders.

Depending on what direction the Fresno City Council takes, the future of professional soccer hangs in the balance.

At its Thursday meeting, councilmembers will discuss the sale of the arena and surrounding land. The three listed companies on the agenda are Prosperous Terra, LLC (Ruelas, Inc.), owners of the Fresno Fuego professional soccer club; Sonnenblick Development, a Pacific Palisades firm; and USA Wrestling, the governing body for amateur wrestling.

The national office of USA Wrestling, based in Colorado Springs, Colorado, said they are not making the offer, but it is likely a related organization called California USA Wrestling, who made the bid.

California USA Wrestling did not respond to messages left by GV Wire.

A price for the arena has not been publicly revealed.

Developer Eyeing Fresno Market

Bob Sonnenblick, the principal of Sonnenblick Development, focuses on retail shopping centers, resort hotels, and government buildings. They have recently entered the arena business.

“Our plans are to own (Selland Arena) long term. We think it’s a great asset. That’s not the only asset we’re talking to the city about. We think that assets like that should not be under city ownership. Cities really don’t have the entrepreneurial background or experience in operating assets like that. They are better off being held in the private sector,” Sonnenblick said.

The city is looking at not only selling the arena, but the adjacent Valdez Hall and the parking lots that go with it. Sonnenblick said the area could use more parking and floated the idea of building another garage on the property.

Sonnenblick would not share what other city assets he is eyeing. But, he says prices in Los Angeles have him looking elsewhere.

“Prices in Los Angeles have gotten so stupid and so high that we decided to go to some secondary markets and we’ve identified Fresno as a tremendous growth area,” Sonnenblick said.

“Prices in Los Angeles have gotten so stupid and so high that we decided to go to some secondary markets and we’ve identified Fresno as a tremendous growth area.”

— Developer Bob Sonnenblick

Fuego: All or Nothing on Selland Arena

Fresno Fuego FC president Chris Wilson said it is Selland Arena or bust when it comes to the future of professional soccer in Fresno.

“The only way the business works for us is if we have all three facilities (Selland Arena, Valdez Hall and the parking lot) working hand in hand. If we don’t own the property or we don’t operate the property as a whole, the rental situation of land just doesn’t doesn’t pencil out,” Wilson said.

A few weeks ago, Fuego ownership made a public presentation during a city council meeting about their plans for Selland Arena. They plan to build a soccer-specific stadium in the parking lot, and use Selland and Valdez as youth sports and entertainment venues.

The Fuego would play in the USL, a pro soccer minor league. The team has been pitching the city on the Selland Arena project for seven months.

“We’re ready for the city to make a decision,” Wilson said.

The Fuego offer is the best, Wilson said.

“Our offer is more than just a purchase price. I mean, our offer is a commitment to the city to renovate and revitalize the Selland Arena property and to really build an entertainment hub for our community anchored by a brand new USL soccer stadium,” Wilson said.

Sonnenblick said he is willing to talk with the Fuego if he is the winning bidder. That doesn’t work for Wilson.

“We’ve seen what renting property looks like with Fresno. And it turns out not to work out,” Wilson said.

If Selland Arena falls through, the Fuego have a Plan B.

“We already have three other communities outside the city of Fresno that deeply, deeply want this project,” Wilson said.

One option could be using 45 acres owned by the team near Valley Children’s Hospital in Madera County.

Am illustration of how the Fresno Fuego would use Selland Arena (Image: City of Fresno)

Bob Sonnenblick to Speak at Hotels Opportunities Conference March 31, 2021

PRESS RELEASE: Monday March 29, 2021

UPDATED – SEE HIGHLIGHT VIDEO BELOW!

Hotels Magazine has announced that L.A.-based real estate developer Bob Sonnenblick has been added as a speaker on their keynote panel at the upcoming Hotel Opportunities Conference this Wednesday, March 31, 2021 at the Mandarin Oriental Hotel in Miami, Florida.

The panel topic is: Financing New Hotel Opportunities- Debt & Equity. It is the first major “live & in-person” hotel industry conference in over one year. For more info, go to www.HotelsMagazine.com

PRESS RELEASE: Los Angeles, Calif. Wednesday February 13, 2021

Los Angeles-based real estate developer Sonnenblick Development LLC has acquired The Monterey Park Government Center, an 86,000 square foot, 2-story office building, located just east of Downtown Los Angeles, on the I-60 Freeway in a $37.5 Million deal.

80% of the previously-vacant building was then simultaneously pre-leased to The Social Services Department of the County of Los Angeles for occupancy by three of its divisions: GAIN, IHSS (In Home Supportive Services), & MIE (Mgmt, Info & Evaluation). Renovation of the building will take approximately 9 months, and the space will be ready for occupancy by the 2^nd quarter of 2022. The general contractor will be KPRS Construction, and the building architect is Langdon Wilson & Associates. The property sits on 4 acres and is located at 588 Atlas Avenue in Monterey Park.

Sonnenblick Development is one of Los Angeles’ largest developers of government-tenanted office buildings, with almost one million square feet of government space, housing tenants such as The Department of Homeland Security, The Los Angeles County Sheriff’s Department, The FBI, The Dept. of Public Health, and The Social Security Administration, etc.

For more information, please go to: www.SonnDev.com

Bob Sonnenblick to moderate IMN Keynote panel: 2nd Annual Distressed Hotels Virtual Forum February 18, 2021

PRESS RELEASE: Monday February 15, 2021 Ny City, NY

IMN Conferences, Inc has announced that Los Angeles-based real estate developer, Robert Sonnenblick, Chairman of Sonnenblick Resorts LLC, has been chosen to moderate their keynote panel at the upcoming 2nd annual Distressed Hotels Virtual Forum & Webinar on February 18th.

Mr. Sonnenblick’s panel is entitled “Domestic & Global Opportunities in Distressed Hotel Investments”, and it will feature fund-investors and money sources from around the world who finance and acquire distressed hotel deals. The panel will discuss the current and future state of the lodging industry, and the money that funds new hotel transactions.

For more info, please see: www.lMN.org

Domestic and Global Opportunities in Distressed Hotel Investment

Globally, which markets are proving most resilient throughout the pandemic?
Where are luxury hotel investments on the rise? Which investor groups are driving activity?
How are institutional investors viewing offshore vs. domestic distressed hotel investment opportunities?
How are global tourism rates trending, and how will this impact investment and development pipelines?
How do you finance acquistions?
Partnering with foreclosure banks and funds
How long is the domestic hotel industry down turn?
What hotel segments recover first? (Urban, Itd services, resorts)?
Which markets are leading in new construction activity?
What are the unique complexities and risks of cross-border distressed hotel transactions?

For more info, please see: www.IMN.org