Thomas Enterprises Inc., which has an office in Sacramento, is developing the project. It will ultimately include 12,000 housing units -- some of which will be affordable housing -- entertainment venues, a public marketplace, other retail and office space, and a transportation facility. Soil cleanup at the Railyards is currently ongoing and will probably be completed by the end of next year, after which infrastructure work will begin. The first phase of the project is slated for completion by 2012.
According to Thomas Enterprises, the council vote was crucial to demonstrate to the state of California that the Railyards is “project-ready” and eligible for millions of bond funds following passage of Proposition 1C, the 2006 statewide Housing and Emergency Trust Fund Act. Prop 1C provided nearly $1billion in funding for infrastructure including water, sewers, transportation and environmental cleanup to facilitate urban infill housing.
The developer brings its experience in creating master-planned communities to the table. Among Thomas Enterprises’ other projects are the 1,500-acre The Boulevard mixed-use development in Orlando, and the 800-acre The Rim project in San Antonio, most of which will contain retail. According to the company, The Railyards will benefit from a current population of 1.64 million within a 30-mile radius, with an average household income of about $70,000, figures that are both expected to grow.
The project is also an historic aspect to the railyard redevelopment. The site was once the western terminus of the transcontinental railroad, which was completed in 1869. During its peak, the property housed the largest railroad facility of its kind and was the largest employer west of the Mississippi. Seven of the historic buildings remain standing and will be restored and re-used as part of the new project, including two buildings that will become a rail technology museum.
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source: commercialpropertynews.com
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