After initial failed plans for Project Elevate, Elk Grove starts negotiations for sale of the parcel to SoCal developer
https://www.elkgrovenews.net/2024/03/after-initial-failed-plans-for-project.html
One of Elk Grove's heavily promoted projects failed to launch last year when negotiations collapsed between the city and Houston-based Hines Interest for the development of Project Elevate. That proposed project seeks to develop a mixed-used facility featuring a hotel, residential units, and upscale retailers.
While those failed negotiations, the city promised to pursue other opportunities for the 20-acre taxpayer-owned parcel on Elk Grove Boulevard adjacent to District56. The city's commitment was made apparent when the Elk Grove City Council's closed-session meeting agenda was released on Friday.
According to that agenda, the city has entered negotiations with El Segundo, Calif.-based Center Cal Properties LLC. Elk Grove city manager Jason Behrmann and economic development director Darrell Doan represent taxpayers in the talks.
While Hines Interest is an internationally recognized developer, Center Cal is a smaller regional developer with experience in California, Idaho, Oregon, Utah, and Washington.
California Center Cal has developed facilities in Cerritos, Concord, Emeryville, Long Beach, and Oxnard. Four of the five California developments are cookie-cutter suburban shopping centers, while the Emeryville facility is mixed-use.
The closed session agenda did not reveal further information about the negotiations, but the city could be involved in an outright sale or a sale with a development agreement.
Photo by MART PRODUCTION via Pexels.
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