City of Elk Grove to sell Project Elevate parcel to SoCal shopping center developer
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| One of the 13 properties in Elk Segundo, Calif.-based CenterCal Acquisitions portfolio is this strip center in Seattle. | |
Previously, the city had an exclusive negotiation agreement with Houston-based Hines Interest. The staff report noted the internationally renown developer terminated the agreement in May 2023 after both parties were unable "to move forward on terms and a timeline acceptable to the City."
Charged with resetting the project was a city council subcommittee that included Sergio Robles and Darren Suen. Through a competitive bidding process, only two applicants were interested in the project.
While the Hines agreement included artistic renderings of Project Elevate, the staff report for this agenda item does not. The lot is north of District56 and is bounded by Elk Grove Boulevard, Civic Center Drive, Big Horn Boulevard, and Big Timber Drive.
The plan includes 1,020 parking spaces, 225 market-rate apartments, 40 affordable units, and a hotel with at least 100 rooms. It also calls for integration with the adjacent Village shopping center and District56 facilities.
The staff report says that construction must start within one year of closing. However, CenterCal can extend the closing for up to five years.
Wednesday's meeting starts at 6 p.m.
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4 comments
Project Deflate
I just hope Sergio Robles wasn't too drunk during his subcommittee meetings, if in fact he even bothered to attend.
I hear a new restaurant is brewing to take place in this strip mall. It's called "Crock Pot Chef"
To give the impression that they are not writing blank checks on this project, I expect the City to crow about being paid $4 million by the developer for their property. But stay tuned as the project unfolds, we will undoubtedly see taxpayer subsidies being handed out in dribs and drabs--not big enough at one time to garner much attention. After all, Hines--one of the largest real estate firms in the country walked away, and Pappas, the most influential power player in the City, didn't even bid on the project. That tells me all that I need to know.
Ignore the propaganda machine and watch your wallet!
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