|
For Immediate Release
Contact:
Leslie Valpey
916-329-4500
lvalpey@thomasent.com
Strong Public-Private Commitment to Redevelop The Railyards
(July 1, 2009)
The Railyards has been recommended for an award of $30.9 million by the California Department of Housing and Community Development’s Loan and Grant Committee (HCD). The funds from this Proposition 1C grant program will be used to create infrastructure at the downtown Sacramento Railyards. Earlier this year, The Railyards was also awarded $20 million in federal stimulus dollars. Infrastructure construction at The Railyards began in April 2009 supplying much-needed construction jobs to the Sacramento region.
Suheil Totah, vice president of Thomas Enterprises said “We are pleased and grateful for the State’s ongoing support of infrastructure funding at The Railyards. The funding that this project has received to date is proof of the tremendous commitment that we along with our city, state, and federal partners have to breathing new life into The Railyards. This catalytic redevelopment effort is only possible because of this joint commitment.”
The 244-acre downtown Sacramento Railyards development, located at the former Union Pacific railyard, is the largest urban infill project in the country. The Railyards will create 19,000 permanent jobs, 2,800 hundred annual construction jobs and result in an ongoing annual positive economic impact of $2.7 billion. Private investment in the project will exceed $5 billion.
As a large, multi-phased, brownfield infill project, The Railyards development will complement, integrate and connect to the existing downtown. The Railyards will create a vibrant new neighborhood of mixed-use, high density housing in the heart of Sacramento, with entertainment and retail venues, a transportation hub, offices, a public market, open space and cultural offerings in a setting that celebrates the connection to Sacramento’s historic past. The development will be anchored by a new state-of-the-art intermodal transportation facility to be built by the City of Sacramento. The first phase of the project will be completed by 2012..
For more information visit www.sacramentorailyards.com
Thomas Enterprise is an Atlanta based real
estate development company known for its innovative real estate
projects. In the last decade, Thomas Enterprise has developed in excess
of 20 million square feet of commercial/retail projects valued at more
than $2 billion.
|
