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For Immediate Release
Contact:
Leslie Valpey
916.329.4500
lvalpey@thomasent.com
Site Was Once the Largest
Industrial Complex West of the Mississippi
(December
29, 2006) In one of the largest and most significant urban infill
projects in the country, Thomas Enterprises today took possession of
the 240-acre Union Pacific Railyards in downtown Sacramento, the
historic birthplace of the western terminus of the1869 Transcontinental
Railroad. With the purchase, Thomas opens the gates to developing
a world-class downtown, befitting the capital of the state of
California, one of the world’s largest economies.
“For the first time in 150 years,
this historic property is back where it belongs – in the hands of the
community, “ said Stan Thomas, founder, president and CEO of Thomas
Enterprises. “The Railyards redevelopment will revitalize the region
and position Sacramento as a statewide anchor and west coast
transportation hub.”
Concurrent with the transfer of the property to
Thomas Enterprises, Thomas will transfer approximately 8.8 acres of the
property to the City of Sacramento including the Sacramento train
depot, the surrounding parking lot and the existing rail corridor as
outlined in a previously approved agreement between the city and
developer. In addition, the City has agreed to purchase an additional
23 acres north of the existing tracks for a future rail corridor once
an environmental impact report (EIR) is certified in 2007.
The Sacramento Railyards is a unique development
project, creatively weaving together a tapestry of notable
architecture, centers for performing arts and open
space with mixed-use housing and commercial
districts linked together with accessible public transportation.
As part of the overall vision, the development
will restore and preserve the historic Central Shops to allow regional
visitors and tourists to experience the rich history and unique
architecture of the old brick structures, where thousands of railroad
workers were once employed.
The conversion of the downtown brownfields into a
thriving center of commerce, leisure and industry will not only create
jobs but will also promote valuable new partnerships between public and
private entities.
“We’re on the verge of a regional renaissance,”
said Sacramento Mayor Heather Fargo. “Just as the railroad employed our
people and shaped our future, this project, and in particular our new
inter-modal transit facility will set the tone for smart growth into
the next century. I want to thank Stan Thomas and his team who never
let go of that dream.”
The City and Thomas Enterprises are planning a
ceremony in January in celebration of this historic time for the
City. Both parties will continue work on the draft environmental
impact report and the entitlements for the project with public hearings
expected in late spring. Remediation work at the site will be
expedited.
Designed as a regional destination, The Railyards
will offer a vibrant, urban atmosphere with entertainment venues,
retail establishments, mixed-use, high-density housing, open space,
riverfront access, parks, hotels and museums.
According to a recent study by Philadelphia-based
Public Financial Management Group (PFM) construction at The Railyards
will result in a $9.4 billion boost to the regional economy over the
next 15 years. In addition, build-out of the project will create 78,000
full and part time jobs.
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.
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