Posted:08/15/2022
For Immediate Release
Elk Grove, Calif. – At their August 10 meeting, the Elk Grove City Council selected global real estate firm, Hines, in partnership with renowned architect Gensler to help transform 20 acres of vacant city-owned property in the heart of Elk Grove into an approximately 1.6 million square-foot, $600 million urban mixed-use district in this thriving suburb of downtown Sacramento.
“The goal of Project Elevate is to bring a mid-town look and feel to Elk Grove with modern architecture, five to seven story buildings, a vertically integrated mix of uses, and dynamic public spaces. This is a transit ready infill project that is bold and visionary and unlike any other in the Sacramento region. If successful, it will “elevate” the quality of space and amenities and bring an urban sensibility to Elk Grove,” said Elk Grove Economic Development Director Darrell Doan.
Hines has extensive expertise in public private partnerships with a history of delivering world-class mixed use development projects around the globe. Hines has developed several similar projects throughout the country including West Edge in Los Angeles, CA, City CenterDC in Washington, DC, and Riverwalk in San Diego, CA. Locally, Hines has developed the Centene office campus in Natomas, Sacramento, and is developing the residential Natomas Fountains project in Sacramento, as well as Salesforce Tower in San Francisco.
Hines has a Sacramento office with 27 employees and $818 million of assets under management.
“We are extremely pleased to be working with the City of Elk Grove on this transformative project,” said Dusty Harris, senior managing director at Hines. “This project is a rare opportunity to redefine the nature of urban space in a suburban context and something that hasn’t been done before in the Sacramento region. We are honored to have been selected and eager to get started.”
Hines and the city have entered into an Exclusive Negotiation Agreement that will give both parties approximately six months to study the site and refine concept design plans for the project. Hines’s initial concept is to develop the site with a dense mix of modern urban uses consistent with the city’s vision that might include:
- 865 apartment units, including 130 affordable units
- 35,000 square feet of retail and restaurants
- A 26,000-square-foot specialty market
- 78,000 square feet of office
- A 100-room hotel
- Two parking structures totaling 1,700 spaces
- 97,000 square feet of public plaza, park, and paseo space
Sacramento-based broker Turton Commercial Real Estate is assisting the city with developer selection, project planning, and the sale and development of the site.
About City of Elk Grove
Elk Grove is a high-quality suburban community of approximately 177,000 people, located 14 miles south of the California State Capitol in the State’s affordable Central Valley. Elk Grove is a young, ethnically diverse, modern city that was incorporated in 2000. Elk Grove is a family- and business-friendly community, with low crime, excellent schools, over 100 community parks, excellent dining and shopping options, numerous annual events and festivals, and over 270 sunny days per year. Median Household Income is $102,000, the median home price is $662,750, and 62% of adults over 25 are college educated. Major corporations like Apple, Amazon, AllData, Kubota Tractor Corporation and the State of California call Elk Grove home. Commercial rents and land costs are affordable, and the City has virtually no seismic risk. Elk Grove is governed by a five-member City Council consisting of the Mayor and four Council members. Elk Grove operates its own Development Services, Public Works, Finance, and Police Departments, and is served by the Elk Grove Unified School District, and the Cosumnes Community Services District (fire and emergency medical services and parks and recreation).
About Hines
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management totaling approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2021.
About Turton
Turton Commercial Real Estate (“TCRE”) is a boutique firm made up of creative, entrepreneurial agents and out of box marketers with a passion for the Sacramento region, specifically urban and urban style property. TCRE is the listing agent on nearly every ground up mixed-use development, creative office building and urban retail property in Sacramento, and they represent nearly every one of the region’s most notable urban developers. In addition to urban real estate, TCRE’s public sector resume is wide-ranging, with more than 10 current government agency clients looking to the TCRE team for advisory on their lease and owned real estate.
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