New Mixed-Use Destination to feature retail and hospitality options
Rocklin, Calif. – LRE & Companies, a full spectrum real estate development, asset manager, construction, and hotel management company, has announced the plans for “University Square”-a 10-acre mixed-use development project at the intersection of Sunset Boulevard and University Avenue. With retail and hospitality components, University Square is the developer’s first project in the Rocklin, and second in Placer County. The project is scheduled to be completed by the end of 2025.
“University Square is another example of us following through with our approach of developing at dynamic intersections in growing markets we have identified over the years as a developer on the West Coast,” says Akki Patel, CEO of LRE & Companies. “We are proud to be part of Rocklin’s ongoing development and progress in the community with its mixed-used development, offering a range of retail and hospitality options for residents and travelers.”
Retail and Fast Food
The site will have more than 20,000 square feet of retail space and 5,000 square feet of space for quick service restaurants with drive-thrus; a 123-room Hilton Garden Inn; a 10,000 square-foot daycare center; a 3,700-square-foot convenience store; and a car wash. University Square has lined up some exciting tenants, with leases to be finalized in coming weeks.
University Square will be adjacent to Estia Rocklin, a high-end, build-to-rent townhome community with 181 units, from Homes by Towne. LRE & Companies and Homes by Towne have been collaborating to ensure consistency with the two projects, and their designs emphasize the “walkability” between the two sites, which encompasses 30 acres total (10 acres for University Square, 20 for Estia Rocklin). Residents will have the added convenience of walking out their front doors to a wide choice of restaurants, or for drinks at the Hilton Garden Inn.
“There’s a connectivity between the sites,” says Chris Dickinson, Homes by Towne’s Director of Land Development and Acquisition. “We believe the connectivity is a huge amenity for our residents that will enable them to walk to the adjoining project for a variety of services offered at University Square.”
Dickinson adds that LRE & Companies has proven to be the perfect partner.
“We brought in LRE & Companies because of their extensive background in hotels and retail,” he says. “We needed someone with the expertise to get things done, with the hotel as the anchor.”
The project is just east of the 8,497-acre Sunset Area development, whose plan is centered around a new California State University, Sacramento and Sierra College campus.
“This part of Rocklin is seeing tremendous growth,” says Victor Chiang, VP of development at LRE & Companies. “By prioritizing smart growth and responsible development practices, we can create something special that will stand the test of time. We are honored to be involved in shaping the future of the Rocklin community.”
Rocklin is home to Quarry Park, the city’s downtown community gathering space, offering rock climbing, paddle boats, and ziplining; more than 380 acres of open space, walking trails, and parks; and two higher education institutions: Sierra College and William Jessup University. The city also has panoramic views of the Sierra Nevada and Sutter-Butte mountain ranges. Rocklin is within a 20-minute drive of Folsom Lake, a 30-minute drive of downtown and Old Sacramento, and less than a two-hour drive from Lake Tahoe, the Pacific Ocean, and San Francisco.
Most of the area’s major employers, including Oracle, UNFI, K-LOVE, and Thunder Valley Casino, are within a two-mile radius of the project.
University Square is less than seven miles from another one of LRE & Companies’ commercial development projects. Announced in November 2022, Roseville Junction, a new mixed-use development project in Roseville, CA, will have two select-service hotels, three restaurants, an outdoor gathering space, and an entertainment and sports complex once completed.
For more than 20 years, investor, entrepreneur, community development advocate, and philanthropist Mr. Patel has built a vast U.S. portfolio of food and beverage businesses, real estate, early-stage technology investments, and hospitality ventures that have provided economic opportunities and made positive impacts in local communities.
Central to Mr. Patel’s work in franchising is uplifting the communities in which his businesses operate. Whether it is identifying potential owners from among employees, providing business counseling, financing, training and operational support to new owners, raising funds for local food banks – or even providing free meals to First Responders, and low-cost, wholesale groceries to neighbors in need – Mr. Patel believes that businesses have a responsibility to support their communities.