Once the Largest Industrial Complex West of the Mississippi
Sacramento, CA – 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.
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.