Selection of developer, update on Elk Grove’s ‘Project Elevate’ to be presented at city council meeting
An update on Elk Grove’s next big thing, Project Elevate, will be presented at this Wednesday night’s Elk Grove City Council meeting.
As part of Elk Grove’s Civic Center, the 20-acre city-owned site on Elk Grove Boulevard is proposed to be a mixed-use commercial area, including high-end retail and housing. The property has been declared surplus property, and thus 15 percent of the housing must be classified as affordable.
Earlier this year, with the assistance of Sacramento-based Turton Commerical Real Estate, the city released an Offering Memorandum seeking partners to purchase and develop the site. Four proposals were received, and the city has selected the Houston-based Hines Interests Limited Partnership to develop the project.
The staff report said Turton designated “Hines as the best proposal and most qualified development partner, and staff concurs with Turton’s assessment.”
Among the components in Hines’ proposal for Project Elevate are the following:
- 864 residential apartment units
- 35,262 SF of retail and restaurants
- A 26,260 SF specialty market
- 78,000 SF of office
- A 100-room hotel
- 2 parking structures totaling 1,706 spaces
The report also states, “it is anticipated that some request for City financial participation in the Project may be sought by the developer. The amount and structure of that participation is yet to be determined.”
City staff has recommended the Elk Grove City Council approves an exclusive negotiations agreement with Hines.
The Wednesday meeting starts at 6 p.m.
