Region: Elk Grove
Turton Commercial Real Estate, as exclusive advisor, is pleased to present the opportunity to acquire the 100% fee simple interest in one 20-acre (gross, 17 acre (net) land parcel zoned for mixed-use residential/retail/office/hospitality development located in the evolving economic epicenter of the City of Elk Grove (the “Property”).
The Property is currently owned by the City of Elk Grove and is recognized by many to be one of the most desirable properties in the Sacramento Region. Its importance to the city cannot be overstated. Elk Grove has spent years carefully considering and envisioning the brand, direction, and development of the project, commonly referred to as “Project Elevate” directly adjacent to the Cities’ 56 acre “District 56” cultural and recreational center.
Elk Grove is a significantly undeserved retail market relative to its impressive demographics. This is particularly true of the local and regionally operated retail, restaurants and entertainment residents crave.
Developers and development teams will be encouraged to submit proposals for the purchase and development of Project Elevate by February 28, 2022. Interested buyers will find within the offering memorandum basic renderings and site plans that provide guidance as to the architectural design standards and branding the City seeks. The goal is to create a high-density residential environment where residents will be surrounded by regional, organically grown retail and office businesses that are easily walkable. Residents will also enjoy the benefits of District 56 and the surrounding national grade retail along the Elk Grove Boulevard corridor.
Please contact us directly for the offering memorandum and submittal guidelines.
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Use: Retail / Office / Restaurant
Lease or Sales: Lease
Leasable SF: 1,035 - 7,143 SF
Lease Rate: $1.50 - 3.25 SF/Month
Lot Size: 2.56 acres
Lease or Sales: Lease & Sale
Sale Price: $17,000,000