Project Elevate
8346 Elk Grove Blvd, Elk Grove, CA 95758
Marketing description
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 underserved retail market relative to its impressive demographics. This is particularly true of the local and regionally operated retail, restaurants and entertainment residents crave.
Investment highlights
- 20-acre gross (17-acre net) land parcel zoned for mixed-use residential/retail/office/hospitality development
- Located at the southeast corner of Elk Grove Boulevard and Big Horn Road
- Directly adjacent to the City's 56-acre District56 community, recreation, senior center, and veterans hall
- Zoning: Village Center Mixed-Use
- Density: Up to 800 units by right
- Floor-to-area Ratio: 2.0 max
- Max height: 75 feet by right; allowed to go higher with design review approval
- Not within a flood zone
- Development proposal should include: ±680 Multi-Family Residential units, up to 100,000 SF of Retail, up to 120,000 SF of Office, and one Hotel
- Project Elevate is visible to over 140,000 cars per day
- Elk Grove apartment vacancy rate of 2.2%, compared to Sacramento average of 3.5%
- 14.2% residential rent growth
- 2.2% retail vacancy rate in Elk Grove
- Submarket: Elk Grove
- Specific Plan: Laguna Ridge
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