Cushman & Wakefield has been named exclusive advisor to Smart Growth Investors and real estate developer Fulcrum in the marketing of The Bridge District, West Sacramento’s high-profile 12.5 million sq. ft. infill development project along the Sacramento River. The team of advisors includes Executive Director Ron Thomas, Director Kris Kalmbach and Senior Associate Mark Tabak of the Cushman & Wakefield Sacramento office. The Cushman team has been retained to advise on all commercial leasing, land sales, build-to-suit negotiations, joint venture partnerships and all related commercial real estate matters for Fulcrum within The District.
“The arrival and remarkable success of Raley Field helped create conditions for the next wave of smart development in the Sacramento region,” said Cushman & Wakefield Executive Director Ron Thomas. “We’re thrilled to have been retained as real estate advisors for this transformational project. The Bridge District offers opportunities for businesses and organizations of all sizes from a virtually unlimited range of industry sectors. There truly is something for everyone.”
The Bridge District development officially broke ground in 2010, following a multi-year effort to revise city codes, standards and practices to encourage smart growth development in West Sacramento. Since then, The District has undergone more than $50 million in infrastructure improvements, including new roads, ramp improvements, sewer, water and riverfront park amenities. The District is positioned along the I-80 corridor in West Sacramento, bounded by Tower Bridge Gateway (formerly State Highway 275) to the north, US-50 to the south, the Sacramento River to the east, and the junction of Tower Bridge Gateway and US-50 to the west. West Sacramento is also home to Raley Field, the popular AAA baseball stadium, which has seen 10 million visitors since opening in 2000.
“Long seen as one of the region’s most exciting—and obvious—infill development opportunities, we are creating in The Bridge District the perfect new 21st Century green neighborhood from scratch, right on the river at the heart of the urban core,” said West Sacramento Mayor Christopher Cabaldon. He added, “With Raley Field as an anchor, fresh new public infrastructure in place, major private construction already underway, and a streetcar line on the way, momentum is sweeping The Bridge District and will accelerate with the addition of Cushman & Wakefield to the talented team at Smart Growth Investors and Fulcrum.”
The Bridge District development plan provides for moderate- to high-density residential, office, retail, service, lodging, medical, governmental and institutional use. The District is entitled for up to 12.5 million sq. ft. of commercial office, hotel and retail use, including 4,500 housing units. Current zoning within the District also provides the unique opportunity for 2.3 million sq. ft. of medical use, including a 143-bed hospital. “The size of these potential sites could support a large multi-specialty medical building or a small general or specialty hospital,” added Thomas. “With easy access from I-5 and I-80 via a dedicated off-ramp to the site, this will be a showcase facility in a showcase location.”
According to developer Fulcrum, the Bridge District is the largest concentration of developable parcels for new construction close to the Downtown Sacramento core. Fulcrum recently began construction on the first phase of residential development within The District which will frame the already-completed Garden Park. The work includes 32 architect-designed homes called the 'The Park Moderns' and four 24-unit apartment buildings collectively named 'Habitat.'
“Our guiding principle in this first phase of development was to achieve both: designs that create meaningful relationships to outdoor space and to build at a density that responds to today's values,” said Stephen Jaycox, Chief Marketing Officer and Design Director at Fulcrum. “We are creating a new way to live in the city at possibly the most connected and entertainment-rich addresses in our region. The opportunity promises to draw residents and businesses from all over to this, the rediscovered center.”
Including Fulcrum’s current residential developments, there are over 200,000 sq. ft. of projects already underway within The Bridge District. In addition to Habitat and Park Moderns, other notable residential projects include The Capitol Yards and Rivermark housing developments. Plans also continue for a new $101 million, 343-room full service Marriott Hotel, set to begin construction in 2014.
“With new housing, a new hotel, and planned office, retail and medical use, The Bridge District has begun to generate significant buzz from a wide variety of businesses and industry sectors interested in the stunning potential of this unique development, including governmental and educational institutions, healthcare, biotechnology and financial services firms. The site and its prominence on the river make it an ideal location,” said Thomas. “This is an exciting time for West Sacramento and the entire region. The next big thing is happening now. We look forward to partnering with Smart Growth Investors and Fulcrum to help build the region’s next great 21st century neighborhood.”