ELK GROVE, Calif. — Elk Grove city officials are planning a new walkable 20-acre neighborhood with a mix of housing, retail and entertainment called Project Elevate.
Developers CenterCal Acquisitions will purchase the property at the southeast corner of Elk Grove and Big Horn Boulevards for about $4 million, according to a recently signed letter of intent.
After securing the proper entitlements and permits, construction on the project can begin within a year. The project is expected to cost around $160 million and can take five years to develop if done at once.
"This is going to be in the heart of our city, creating this sort of new downtown," Elk Grove Mayor Bobbie Singh-Allen said. "Project Elevate will ultimately be, I think, the crown jewel of Elk Grove and a shining example for for the region as well. So I'm very excited about this."
Project Elevate is set to include the following elements:
- At least 225 market-rate apartments, with 15% reserved for affordable housing
- At least a 100-room hotel
- At least 10,000 square feet of office space
- At least 80,000 square feet of retail and restaurant space
- Half-acre of publicly accessible village plaza
- Integration with District56 and The Village
Elk Grove resident Sharon Anderson told city councilmembers she would like to see rooftop dining and housing with integrated rooftops for Project Elevate.
City officials have the option to purchase the property back from CenterCal Acquisitions if construction hasn't started within a year of securing the proper entitlements and permits.
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