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2/12/20
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LDK Ventures has retained Cushman & Wakefield to provide office leasing services for The Railyards, a prominent new mixed-use development project located along the Sacramento Riverfront in Downtown Sacramento. The mega project looks to transform 244 acres of historically significant land into a thriving, mixed-use community in the heart of Sacramento.
The Railyards is slated to feature a total of up to 5 msf of brand new Class A office space, together with a substantial amount of new retail space. The project will initially kickoff construction with the delivery of 300k sf of office in two 150k sf, multi-story buildings collectively known as The Foundry. The initial phase will include a small-scale retail element and is expected to be shovel-ready in the fourth quarter of 2020.
C&W’s leasing team will include Ron Thomas, Mark Tabak and Mary Kate Banchero in Sacramento, J.D. Lumpkin in San Francisco and Brandon Bain in Silicon Valley.
To date, the Railyards has been successful in securing the following anchors for the development: a new Kaiser Permanente campus on 18 acres (estimated completion 2025); a new Major League Soccer (MLS) stadium and grounds on 18 acres (estimated completion 2022); and a new 18-story, 550k sf County Courthouse (estimated completion 2023/2024).
Other significant Railyards projects that are currently in the development pipeline include: a 345-unit multifamily, mixed use project (estimated completion end of 2022); The Paint Shop, an historic building in the Central Shops featuring a 3,500-seat music venue along with, pubs, restaurants and retail; a new 316-key hotel; and potentially 90k sf of fitness space integrated into a mixed use residential development. There is also the potential for an additional 5,000 to 6,000 residential units to be developed in The Railyards.
Named after its prosperous past, the site of The Railyards once served as the western terminus of the Transcontinental Railroad. At the time, it was a hub of innovation, entrepreneurship and technology, and was the largest employment center in the region. That historic era is represented by the Central Shops Historic District, which serves as the foundational cultural amenity of the project. The project is also near the many other shopping, dining and entertainment amenities of the central business district, including the Golden 1 Center arena. The project is truly a transit-oriented community providing direct access to Sacramento Valley Station intermodal facility which includes passenger rail, light rail, and bus.
“The Railyards is arguably the most exciting and dynamic mixed-use urban redevelopment project on the West Coast,” commented Lumpkin. “It is rare to see all of the amazing components of a project of this scale materialize in fairly short succession. The ability to grow at scale in Northern California, with access to an amazing talent pool and incredible quality of life in Sacramento right in the buzzing downtown of our state capitol—that will prove a pretty compelling proposition for employers headquartered in the Bay Area, as they expand their footprints to complimentary markets to access new employee talent.”
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