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3/20/14
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Presidio Residential Capital has partnered with BlackPine Communities to build 86 new homes at Curtis Park Village, a 71-acre mixed-use urban infill community on a former Union Pacific rail yard adjacent to one of Sacramento’s most sought-after legacy neighborhoods. Presidio has committed $22 mil to build the development’s first homes; construction will begin and a sales office will open in April.
BlackPine Communities plans to build and sell the first 29 homes at the $400 mil Curtis Park Village development—“one of the city’s largest infill, brownfield projects in many years—by year’s end,” said BlackPine President Mike Paris. Curtis Park Village is entitled to build 181 single-family homes and 334 multifamily units.
The project will offer three brownstone plans ranging from 2k sf to 2.9k sf, 2.1k sf - to 2.9k sf “traditional” plans featuring five architectural styles and 32 different street perspectives, and 12 cottage plans ranging from 1.5k sf to 2.2k sf. With unique architectural expressions that seamlessly complement the iconic Curtis Park neighborhood, the solar-ready homes will include custom cabinetry, high-end GE appliances, private gated driveways with rear-load garage access and front yard landscape maintenance. Residents will have access to a community park and extensive walking trails.
“Curtis Park Village is now recognized as one of the best urban-infill, smart-growth brownfield conversions in the United States,” said the developer of the property, Paul Petrovich of Petrovich Development Co, which has completed a $30 mil toxic cleanup of the site and invested $15 mil in initial infrastructure, including underground utilities, streets and sewers. The development will feature retail stores and housing for all income levels including both single family and multifamily units.
Located a mile and a half from downtown Sacramento, Curtis Park Village is close to major employers, including state and county municipal offices, several hospitals, Aerojet/GenCorp and California State University-Sacramento. An $11.5 mil pedestrian and bicycle bridge will link residents to a shopping center and a nearby light rail station at Sacramento City College.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 86 single-family homes will generate $18 mil in local income, $1.9 mil in taxes and other revenue for local governments, and 279 local jobs. BlackPine Communities estimates the project will create 289 temporary construction jobs.
According to Petrovich Development, building the community’s first phase of infrastructure created 800 construction jobs and the second phase will create another 700. When the project is completely built out in about three years, Petrovich expects it to generate 650 full-time jobs.
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