[kamehameha]

FBI settles on Roseville site for regional headquarters
Sacramento Business Journal by Sanford Nax, Staff Writer
Date: Tuesday, August 7, 2012, 6:52am PDT - Last Modified: Tuesday, August 7, 2012, 7:53am PDT
Enlarge Image Officials in Roseville say the federal government has apparently settled on an almost 12-acre site in the Stone Point master planned community as the site of a new FBI regional office.

Sanford Nax
Staff Writer- Sacramento Business Journal
Email | Twitter | LinkedIn Officials in Roseville say the federal government has apparently settled on an almost 12-acre site in the Stone Point master planned community as the site of a new FBI regional office.

Nothing has been filed with the city, but John Sprague, CEO of the Roseville Community Development Corp., said FBI offices are expected to be consolidated onto the property, which is one of the few remaining commercial sites in the master planned project.

“It is our understanding that the FBI has focused on property within Stone Point, and now is out with an RFP to select a contractor,” he said.

Public records show Bank of the West sold the land for about $2 million in April to an entity called Cordova 83 LLC, which is connected to Pappas Investments of Sacramento. In a solicitation issued in November, the General Services Administration said it was looking for a developer to construct a building under a 20-year lease on 11.8 acres in Roseville. The project would be 121,511 rentable square feet, with occupancy expected in 2015.

Sprague said the development is evidence of Roseville’s desirability. “We’re very excited,” he said. “It continues to focus on the fact that Roseville is strong economically, and helps businesses be successful.”

Bank of the West took ownership of 44 acres at Stone Point in 2009 after developer Richland Planned Communities, which had carved off and sold portions of the master planned community to other developers for years until the real estate market collapsed, was unable to resolve outstanding debt that reached $29.5 million.

Suburban commercial property doesn’t get any more blue-chip than Stone Point; the acreage sits atop a hill off North Sunrise Avenue and it had been targeted for everything from a boutique hotel to homes bordering a natural ravine. Homebuilder Taylor Morrison is reportedly buying a large chunk in Stone Point too, according to real estate sources.