Editorial: Railyard project may be picking up steam
Published Friday, Jan. 07, 2011
Things are finally looking up for the railyard development in downtown Sacramento, and none too soon.
What is billed as the nation's largest infill project had been hostage to the financial woes of its former owner, Thomas Enterprises. After Thomas failed to repay nearly $200 million it owed, Inland American Real Estate Trust took control in October.
Inland's first update to the City Council this week demonstrated a clear commitment to the project – and renews hope that the railyard will fulfill its promise of generating thousands of jobs to accelerate the sluggish economic recovery.
Mayor Kevin Johnson says City Hall could not be more pleased with what Inland has done in its first couple of months of ownership.
The Illinois firm has deep pockets, and it has already kicked in $8 million of its own money to help extend Sixth Street into the landlocked site. It has reached a tentative deal with the city to transfer a key piece of land needed for roads connecting the railyard to the downtown core. Inland is pursuing a new county courthouse on the southern edge of the site as well.
This year, Inland officials told the council, will be about infrastructure and getting contracts signed to keep state money flowing.
But the vision for the 240-acre site is far more ambitious. If all goes according to the plan approved by the City Council three years ago, there could be thousands of housing units, offices and hotels, avenues lined with stores, a cultural district centered on historic railroad shops, a transit hub and more. And there's still the possibility of a new arena for the Kings and entertainment events.
If all that comes to fruition, the impact on Sacramento's long-term future as a thriving midsized city would be immense. Now that the city has a full partner with the wallet – as well as the will – the chances of success are immeasurably better.
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