West Sacramento selects Baltimore firm for waterfront project
4 miles of riverfront would become parks, housing, retail
Sacramento Business Journal - by Michael ShawStaff writer
June 22, 2007
The Cordish Co., which has redeveloped waterfront sites and large entertainment districts primarily on the East Coast, has been named the top candidate for master developer of a city-owned, 200-plus-acre project in West Sacramento along the Sacramento River.
The four miles of continuous waterfront property is among the city's prime pieces for redevelopment, though city officials don't have a vision for what will go there.
"We don't know of many other places that have this amount of waterfront land under single ownership," said Traci Michel, senior program manager for the city's redevelopment agency. The agency owns the property, known as Stone Lock Bluff.
City staff selected the Baltimore developer based on its track record for delivering projects and its financial viability, though the City Council must review the selection at a meeting, likely next month. If approved, the city and Cordish will begin negotiations over developing the waterfront land.
Stone Lock is mostly unused land with few areas of public access to the water. It includes the city's wastewater treatment plant that's due to be decommissioned this fall and eventually demolished.
"We did not want plans for this site," Michel said of the city's approach of seeking a developer before it had any concrete ideas for the massive project. "We wanted to find the company most qualified to develop it."
The city has vague ideas that it wants a large central park of 100 acres or more, a marina and neighborhood-oriented retail as opposed to big-box stores. There could be hundreds or thousands of housing units, depending on the ideas that Cordish, the city and the community generate.
The development will cost hundreds of millions of dollars.
Initial concepts could be developed by the fall, Michel said.
Cordish topped the list of 10 applicants, selected based on a host of benchmarks, including the experience of top management, financial viability, experience working within a public-private venture and superior architectural design.
"We're looking for someone who will maintain ownership and continually reinvest in this long-term project," Michel said.
The city hasn't yet released the list of competitors for the site, but Signature Properties Inc., which has plans to build in West Sacramento and specializes in urban infill projects, was one of the applicants.
"We're not too familiar with (Cordish), but it appears they're involved in quality projects," said David Nybo, director of land acquisition and forward planning for Signature. "We're looking forward to seeing what they'll bring to the community."
Cordish is a family-owned company that traces its roots back more than 100 years. Company officials were not available to comment late Wednesday.
Its long list of former and current developments include projects in Baltimore's inner harbor and the $650 million ballpark village under construction in St. Louis.
"The Stone Lock District presents an opportunity for a new waterfront neighborhood with retail and entertainment concepts that can become the bellwether for West Sacramento," company vice president Blake Cordish said in a news release. "We look forward to working in partnership with the agency, the city and the community."