Sacramento Railyards - The New Downtown

[wburg]

Here's a Railyards update:

Sacramento to start work on bridges into railyard
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By Tony Bizjak
tbizjak@sacbee.com
Published: Saturday, May. 29, 2010 - 12:00 am | Page 1A
Last Modified: Saturday, May. 29, 2010 - 10:13 am

Sacramento's railyard, slumbering for decades, is ready to become downtown's next major growth area, except for one thing:

You can't get there.

The 240-acre site is walled off from the rest of the city. Tracks block it from downtown to the south. The freeway and a berm prevent access from the west and north.

Crews are beginning a multi-pronged effort to breach those barriers.

The plan reads like a military assault.

Bridges and pedestrian tunnels will penetrate the railyard's southern flank, over and under the tracks. The tracks will be nudged to the north to make room.

The north berms eventually will be sliced open for street access. And, on the western front, connector roads will loop in under the freeway. Work has begun on a light-rail line in the yard on Seventh Street – currently the only road that crosses the site from downtown.

Total cost to pry the railyard open for development could top $200 million.

City transportation official Linda Tucker likens it to knocking down the Berlin Wall.

"We look at this as finally making downtown all one piece," she said.

The payoff, officials say, will be the opportunity in the coming decades to develop the site into a mixed-use adjunct to downtown with mid- or high-rise offices, high-density housing, restaurants and stores.

Gov. Arnold Schwarzenegger has dropped by to tout the project's economic and smart-growth benefits, saying he's driven by, wondering, "When are they going to develop it? It looks ugly."

State and federal governments are kicking in most of the money for road access and transit facilities. Sources include state transportation and housing bonds, the federal economic stimulus, federal transportation grants, and local Measure A sales tax.

Railyard owner Thomas Enterprises says it has invested $200 million of private funds at the site, which dates to the 1860s and the dawn of the transcontinental railroad.

Thomas bought the site from Union Pacific in 2006. Local officials had been puzzling over how to connect the site to downtown ever since its previous owner, Southern Pacific, started shifting work away from the facility in the 1970s.

"Everybody struggled with the constraints of the site," said Betty Masuoka, who once managed railyard development for the city.

In the coming weeks, workers will begin building bridges that will soar nearly 30 feet above the tracks, carrying cars on Fifth and Sixth streets through the railyard.

Then, in August, work will begin to move the Amtrak and freight tracks a few hundred feet to the north, freeing space for a new transit center and possibly a basketball arena.

The move also will make way for ramps lifting Fifth and Sixth streets to meet the bridges.

The plan is involved and, at points, awkward. The Fifth Street crossing will have to curve toward Sixth Street to get around one of the yard's historic buildings.

Designers considered building streets under the tracks, but vehicle tunnels seemed less inviting than bridges.

The tracks themselves cannot be dropped below ground because they have to be high enough to cross the river on the I Street Bridge.

At one point in the early 1990s, the city considered moving the tracks a half-mile to the north side of the railyard. But that was too far from downtown, and would have forced a costly replacement of the I Street Bridge.

The planned bridges for Fifth and Sixth streets will be designed to blend into the cityscape as much as possible, said Suheil Totah of Thomas Enterprises.

He envisions stores, restaurants and offices lining the slopes. The bridges will have lookout points with historical railroad information.

"It'll be a nice place to view the trains and the historic buildings," Totah said.

Totah said the Fifth and Sixth street extensions should open by 2012, connecting to the railyard's internal main street, Railyards Boulevard.

Two pedestrian tunnels are planned – one at the new transit center and another, wide enough for trolleys, connecting to Old Sacramento.

Jibboom Street and Bercut Drive will be extended into the railyard from Richards Boulevard.

Totah of Thomas Enterprises said his company is eager to start selling land to builders to take the site "vertical." But deals won't be done until the yard is no longer an island.

"There can't be a real discussion," he said, "until people are able to drive themselves onto the site on a road."

© Copyright The Sacramento Bee. All rights reserved.

Read more: http://www.sacbee.com/2010/05/29/278...#ixzz0pLQi8gPa

This is in addition to the restoration work going on inside the Shops buildings Thomas Enterprises will utilize as part of the project--despite claims that "nothing is going on there," much is going on inside the buildings. Crews are preparing the right-of-way for the Green Line light rail extension that will serve both the Railyards and Township 9, the city is doing prep work for the track realignment, and even the arbitration between the city and Thomas Enterprises over the value of the depot property is apparently finished.

[Majin]

Call me when the cranes are up

[snfenoc]

Foreclosure proceedings begin on downtown Sacramento railyard
tbizjak@sacbee.com
Published Tuesday, Jun. 15, 2010

An Illinois-based real estate investor today initiated foreclosure proceedings on the downtown Sacramento railyard after the yard owner failed to pay off $187 million worth of loans.

The dramatic move could be the first step toward pushing aside the yard's financially troubled current owner, Thomas Enterprises of Atlanta, and ushering in the massive Inland American Real Estate Trust as the new steward of the 240-acre railyard, the city's most significant development project.

Thomas Enterprises has been working for four years to develop the railyard, but has suffered financial setbacks internationally amid the economic downturn and failed to make good on an April 30 deadline for paying its debt to Inland.

The two companies have been in loan negotiations since then.

An Inland spokesman today said his company "made its best effort to work with Thomas ... to address the current default status of the loans on the property."

Inland took the first step toward foreclosure this morning when it filed a notice of default with the Sacramento County Recorder's Office.

Company spokesman Matthew Tramel said Inland will consult with the city of Sacramento and other stakeholders, and is committed to "work with all parties to ensure that all activities related to infrastructure development at the Railyards Project proceed on schedule."

City officials said they had been briefed by Inland on Monday and will be meeting with company officials again today.

"This is not a complete surprise," Assistant City Manager John Dangberg said. "It's well known the (financial) challenge Thomas Enterprises has had around the country."

He said Inland officials have told the city they want to push the ongoing railyard redevelopment work forward on pace, Dangberg said. "The good news is ... they are committed to the vision in the railyards. They recognize the investment value of the railyards for them and understand the high priority for the infrastructure projects in the pipeline now."

A Thomas representative, however, said Inland's default finding is "just a formality." Suheil Totah, a Thomas company official in Sacramento, said his company is still in talks with Inland on the loan repayment, "and which we expect to conclude shortly. "

State Senate President Pro Tem Darrell Steinberg, D-Sacramento, said representatives from Inland visited him Thursday, and followed up with an email today confirming that the notice of default had been filed.

"Just a formality"?? Isn't that basically what John Saca said 2-3 years ago?

[arod74]

Yeah you're right. I would bet Suheil Totah was packing up the office into boxes and updating his resume as he was being quoted. I hope he remembers to turn off the lights on the way out.

[jsf8278]

Can this really be a surprise to anyone? Thomas is such a joke. Has anyone even looked at their website and seen the kinds of projects they've done in the past? Its mostly suburban shopping malls and offices in the southeast. These rednecks are a joke.

Just how much public money have they collect so far?

[Web]

Not sure if the public money went into their pockets....but a lot of infrastructure is being worked on.....

I still say when they couldnt pay teichert for all that work last year told me they were shams.....
this just proves it......

[kryptos]

FORECLOSURE ON RAILYARD


The future of the long-dormant downtown Sacramento railyard took a dramatic turn Tuesday. The question: Is it a turn for the worse, or perhaps the better?

A Chicago-area real estate investor started foreclosure proceedings on the railyard after property owner Thomas Enterprises failed to pay off $187 million worth of loans.

The move could signal the end here for financially troubled Thomas Enterprises and usher in the massive Inland American Real Estate Trust as new steward of the 240-acre railyard, the city's top redevelopment project.

An analyst who follows Inland called the company substantial and experienced.

Thomas Enterprises of Atlanta, which bought the railyard from Union Pacific in 2006 after lengthy negotiations, has been vexed by financial setbacks nationally, including several foreclosures and project stoppages.

The firm's financial issues came to a head in Sacramento in April when it was unable to make a balloon payment to Inland on a series of loans. Inland officials said Thomas stopped making payments in July 2009.

The two companies have been negotiating a rewrite of the debt, Thomas officials said.

On Tuesday, however, after alerting Gov. Arnold Schwarzenegger, Mayor Kevin Johnson and state Sen. Darrell Steinberg, D-Sacramento, Inland filed a notice of loan default at the Sacramento County Recorder's Office, a first step toward foreclosure.

In a statement to the Bee, Inland spokesman Matthew Tramel indicated the talks had not made enough progress.

"Inland American has made its best effort to work with Thomas Enterprises Inc. … to address the current default status of the loans on the property," he said.

Tramel declined to say whether Inland will take ownership of the railyard. "As of now, Inland American is the lender, not the owner of the railyard."

Thomas official Suheil Totah described Inland's default filing as "just a formality" amid loan discussions "which we expect to conclude shortly."

Johnson said Inland officials assured him they are committed to making the railyard redevelopment project a reality.

"This sounds a lot worse than it is," Johnson said. "There is an opportunity where Thomas can be part of a joint partnership. (Inland is) going to try to create a win-win. But if they can't resolve their differences, it would mean there would have to be another master developer to come in and push the project forward."

City officials have been pushing for more than a decade to develop the railyard, said to be the largest urban infill site in the country. Plans include housing, offices, stores, a transit center, a public market, a cultural district and possibly a new basketball arena for the Sacramento Kings.

A takeover by Inland could ultimately turn out to be positive, said analyst Paul Adornato, who follows Inland for BMO Capital Markets in New York. "They have deep pockets," he said. "It might turn out that having a well capitalized owner is a good thing."

The Oak Brook, Ill., company owns more than 900 pieces of real estate around the country, including shopping centers, college dorms, apartment complexes, industrial sites and office parks, federal filings show.

A railyard ownership shake-up, however, also could threaten the flow of millions of dollars in state and federal funds that have been key lately to starting development of the railyard. That money includes a $20 million federal economic stimulus grant for track relocation, a project expected to begin this summer.

State Housing and Community Development Department officials said they would have to examine the credentials of any firm taking Thomas' place before deciding what to do with $78 million in state bond funds for the site.

"This is not the first time something like this has happened," agency spokeswoman Jennifer Sweeney said. "It's the first time it has happened with such a large amount (of bond money at stake)."

Inland spokesman Tramel said his company will consult with the city and other interested parties during the next few months. "Inland American's intention is to work with all parties to ensure that all activities related to infrastructure development at the Railyards Project proceed on schedule," he said.

City officials said they have been well aware of Thomas' financial struggles. "This is not a complete surprise," Assistant City Manager John Dangberg said.

The company failed to make its Sacramento property tax payments on time last year, causing the state to briefly withhold grant payments. Thomas has been forced to sell or shut down several projects elsewhere.

It was sued last month by a former employee for failure to pay a court-ordered $2.6 million settlement, and is being sued by a former partner who alleges the company siphoned money from the Sacramento project to bolster ailing developments elsewhere. Thomas official Totah dismissed that claim as unsubstantiated.

Company owner Stan Thomas told The Bee last year that the Sacramento project remained his company's shining light in 2009 but acknowledged it was kept afloat thanks to government funds. Thomas officials have said they expect the railyard property to begin making them money as early as next year, when roads are built onto the site.

[innov8]

Originally Posted by jsf8278

Can this really be a surprise to anyone? Thomas is such a joke. Has anyone even looked at their website and seen the kinds of projects they've done in the past? Its mostly suburban shopping malls and offices in the southeast. These rednecks are a joke.

Just how much public money have they collect so far?

If you’re keeping score jsf8287, Thomas Enterprises in partnership with
Millennia Associates were the only group in 2006 who meet the cities
qualifications to take on this project. You also don’t seem to know much
about their history either; they have built over 20 million square feet of
commercial space across the south, Midwest and California. The combined
properties are worth more than $2 billion. Thomas Enterprises was also the
only developer who bid on the project who hand any experience with toxic
cleanup which has now been done.

At the time (2006) they also had the strongest financial wherewithal or will
to make it happen but since then their main source of funding
(Lehman Brothers) has gone into bankruptcy.

[jsf8278]

Originally Posted by innov8

If you’re keeping score jsf8287, Thomas Enterprises in partnership with
Millennia Associates were the only group in 2006 who meet the cities
qualifications to take on this project. You also don’t seem to know much
about their history either; they have built over 20 million square feet of
commercial space across the south, Midwest and California. The combined
properties are worth more than $2 billion. Thomas Enterprises was also the
only developer who bid on the project who hand any experience with toxic
cleanup which has now been done.

At the time (2006) they also had the strongest financial wherewithal or will
to make it happen but since then their main source of funding
(Lehman Brothers) has gone into bankruptcy.

The fact that they were the only ones that bid on the project should have been a sign that this whole thing might not work out. Hindsight is 20/20 I guess, but it's just disappointing.

[innov8]

They weren’t the only ones who bid on this project, David Taylor along with
several other groups also made proposals to the City. Where do you get your
info on this?

[Majin]

Originally Posted by Web

Not sure if the public money went into their pockets....

Thats what I'm concerned about. How much money went directly Thomas Enterprises vs how much money was spent on the project? I know some toxic cleanup has been done but it's been nearly 4 years and 100s of millions of dollars into the project and it looks virtually the same.

[rampant_jwalker]

I just hope that if someone else takes over the project it won't be downgraded to a Downtown Disney style destination retail center or worse yet, a suburban shopping mall or single-family dwellings. Thomas Enterprises may be full of BS most of the time, but their vision for the project was good.

[TWAK]

it looks like they are working on an overpass or something, not sure what exactly

[Korey]

Originally Posted by rampant_jwalker

I just hope that if someone else takes over the project it won't be downgraded to a Downtown Disney style destination retail center or worse yet, a suburban shopping mall or single-family dwellings. Thomas Enterprises may be full of BS most of the time, but their vision for the project was good.

We as a city just cant let that happen. This land can be put to such good use; hopefully any lame proposals get shot down.

[ltsmotorsport]

Whoever does end up taking the project on would be an idiot not to continue with the approved plan. All the environmental document work is done and it's been through the city's ringer. Too much work has already been done to throw it away.

[Web]

the bridges are being built so I assume the railroad curve will be straightened and then roads to nowhere......
again I wonder how much thomas lined his pockets

[kryptos]

State on verge of pulling $30 million from Sacramento railyard project



Sacramento's financially struggling railyard developer is on the verge of losing $30 million in critical state grants for redevelopment of the massive downtown site.

State department of Housing and Community Development officials have informed Thomas Enterprises the state is stopping disbursements of Proposition 1C grant funds to the developer pending Thomas' resolution of an outstanding loan default with a private lender.

That state's action could potentially shut down work on what has been described as one of the largest infill development projects in the country.

Thomas has been relying on state grants to build a bridge in the railyard that will allow extension of 5th Street from downtown into the now-landlocked site.

The city of Sacramento, at the same time, is using state grants to finance construction nearby of a bridge that will carry 6th Street into the railyard. Those grants to the city are not in jeopardy, officials said.

Work was continuing at both sites this week.

Thomas, the Atlanta-based company that bought the 240-acre railyard in 2006, already is faced with losing the entire site for failing to make good on $186 million in loans. The company is now in negotiations with the lender, Inland American of Illinois.

State housing and community development officials sent Thomas a letter last week saying they want to see a resolution of that matter before they forward any more state funds to Thomas.

"Due to (Thomas') failure to pay its outstanding debts ... the department questions (Thomas') ability to complete the project pursuant to the requirements of the infill infrastructure grant program," the letter reads.

The letter gives Thomas 30 days, but the state HCD official Chris Westlake said the state is talking with Thomas and Inland, and may not pull the grant as long as solid progress is being made after the 30-day mark.

"We would have to evaluate where the negotiations are at that point," Westlake said. "It is a fairly large amount of funds we have awarded them."

Thomas officials said they and their lender, Inland, are taking the matter seriously, and are hopeful of coming to a resolution soon.

City officials said they are concerned but not surprised that the state has decided to withhold the grants.

"We have to get these bridge structures finished" to open the railyard for development, city transportation head Jerry Way said. That development includes housing, offices, restaurants, as well as new transit center and possibly a sports arena.

[innov8]

Aug 22, 2010
Deadline Looms For Sac Railyard Developer
Jonas Tichenor SACRAMENTO (CBS13)

The Sacramento railyards development project could lose critical state funding if the developer doesn't prove its capacity to continue the job by Monday afternoon.

The state of California has made it clear it will pull $30 million in grant funding if developer Thomas Enterprises cannot clear a notice of default with investor Inland American.

There is also another $50 million grant as well as another $35 million allotted from the state transportation commission, putting more than $100 million in funding at risk.

"For the city of Sacramento, the railyard project is paramount for the next decade," said Councilmember-elect Angelique Ashby, who will soon represent the district where the project sits. "While we want to partner with everybody who wants to partner with us, we also need to make sure we don't lose dollars that have already been leveraged for important infrastructure for our city."

Inland American says it will work to protect the state grant funds, with or without Thomas Enterprises. In a statement, the investment group said:

"Inland American's continued intention with the Department of Housing and Community Development and the city, is to work to promote completion of all activities related to development at the Railyards Project."

Ashby applauded the investor commitment and said city leaders are working to ensure the project stays on course.

"The strong representatives of this city are rising up and saying, okay, whatever happens with these other groups, we still need to protect the people of the city of Sacramento," Ashby said.

http://cbs13.com/local/sacramento.ra...2.1873655.html

[innov8]

I wonder if Thomas Enterprises will sort this out before then? Not likely.

Railyards set for Friday auction
by Suzanne Hurt, published on October 19, 2010 at 7:18PM
http://www.sacramentopress.com/headl...Friday_auction

Sacramento has probably never seen a foreclosure auction like the one that may take place here Friday.

The 203-acre Railyards property is scheduled to be sold for cash on the spot to the highest bidder on the Sacramento County courthouse steps at 1:30 p.m. Friday.

Poised for the auction block: Most of the historic former Southern Pacific railyards, where railroad shops more than a century old mark one end of the first transcontinental railroad. Adjacent to downtown, the site's been approved for a $6 billion mixed-use project reported to be the country's largest infill development.

Current plans call for a regional transportation center to be built there, along with housing, office, retail and open space. Other developers are working on a proposal to build a new Sacramento Kings arena on city-owned property between the Railyards site and the downtown train station.

Georgia developer Thomas Enterprises defaulted on its loans for the property in June. Its lender, Inland American Real Estate Trust of suburban Chicago, scheduled the auction last month.

The two sides may still negotiate a new agreement on what are now nearly $194 million in loans before the auction takes place.

"A lot of this could be just smoke and mirrors. They're probably scrambling right now," said Robert Storment, president of the California State Auctioneers Association.

It's also possible, even likely, the auction will be postponed by the seller, as late as the morning of the auction. Once an auction is scheduled, it can be postponed repeatedly for up to a year after the initial date.

A courthouse sale of such a property would be unusual anywhere in the country. What makes this stand out is that the property once housed railyards and is a big chunk of land right next to a major city's downtown core, said Hannes Combest, chief executive officer of the National Auctioneers Association, based in Kansas.

"That is very unique," she said. "You don't find 203 acres within a city that are available for development."

The sale could throw a spotlight on the hidden world of foreclosure auctions.

Every weekday, a group gathers just outside the doors to the Gordon D. Schaber Sacramento County Courthouse, where hundreds of thousands – sometimes millions – of dollars’ worth of foreclosed property is auctioned off.

Auctioneers usually set up at green metal tables off to the side of the courthouse entrance. Throughout the day, they "cry" or announce the properties for sale and the auctions that have been postponed.

"This sale is made without express or warranty...." one auctioneer began on a recent morning. "How much am I offered and by whom? Do I hear a higher bid?"

Auctioneers must call out the entire process whether anyone is bidding or not. Most sales involve houses. Thousands of homes are sold in foreclosure auctions every day in this country.

Only a very small percentage of properties are bought outside Sacramento's courthouse, the auctioneer said.

The majority of people who enter the courthouse take no notice of the tiny, often quiet group of men in military-short haircuts, T-shirts and jeans. Some buyers represent themselves. Others earn commissions representing investors.

Fortunes can be made and lost there on real estate deals gone bad. Buyers are known for being cut-throat competitive. Eyes hidden behind dark sunglasses, many are unfriendly to outsiders who don’t operate in their small daily sphere.

"There's no love down here," an auctioneer said.

Currently, Stewart Default Services and a company called Priority Posting have assigned the sale of the Railyards property to an experienced auctioneer. The property reverts back to the bank if it's not sold at auction.

Thomas may be trying to negotiate to repay significantly less than what they currently owe because the land is no longer worth that much in 2010. The auction was still scheduled as of late Tuesday afternoon.

Usually, a property like the Railyards would be auctioned in a very different way. Such property is usually marketed worldwide. "Due diligence" packages with 100 to 200 pages of information would lay out the property's pros and cons for buyers. Preview time would be arranged. The sale would usually take place on site at the Railyards or a nearby hotel conference room.

However, it's still possible large groups of buyers could turn up at the courthouse Friday. In that case, principal investors would be likely to attend to handle the bidding themselves. But they could send representatives who'd communicate via cell phones and post bids as requested. Cash must be paid on the spot and could be in the form of cashier’s checks.

Many courthouse foreclosure auctions are held so the bank can get clear title to the property. The lender may send a representative to keep bidding until they are the high bidder or they get the price they want.

"They don't expect anyone to show up," said Tommy Williams, a nationally recognized auctioneer who co-founded Williams & Williams of Tulsa, Oklahoma. "It's nothing more than a legal formality to get this into the hands of the mortgage company."

Storment agreed. Still, stranger things have happened at foreclosure auctions, he said.

"I have seen someone come out of the blue – maybe there's a group that thinks it's worth 500 million. Maybe they think 500 million is a steal," he said. "But I wouldn't make that bet."

[COASTIE]

Lender Inland American takes over The Railyards
Sacramento Business Journal - by Michael Shaw
Date: Friday, October 22, 2010, 1:31pm PDT - Last Modified: Friday, October 22, 2010, 6:17pm PDT


Media and bidders on foreclosed homes gather around auctioneer Mike Birdsall on Friday outside the Sacramento County Courthouse.

Thomas Enterprises Inc. is out as owner of the downtown Sacramento railyards.

On Friday afternoon, lender Inland American Real Estate Trust Inc., a Chicago-based real estate investment firm, took ownership of the 200-acre property after there were no bids at a foreclosure sale. The site has long been considered the largest urban renewal site in the U.S.

A subsidiary of Inland took ownership and pledged to work with the city to keep the project rolling.

“Inland American can now start to roll up its sleeves and work with the city of Sacramento and state agencies to allow the project to proceed,” said Inland representative Jared Ficker following the foreclosure sale. He declined any comment other than to say construction on roads and bridges has continued throughout the foreclosure process.

The federal and state government have pledged millions of dollars to build infrastructure at the site, and assistant city manager John Dangberg said indications are that the funds are still likely to flow to the project. Only a small percentage of state bond funds, about $7 million, has been transferred to the project.

“We have a great deal of faith in Inland,” Dangberg said.

Thomas Enterprises representatives could not be reached for comment. The company was apparently unable to reach an agreement to resolve $186 million in loans on the property that would’ve stopped or delayed the foreclosure. With interest and penalties, the total owed had risen to $193 million.

A news release from Inland said Thomas will serve in a consulting role on the project to help with the transition. Inland said it is assembling a project development team and will establish an office in Sacramento and expects to issue a more extensive update for the community on its plans within the next two months.

“Inland American believes this resolution of the Thomas default is in the best interest of both the community and its own shareholders,” said a news release from Inland. “The foreclosure removes any uncertainty related to the project, its ownership and the capability to move forward with development.”

Thomas Enterprises bought the property from Union Pacific railroad in late 2006 following a lengthy negotiation, pledging to add a vibrant mixed-use development to downtown Sacramento. Owner Stanley E. Thomas called The Railyards project the company’s “shining light.”

But the real estate crash hit the Georgia-based company hard as many of its projects went into bankruptcy. Documents and testimony in a separate lawsuit showed Thomas borrowed the $186 million against the railyard property, pledged personal assets as collateral and used at least some of the proceeds on other projects.

The auction was over within about 10 minutes.

Auctioneer Mike Birdsall, a representative of Stewart Title Co., sat calmly at a bench in front of the Sacramento County Courthouse and announced the trustee sale of the railyards property. There was a slight glitch when Birdsall announced the opening bid at $50,350 instead of the correct $50.35 million figure. But that was quickly resolved.

Bidders were unlikely to surface because the auction was solely for Inland’s second mortgage on the property. Since Inland still held the first mortgage, it would not be possible for a third party to obtain ownership through Friday’s auction.

Dangberg said Inland will abide by the city’s purchase agreement for approximately 38 acres within the railyard property for a transportation hub, including payment of an outstanding balance owed to the city of $2.7 million. The transfer needs to take place before railroad tracks can be moved to accommodate that projects.

The entitlements and development agreements for 12,000 homes, millions of square feet of offices and retail for The Railyards project, were granted to Thomas, so new agreements will likely have to be struck with Inland. Dangberg said a next step will be to introduce Inland representatives to the city staff and elected officials.

Inland owns 980 commercial real estate properties across the country.