ROSEVILLE, CA—The City Council here has selected a partnership comprising Baltimore-based Cordish Companies and Sacramento-based Evergreen Co. as the master developer of its downtown.
The selection was made unanimously by the council last week. As part of its role as master developer, the two firms will be involved in creating public and private financing plans, rebranding the city's urban experience, determining correct tenant mixes and building public assets that facilitate these goals. These projects could include but are not limited to the construction of mixed-use office and residential buildings, additional parking resources, streetscape improvements and civic facilities.
Through its redevelopment agency, the city has already invested $26 million in its downtown, leveraged with other private and public funds for a total of $80 million in upgrades in the past decade including streetscape projects, theater renovations, and facade improvements to 56 downtown businesses. In April 2009, the Downtown Specific Plan was approved, culminating a four-year planning process that involved community members, business leaders, and city staff.
Last year the council approved the Downtown Public Improvement Program. This approximately $37 million dollar program uses local, Federal and State funds for the construction of capital improvements and programming. The local funds were collected as part of development fee payment when construction was booming, and are restricted to funding capital improvements and cannot be used for operations. The first phase of the program is currently under construction, the town square and Vernon Street infrastructure improvements.
Mayor Susan Rohan said the city is excited about the potential brought on by the hire of the two companies. "The city has invested substantial resources in its downtown,” she said in a statement. “We were very careful in choosing a development team with extensive expertise in place-making and history of successfully completing very difficult urban projects."