City's Share of Railyards Costs: Over $200 Million
Railyards area in red (City of Sac.)
Turning the downtown Sacramento Railyards neighborhood into a thriving shopping and entertainment destination won’t come cheap.
Wednesday, December 5, 2007
The race to raise $745 million is on. That’s how much it’ll cost to build the infrastructure and public facilities – like parking garages – for one of the largest in-fill development sites west of the Mississippi.
City staff will ask councilmembers to approve $160 million for the first phase of construction alone. The entire project will cost the city at least $220 million.
Developer Thomas Enterprises and its tenants hope to chip in just $170 million. But Sacramento economic development director Dave Herzoff says that amount may have to go up.
Planners had hoped to attract a huge chunk of federal and state funds. But Herzoff says the original figures were “optimistic.” So the millions of dollars the Railyards can't pull in will become, in Herzoff’s words, an “extra burden” on the developer.