Business Journal: New Homes For Elk Grove?
One of the Sacramento area communities hit hardest by home foreclosures could have hundreds of new homes built despite a slumping real estate market.
Monday, May 5, 2008
Elk Grove gained a lot of attention as one of the nation’s fastest-growing cities a few years ago. Now, the city is grabbing headlines for the thousands of bank-owned homes and foreclosure sales in the community. That’s why a 1,200-home subdivision just west of Highway 99 and east of Bruceville Road is raising some eyebrows in Elk Grove. Citation Homes of Santa Clara has submitted plans for a 200-acre development, including single-family homes and apartments. The city’s Planning Commission has approved the development, and the City Council will consider the proposal at the end of the month. If approved, the company, which has owned the land since 1988, says it will delay construction for two or three years. And that delay is good news for Elk Grove’s housing market, where only 230 new homes sold last year – compared to 2,300 home sales in 2002.