The Elk Grove City Council on Aug. 11 unanimously authorized the hiring of a consultant to assist the city in finding a developer for “Project Elevate.”
Project Elevate is a high-end, mixed-use development that is planned for construction on a 20-acre, city-owned site at the southeast corner of Elk Grove and Big Horn boulevards. The site neighbors the city’s District56 center.
This project involves plans for retail, dining, entertainment, office and higher density residential uses, as well as a hotel on Civic Center Drive.
According to a city staff report, the project’s name is based on the city’s approach to “elevate the level of design, commercial and residential product types, and public and private spaces and amenities in the city through development of a new urban mixed-use district built on a traditional street grid pattern.”
The consulting contract for this project was awarded to the Sacramento-based Turton Commercial Real Estate.
Turton will provide its advisory consulting services for a term of up to 24 months and in an amount that should not exceed $300,000.
The city’s current fiscal year budget includes $30,000 for expenses for Project Elevate, which is planned to be built just north of the city’s District56 campus.
An additional $150,000 in funding for the consulting contract will be acquired through council-approved amendments to the city’s projected fiscal year 2021-22 budget for economic development.
Brown noted that the “appropriate amount” for the balance of the contract will be identified in the fiscal year 2022-23 proposed budget for economic development.
Turton specializes in urban and suburban mixed-use commercial real estate development, with extensive experience in land sales, development and leasing for mixed-use development.
Elk Grove Mayor Bobbie Singh-Allen spoke positively about both the project and the hiring of Turton as the consultant.
“Project Elevate is going to transform our city, so I’m very excited and I have tremendous respect for the company,” she said.
Council Member Darren Suen also praised the project.
“(The City) Council has been pushing this for several years now, and so, to see this starting to take shape, it’s just really exciting, and we’ve got to get the right partner,” he said.
Council Member Pat Hume added that Project Elevate will be a “legacy project for a community.”
Rachael Brown, the city’s economic development manager, told the council that various developers have shown interest in the project.
“With the continued interest, we thought we needed to find a partner that could assist us with realizing the council’s decision and bringing this project to life,” she said. “We realized that we probably needed some expertise in the way of real estate. We met with a few different firms and we found that Turton Commercial Real Estate seemed like a really good fit.
“They believed in the decision the City Council had adopted. They have extensive resume experience with helping local governments with projects like this. They’re not only a real estate broker. They deal with development, they’re an owner and they have a lot of advisory experience they offer.”
Brown added that the city’s staff did not feel that it would have a more qualified consultant that would come forward than Turton.
The scope of work that Turton will perform includes development agreement and escrow period advising, land value underwriting; and reviewing and verifying the work that has been completed thus far, as well as current development proposals.
The city’s economic development team, headed by its Economic Development Director Darrell Doan, will provide oversight on the consulting project, Brown noted.
Scott Kingston, vice president of Turton Commercial Real Estate, shared his excitement for Project Elevate.
“We see it as completely transformational,” he said. “A destination project for Elk Grove, a destination location and something that is going to be really special that everybody involved (will take pride) to say, ‘I was a part of it.’”