Metro Air Park, which will consist of 20 million-sf of office, light industrial, hotel and retail space and a huge golf course, was proposed more than 20 years ago.
However, private owners of the 1,900-acre property just received a permit last week that will enable it develop on the property. The U.S. Fish and Wildlife Service awarded the owners a 50-year incidental take permit that will allow developers to destroy or harm some protected species in return for conservation and mitigation measures.
Menlo Air Park will exchange a half-acre of wildlife conservation land for each acre of land that will be developed. The park's owners will also have to acquire another 200 acres next to the business park that will be owned by the Natomas Basin Conservancy.
With this permit, the 22 ownership groups that are members of the Metro Air Park Property Owners Association can start moving ahead with bond sales and construction permits for the development.
Sacramento officials are optimistic that this development will be key in attracting hundreds of new employers to the Sacramento area.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
