Paul Petrovich, developer of the R Street Market, has acquired the last of seven parcels needed to build the four-acre, 76,000-sf complex, which will be anchored by a Tower Theater and Safeway. The retail center will include several shops and a restaurant. The apartment complex will consist of six luxury apartments. Petrovich plans to begin construction within the next two months, with the projected completion date set for next fall.
The project will stretch from 18th to 19th streets and from S Street to northern R Street. City officials are optimistic that the project will boost redevelopment in the center of Sacramento. Safeway has already committed to 51,000-sf of space for 25 years, with three 10-year options. The lease value could reach $95 million.
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.
