Placer Ranch project delayed

Development plans for the 2,213-acre Placer Ranch project on unincorporated Placer County land north of Roseville were temporarily suspended Wednesday by owner Eli Broad.

The delay comes six months after an application was submitted to have the land annexed to the city of Roseville. City staff is reviewing the request.

Placer Ranch spokesman Doug Elmets said the project is being put on hold for "30 to 60 days" as Broad's attorneys work out a plan to reduce his estate taxes.

The project calls for a 25,000-student university, 5,000 residential units, 1,700 units of student and faculty housing, 9 million square feet of commercial/office/industrial, and parks and open space.

Elmets said the project's key feature is a satellite campus of California State University, Sacramento.

The 72-year-old Broad, a noted Los Angeles developer, financier, art collector and philanthropist, is trying to donate the project land to his charitable foundation – a move designed to reduce the estate taxes, Elmets said.

He said the lawyers must resolve how to incorporate a for-profit entity like Placer Ranch into a nonprofit foundation.

Holly Tiche, president of Placer Ranch, said in a joint statement by Placer Ranch and the city of Roseville that Broad "remains committed to Sacramento State and the donation of land for a CSU site in Roseville."

Elmets said the delay "has nothing to do with market conditions, nothing to do with the overall economy." He said it will take years to build Placer Ranch, by which time the market will have recovered.

Roseville City Manager Craig Robinson expressed concern about the delay in a project that would bring a university, jobs, regional roadways and infrastruture improvements to the area.

"We're hopeful we'll be able to tackle the challenges, working with Sac State and the property owner to find a way to make the project happen," he said in the news release.

Placer County Supervisor Kirk Uhler said, "I'm hopeful they will be able to resolve whatever issues need to be resolved within Mr. Broad's business dealings to get it back on the rails."

Setting it straight: Because of incorrect information provided by Placer Ranch, a story on Metro Page B2 Thursday about a delay in the Placer Ranch project incorrectly said that developer Eli Broad is 72 years old. Broad is 74.

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