Real Estate News

Underpass to open door to new east Sacramento housing

Crews have been grading land and installing underground utilities for nearly a year at the future McKinley Village housing development in east Sacramento.

Now the fun’s about to begin.

Next week, construction will start on a new railroad undercrossing that will ultimately serve as the main entry to the 49-acre site nestled between the Capital City Freeway and an elevated stretch of Union Pacific rail track.

“It’s really the linchpin that opens this new neighborhood up,” project developer and former state Treasurer Phil Angelides said of the undercrossing project, which will cost about $10 million and be built in stages over the next 18 months.

The first phase is constructing a 108-foot-long rail bridge right alongside the existing track on the south side of the project site. When it’s completed later this year, trains will detour over the new “shoofly” track, and the berm supporting the existing track will be removed, allowing vehicle access to the project from 40th street in the McKinley Park neighborhood.

Ultimately, a second bridge will be built alongside the first and the UP tracks will be relocated back to their original position.

The bridge construction is hardly all that’s going on. Within two months, work will begin on street paving and construction of a recreation facility at the center of the project. By October, construction will start on about 20 model homes, ranging from 1,200 to 3,000 square feet. A grand opening of the project is slated for early next year.

Angelides envisions potential buyers entering the site through the rail underpass in March or April and seeing a landscaped community with a recreation center, five different styles of homes, numerous parks and an art walk featuring not only the 20-foot leaf sculptures that are a project theme but also seven other pieces of art.

“They’ll bring a distinct quality to the neighborhood,” Angelides said.

His ultimate goal is to have 336 housing units for sale – 312 single-family homes and four multiplex condo buildings. More than 60 different home styles are planned, with lots of variation in color and materials.

“So,” the developer said, “when all is said and done, no two homes will be the same.”

Prices haven’t been set but they’ll be “comparable” to those in the neighboring McKinley Park area, said Kevin Carson, president of The New Home Co., the project homebuilder.

For Angelides, it’s great to see progress on a site he’s been working to develop since 2008 amid vocal community concerns about potentially increased traffic congestion and air quality issues.

“This has been a very long and difficult road, even more challenging than we anticipated when we started,” he said. “Now it’s exciting to see it become a reality.”

Seller turns buyer

Sacramento broker Ken Turton estimates that he’s been involved in the sale of nearly 400 commercial buildings over his almost 20-year career.

Recently he bought one for himself.

After renting midtown space for the past five years, the owner of Turton Commercial Real Estate spent just over $1 million to buy a two-story, 6,000-square-foot building at 2409 L St.

He has tenants on the ground floor. Five members of his seven-broker team occupy the extensively renovated second level.

Why buy? Turton said he was drawn to the building’s location and views and its potential to become the sort of “creative” space he likes marketing to his corporate clients.

He also concluded the new upstairs renter is a good enough risk.

“I did a credit report on myself,” he said with a laugh, “and I figured I’d be an OK tenant.”

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