City of Roseville selects The Cordish Companies and The Evergreen Company as Master Developer for Downtown
At its February 6 meeting, the Roseville City Council unanimously selected a partnership comprising Baltimore-based The Cordish Companies and Sacramento-based The Evergreen Company as the master developer of its downtown after a competitive process involving five applicants.
As part of its role as master developer, The Cordish Companies and The Evergreen Company would be involved in creating public and private financing plans, rebranding the City’s urban experience, determining correct tenant mixes, and building public assets that facilitate these goals. These projects could include but are not limited to the construction of mixed-use office and residential buildings, additional parking resources, streetscape improvements, and civic facilities.
Over the past decade, public and private funds represent a total investment of more than $100 million in Downtown Roseville, including streetscape projects, utility upgrades, theater renovations, and façade improvements. The substantial progress toward the redevelopment of Roseville’s downtown continues with construction of its town square and the addition of new businesses such as the September 2012 opening of Sammy’s Rockin’ Island Bar and Grill, the newest site in rock legend Sammy Hagar’s restaurant collection.
The Cordish Companies is one of the largest and most respected developers in the world, with extensive expertise in almost every discipline of real estate, including urban and waterfront redevelopment, retail, office, residential, entertainment, and hospitality operations. The Evergreen Company has developed some of the largest and most successful office and retail projects in the region, including the popular shopping destination known as Creekside, a 1 million square-foot retail project in Roseville.
"We could not be more excited about The Cordish Companies’ and The Evergreen Company’s world class credentials. They are in a league of their own,” said Mayor Susan Rohan. “The City has invested substantial resources in its downtown. We were very careful in choosing a development team with extensive expertise in place-making and history of successfully completing very difficult urban projects.”
Port Telles, Development Director for The Cordish Companies, commented, “We are honored to be chosen by the City of Roseville as the master developer for its downtown. We look forward to working in partnership with the City to create the dynamic, 24/7 downtown envisioned by the City.”
The Cordish Companies has a national reputation for creating highly successful mixed-use projects and has been awarded seven Urban Land Institute Awards for Excellence, more than any other developer in the world. Notable projects include The Power Plant in Baltimore, Md.; Charleston Place in Charleston, SC; Seminole Hard Rock Resorts in Florida; Xfinity Live! in Philadelphia, Pa.; The Power & Light District in Kansas City, Mo.; Fourth Street Live!, Louisville, Ky.; and The Walk, Atlantic City, NJ.
The Evergreen Company has completed more than 4 million square feet of office and 1.1 million square feet of retail projects. It is also considered the preeminent build-to-suit and major-tenant developer in the region, having completed numerous projects for some of the best known public and private sector tenants in the region.
About the City of Roseville’s Downtown Redevelopment Efforts
Through its Redevelopment Agency, the City has already invested $26 million in its downtown, leveraged with other private and public funds for a total of $80 million in upgrades in the past decade including streetscape projects, theater renovations, and façade improvements to 56 downtown businesses.
In April 2009, the Downtown Specific Plan was approved, culminating a four-year planning process that involved community members, business leaders, and city staff. When the California State Legislature abolished redevelopment agencies on January 1, 2012, the loss of redevelopment financing required a proactive approach to financing future capital improvements identified by the plan.
In response, the City Council approved the Downtown Public Improvement Program. This approximately $37 million dollar program uses local, Federal and State funds for the construction of capital improvements and programming. The local funds were collected as part of development fee payment when construction was booming, and it is important to note that these funds are restricted to funding capital improvements and cannot be used for operations. The first phase of the program is currently under construction, the town square and Vernon Street infrastructure improvements.
Another tool that the City Council put in place was the Roseville Community Development Corporation. This private, non-profit development corporation was created in November 2010 to promote rehabilitation of existing buildings and development of new structures that reinforce the vision. The Sammy Hagar restaurant project is an example of how this tool has been utilized.
The Downtown Specific Plan also encourages the use of public/private partnerships, such as the Master Developer, as another tool to implement the vision for the Downtown. It is anticipated that this tool will promote vertical development of the now “shovel ready” sites in downtown.
About The Cordish Companies
The Cordish Companies (www.cordish.com), now in its fourth generation of family ownership, is an international grouping of businesses including one of the leading real estate development companies, entertainment and gaming companies in the United States. The Company has diverse development expertise with divisions focused on Entertainment & Mixed-Use, Gaming & Lodging, Sports Anchored Districts, Shopping & Lifestyle Retail, Office and Residential.
The Cordish Companies also owns and manages a diverse group of operating businesses, ranging from gaming, restaurants/clubs to live music promotion and film/media distribution. The Company values itself on the quality of its operations, its long-term relationships, and high level of integrity in all of its endeavors.
The Cordish Companies is the largest and most successful developer of entertainment districts and concepts in the United States. In particular, the company has unparalleled experience in creating and revitalizing high-profile destinations in urban core locations.
Many of The Cordish Companies’ projects involve public/private partnerships and are of unique significance to the cities in which they are located. Prime examples are the company's prominent role in the redevelopment of Baltimore's world-famous Inner Harbor; Atlantic City, NJ; Hollywood, FL; Charleston, SC; Houston, TX; Louisville, KY; Tampa, FL, Kansas City, MO; and Towson, MD.
The Cordish Companies has received the highest possible national awards in its various areas of expertise. In real estate, The Cordish Companies has received an unprecedented seven Urban Land Institute Awards of Excellence.
About The Evergreen Company
Founded 30 years ago in Sacramento, the Evergreen Company is a real estate development and investment Company that focuses on developing and purchasing office parks and shopping centers. Each of The Evergreen Company’s six partners brings years of experience in marketing, development, design, financing and accounting.
The Evergreen Company has a reputation for providing well located, quality projects in the market. As one of the most active developers in Northern California, The Evergreen Company has developed approximately 5.2 million square feet of office and retail space, with over 2.1 million square feet currently under management.
The Evergreen Company is considered the preeminent build-to-suite and major-tenant developer in the region, having completed numerous projects for some of the best know public and private sector organizations in Sacramento and Roseville including the State of California, County of Sacramento, Intel Corporation, Vision Service Plan, Verizon Wireless, Delta Dental, Agilent Technologies, Adventist Health and Micron Technology.
The Evergreen Company introduced and expanded the presence of several of the area’s best-known retailers such as Nordstrom Rack, Babies R Us, Best Buy, REI, Sam’s Club, PF Chang’s and BJ’s Pizza.