SacRT Closes First Property Sale for Transit Oriented Development at University/65th Street Station
SACRAMENTO, CA – The Sacramento Regional Transit District (SacRT) closed on the purchase sale agreement of its first transit oriented development (TOD) property at the University/65th Street transit center. The sale of this property represents another historic endeavor for SacRT, progressing investment in joint development that has been 30 years in the making.
The buyers, a joint venture between The Martin Group, Symphony Development and AECOM Canyon Partners, are approved to build the “65th East” project, which includes 223 college studentfocused housing apartments with ground floor retail. The development is adjacent to one of SacRT’s busiest transit centers and light rail stations, utilized by more than 40,000 light rail riders and 30,000 bus riders per month.
“We look forward to being able to offer the residents of 65th East a variety of mobility options just steps from their front door,” said SacRT General Manager/CEO Henry Li. “The vision for this station has been in the works for many years and we are excited to finally make it a reality.”
The deal includes the reconstruction and modernization of bus stops on 67th and Q streets. The new bus stops will be closer to the station and have all new ADA compliant crosswalks, making it easier and safer to connect to transit.
“This project is going to help boost economic development in the area,” said Sacramento County Supervisor and SacRT Board Chair Patrick Kennedy. “SacRT continues to look for opportunities for more transit oriented developments throughout the system.”
“This is an important project for this area, especially for Sacramento State students, as the housing shortage is a major issue,” said Sacramento City Councilmember and SacRT Board Director Jeff Harris. “This location is perfect for students because they currently have unlimited SacRT bus and light rail service with their Sac State OneCard.”
The contractor plans to break ground in December 2019 and is expected to be completed in August 2022.
SacRT plans to use the proceeds from the $2 million property sale to purchase new low-floor light rail vehicles as part of the Light Rail Modernization Project.