Hotel and Residence Project Proposed for Riverfront
Fulcrum Property News Release:
Raley’s Landing; Transformation of the Waterfront Continues
The commitment of the Teel Family Trust to further transform the Sacramento waterfront progresses with the latest design plans submitted to the City of West Sacramento for a mixed-use project adjacent to the Tower Bridge. Mike and Julie Teel recently formed a partnership with Mark Friedman of Fulcrum Property in an effort to explore the site’s development potential. The plans submitted include an exciting concept that will enhance, activate and connect both sides of the waterfront by creating a residential, hotel and community experience unlike anything in the region.
The proposed project sits on the Raley’s Landing development on the shores of the Sacramento River. The original dock was developed in 1981 by Tom Raley, founder of Raley’s Supermarkets and grandfather to Mike Teel. Tom Raley’s efforts to embrace the Riverfront led to the signing of The Raley’s Landing Development Agreement between the City of West Sacramento, Raley’s and the Teel Family Trust in 1996 and laid the foundation for the transformation of the Riverfront between the Tower Bridge and the I Street Bridge. “My grandfather was ahead of his time. He had a vision of developing the West Sacramento waterfront,” said Mike Teel. “River 1 is the missing piece of my grandfather’s legacy and I am honored to bring this project to life.”
The proposal is in design review by the City of West Sacramento. "It's an urban resort, an oasis on the river," said Mayor Christopher Cabaldon. "The City is looking forward to this outstanding project, which will further enhance our waterfront."
Raley’s Landing spans approximately 18.2 acres located on the West shore of the Sacramento River. It is comprised of four parcels of land initially identified as the Washington Street Property, River 1, River 2 and River 3.
The River 2 site is home to the pyramid shaped Ziggurat building that marks the existing skyline. Originally built by The Money Store in 1997, it is now home to the California Department of General Services. The River 3 site has been home to The California State Teachers Retirement System (CalSTRS) since 2008. In addition to their existing 400k sf, 17-story tower, CalSTRS recently announced approval for a 275k sf second building. The new building is scheduled to break ground this year with a targeted completion date of 2022. The Washington Street Property now houses the Capitol Yards apartments.
The fourth parcel, River 1, sits directly across from the Old Sacramento Waterfront, between the Tower Bridge and the Ziggurat building. The plans submitted by the Teel and Friedman partnership include an initial phase of the development that consists of approximately 57 residential units, a 193 room boutique hotel, restaurant/bar, and retail space. The two building structures are planned to surround a shared outdoor space that leans into the river, offering views of Tower Bridge, The Old Sacramento Waterfront and Downtown Sacramento. The project would offer the region a first of its kind; urban living on the waterfront.
“Raley’s Landing is one of the most significant redevelopment efforts in the history of Sacramento. We look forward to partnering with the Teel’s on further extending that legacy.” Friedman states.
RELATED: Big Plans for the Waterfront Include Hotel-Condos (FOX-40), New Development Planned for West Sacramento Waterfront (KCRA-3)