Earlier this evening the Elk Grove City Council agreed to purchase a 15 acre parcel at the Northeast corner of the intersection of Big Horn Blvd and Bruceville Road for $2.9 million.
The full staff report on the purchase can be viewed here.
“Staff considers the Property to be an excellent location for transit-oriented
housing development due to its close proximity to services and transit. The
site location also makes it an ideal opportunity to showcase innovative
design in affordable housing, and the size of the site may also offer
opportunities for middle-income housing. If acquired, staff plans to conduct
some preliminary visioning and design work (funded in part by the SB2
Planning Grants Program). Staff hopes to eventually choose one or more
developer partners to construct projects at the site, with the intent to make
use of some of the new funding being made available by the State to
support housing construction. Preliminary interest from the affordable
housing development community has been high.”
The current landowner Laguna Creek Landholdings, purchased the property in October 2017 for $1 million. In two years they will have realized a profit of $1.9 million.