Union Pacific Railroad and Inland American Holdings have reached an “Agreement in Principle” to a property transfer for the Sacramento Railyards. A final agreement is anticipated to be reached later this summer. Both Congresswoman Doris Matsui and State Senator Darrell Steinberg played a personal role in advancing these discussions. This is considered one of the final matters to be resolved for Inland American to be able to sell the property to a master developer, Downtown Railyards Venture (Larry Kelley).
The Railyards is located just north of Downtown and south of the River District. Once serving as the western terminus of the 1860s Transcontinental Railroad, today the Railyards continues to house a major transportation hub and will soon be home to a dynamic mixed-use, transit oriented development. The 244-acre site will transform the historic Union Pacific site into a dynamic, urban environment featuring a state-of-the-art mass transit hub that will serve residents, workers and visitors.
The Railyards will be a mixed-use hub for entertainment, retail, housing, office, theaters, parks, hotels and museums. The guiding plan for the area envisions the site to include over one million square feet of retail, 2.3 million square feet of office, a hotel, varying residential housing units, and recreational and cultural uses.