Environmental Clearance Paves Way for 2,300-Acre Mixed-Use Project in Sacramento Area
- Mar 24, 2008
A 2,300-acre parcel in Rancho Cordova, Calif., has been given a clean bill by the California Department of Toxic Substances Control, thereby paving the way for owner GenCorp Inc. to reclaim the property for commercial and residential use. Known as the McDonnell-Douglas Inactive Rancho Cordova Test Site, or IRCTS, the land was purchased by GenCorp. subsidiary Aerojet in 1984 from McDonnell Douglas Corp. The transaction was not the first between the two entities. Aerojet first took ownership of the property, part of a 3,900-acre site, in 1956 and then leased 1,700 acres of it to McDonnell Douglas the same year. In 1961, McDonnell Douglas acquired the entire 3,900 acres from Aerojet, and 23 years later, Aerojet re-purchased the majority of the land from McDonnell Douglas. Portions of the site, which consists mainly of pasture land and dredge trailing from prior mining activities, had consisted of impacted soils. With the elimination of those soils, the Toxic Substances Department released the land from its environmental order. Now, GenCorp can take the next step in its plan for a development project containing residential, commercial and open space as part of its 6,400-acre Easton master-planned community that covers the cities of Rancho Cordova and Folsom as well as part of Sacramento County. A smart growth endeavor, Easton, located on the Highway 60 transportation corridor, will feature over 4,800 residential units, including affordable housing units, as well as approximately 1 million square feet of office, industrial, retail and recreational space. GenCorp is presently in the process of obtaining entitlements for the land, working with the U.S. Army Corps of Engineers, the U.S. Department of the Interior, Fish and Wildlife Service, among other authorities. Headquartered in Sacramento, GenCorp is a technology-based aerospace and defense products manufacturer that also engages in real estate activities pertaining to the entitlement, sale and leasing of its excess real estate holdings.