GenCorp Gets Approval for Sacramento Mixed-Use
- Jul 09, 2008
Sacramento County has approved plans for a mixed-use developmental project by GenCorp Inc. GenCorp’s plan for the site includes 4,883 residential units of varying sizes to go along with 4.2 million square feet of commercial and office space. The project will be situated on about 1,400 acres in the eastern part of Sacramento County, and is a part of GenCorp’s broader vision for its 600 acres of excess land in the area. Included in plans for the development are 480 acres of open space and parks. The plan will also incorporate new green technologies in the construction and operation of the facilities. As a key component of this vision, the development will be connected to public transit facilities, including a link to the Hazel Light Rail station. Approval was granted at a July 8 meeting of the Sacramento County Policy Planning Commission. In a release, David Hatch, vice president of GenCorp Realty Investments L.L.C., noted the close relationship between the developer and Sacramento County in the project’s development. Hatch said, “the County and GenCorp initiated a collaborative proactive planning process that represents a new model in land use planning for Sacramento County.” Another key in the deal is GenCorp’s projections for the market. The firm’s interim president & CEO Scott Neish indicated the firm’s “goal of repositioning our excess land in anticipation of a real estate market recovery.” GenCorp is a technology manufacturing company based in Sacramento that is involved primarily in the aerospace and defense sectors. The firm also has a real estate division that mainly deals with the firm’s excess real estate assets within the Sacramento region. The real estate division of GenCorp recently sold 400 excess acres in the Rio Del Oro section of Sacramento to Elliot Homes Inc. for $10 million.