As reported by News 10, Georgia developer Stan Thomas lost control of the largest infill project in the country at a courthouse foreclosure auction Friday afternoon going back to the lender, a subsidiary of Illinois-based Inland American Real Estate Trust, after nobody offered a bid at the company's opening price of $50 million. Inland says they “are pleased to move forward. Inland American can now start to roll up its sleeves and work with the city of Sacramento and state agencies to allow the project to proceed. We look forward to working with the community to redevelop this important part of the city.”
Inland American said Thomas Enterprises would serve in a consulting role during the ownership transition. The company said it was already assembling a project development team for the Railyards and was in the process of establishing a local office.
Inland American promised a more extensive update on its plans and progress within two months.
And non too soon. Hopefully Inland will do an outstanding job and support the efforts of the Railroad Museum in the process. Now all we need is some innovative planning and architecture.
ReplyDeleteI supect the land will be sold off a few acres at a time, I just don't see much changing out there for years or maybe even a decade. With the economey still in the tank and contiue to be for years to come, any development out there will be in small sections.
ReplyDeleteTo be honest, I was never impressed with Thomas' street design.
ReplyDeleteThomas' plans for the Railyards looked more like an extension of the shady Richards district instead of an extension of downtown.
But at the very least, the company was able to finally clean up the property, so we've made some progress. Hopefully Inland is able to act quickly to keep things going, unless they have a better idea that will benefit the city better, that is...
If you think you had issues with the company that lost this property, wait until you deal with Inland American. They are the most evil of evil.
ReplyDeleteInvestors are denied their return. Investors were blind-sided and not told truths about investing with Inland. Inland could care less about their investors, do you think they care about this project ot the people in impacts?