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11/25/2019
The Sacramento Regional Transit District (SacRT) last week approved construction of a housing and retail complex on property next to the University/65th Street Transit Center, marking SacRT’s first transit-oriented development (TOD) property sale.
SacRT sold the parcel for $2 million to a joint venture of The Martin Group, Symphony Development and AECOM Canyon Partners.
In December, the contractors will break ground on a complex consisting of 233 college-student focused housing apartments and ground floor retail shops. The development, dubbed 65th East, will be completed in August 2022, SacRT officials said in a press release.
“We look forward to being able to offer the residents of 65th East a variety of mobility options just steps from their front door,” said SacRT General Manager and Chief Executive Officer Henry Li. “The vision for this station has been in the works for many years and we are excited to finally make it a reality.”
The University/65th Street Transit Center is one of SacRT’s busiest stations, serving more than 40,000 light-rail and 30,000 bus riders per month.
SacRT plans to use the proceeds from the property sale to purchase new, low-floor light-rail vehicles.