Company Developing Sacramento Riverfront Property Files for Bankruptcy

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SACRAMENTO -- There's no question that the Sacramento riverfront is an exceptional piece of property to develop. But what has been touted as the gateway to downtown Sacramento has only seen one major piece of property built, which has left the River District as more of an island than a gateway.

The site off Richards Boulevard was set to be home to 2,500 condos, office and retail stores and restaurants. And now all of it is on hold after the ownership group responsible for transforming and developing the vacant land, Township 9, filed for bankruptcy last week.

"That actually answers a lot of questions I've been having because I've heard about a lot of plans that were supposed to go on around here, but I didn't see the plans coming to fruition," said Khyree Randall, a Cannery Plaza resident.

The Cannery Plaza Apartments, an affordable housing complex comprised of 180 units, sits alone on the site. The empty fields are now a place for kids to ride their BMX bikes for free until developers can restart the plan for the site.

Residents like Karena Orozco who moved to Cannery Plaza because of promises, say they're on their way out.

"Yeah, just to move a little closer into the midtown area where I'll have quicker access to grocery stores," Orozco said.

But some families still have hope.

"I think it's a great use of this space that is not being used. I've known this area for many, many years, and I hope to see it get built up and developed out here," Alicia McDonald said.

The developers said last week their bankruptcy won't have an impact on the people living in the Cannery Plaza Apartments, just that it will delay construction around the site until they can re-examine the financing of the deal.