The old Railyards may be entering a new era of development soon, with a sale in the works.
According to a Tuesday release from California Strategies, LLC, the owner of the Railyards – IA Sacramento Holdings, LLC – has reached an agreement to sell a big portion of the area to developer Larry Kelley.
Kelley’s development firm is noted for their mixed-use and housing development experience, a key factor in the agreement.
“Larry and his team have the vision and expertise to transform the Railyards into something Sacramento deserves,” Mayor Kevin Johnson said in a statement.
Currently, Kelly’s firm is redeveloping McClellan Park – what used to be McClellan Air Force Base.
City officials have noted that, in spite of arena plans shifting to a downtown focus, development of the Railyards would continue.
Lonnie Wong will have more on this story at 5:30. Make sure to watch FOX40 News.