Sacramento Republic FC announced today that it has entered into a letter of intent with Downtown Railyard Venture, LLC (an affiliate of LDK Ventures, LLC) for the acquisition of a site at the Sacramento Railyards for its proposed MLS soccer stadium. The site is located at 7th Street and Railyards Boulevard within the Railyard master plan. In addition, LDK Ventures President and founder Larry Kelley will join Republic FC’s MLS ownership group, contingent on the league granting expansion rights to the club.
“I’ve had the privilege of working with Larry Kelley in our efforts to save the Kings,” said Republic FC lead investor and Envision RX co-founder Kevin Nagle. “But now, we get to build something together. The Railyards is a once-in-a-lifetime project that will transform our city and region. The soccer stadium will serve as a catalyst of this development and be a key attraction for recruiting a vibrant workforce to live, work and play in our city.”
The Railyards is the largest urban infill project in the country. In addition, infrastructure improvements of $350 million are allocated for the project, much of which will be completed by 2015. Downtown Railyard Venture, LLC is anticipated to acquire title and possession of the Railyards property from current owners Inland American Real Estate Trust by end of 2014.
“We couldn’t have a better partner in Republic FC for what will be this region’s most important real estate project in 100 years,” said LDK Ventures President Larry Kelly. “Sporting and culture events add to our civic amenities, quality of life and attract people to our region; both to live and invest. In addition to building a stadium with the club, I am also honored to be a part of their bid for MLS expansion and join its ownership group.”
The Railyards is located just north of downtown Sacramento and south of the River District. Once serving as the western terminus of the 1860s Transcontinental Railroad and railroad technology hub of the country, the Railyards continues today to house a major transportation hub and will soon be home to a dynamic mixed-use, transit oriented development. The 244-acre site will transform the historic Union Pacific site into a dynamic and urban environment. The Railyards will be a mixed-use hub for entertainment, retail, housing, office, theaters, parks, hotels and museums, including one million square feet of retail, 2.3 million square feet of office, a hotel, varying residential housing units and recreational and cultural uses.
“MLS teams with the best attendance and highest revenues share three criteria in their stadiums: location within the demo (18 to 34-years-old), walkable access to public transportation and proximity to pubs and restaurants,” said Republic FC President Warren Smith. “The Railyards provides all three key attributes. The 7th Street site was especially appealing to us due to the planned completion of a Regional Transit light rail station that will be adjacent to a soccer stadium.”
MLS officials will visit Sacramento tomorrow and Friday to evaluate the region’s viability for MLS expansion. Events planned are meeting with team ownership and city officials, including Mayor Kevin Johnson, as well as as well as a fan rally on Thursday night in Midtown Sacramento and a press conference at the railyards on Friday afternoon.
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Photo Courtesy Sacramento Republic FC
