City of Roseville selects The Cordish Companies and The Evergreen Company as
Master Developer for Downtown
ROSEVILLE, Calif., Feb. 8, 2013
ROSEVILLE, Calif., Feb.8, 2013 /PRNewswire/ --At its February 6 meeting, the
Roseville City Council unanimously selected a partnership comprising
Baltimore-based The Cordish Companies and Sacramento-based The Evergreen
Company as the master developer of its downtown after a competitive process
involving five applicants.
As part of its role as master developer, The Cordish Companies and The
Evergreen Company would be involved in creating public and private financing
plans, rebranding the City's urban experience, determining correct tenant
mixes, and building public assets that facilitate these goals. These projects
could include but are not limited to the construction of mixed-use office and
residential buildings, additional parking resources, streetscape improvements,
and civic facilities.
In the past decade, public and private funds represent a total investment of
more than $100 million in Downtown Roseville, including streetscape projects,
utility upgrades, theater renovations, and facade improvements. The
substantial progress toward the redevelopment of Roseville's downtown
continues with construction of its town square and the addition of new
businesses such as the September 2012 opening of Sammy's Rockin' Island Bar
and Grill, the newest site in rock legend Sammy Hagar's restaurant
The Cordish Companies is one of the largest and most respected developers in
the world, with extensive expertise in almost every discipline of real estate,
including urban and waterfront redevelopment, retail, office, residential,
entertainment, and hospitality operations. The Evergreen Company has
developed some of the largest and most successful office and retail projects
in the region, including the popular shopping destination known as Creekside,
a 1million square-foot retail project in Roseville, Calif.
"We could not be more excited about The Cordish Companies' and The Evergreen
Company's world class credentials. They are in a league of their own," said
Mayor Susan Rohan. "The City has invested substantial resources in its
downtown. We were very careful in choosing a development team with extensive
expertise in place-making and history of successfully completing very
difficult urban projects."
Port Telles, Development Director for The Cordish Companies, commented, "We
are honored to be chosen by the City of Roseville as the master developer for
its downtown.We look forward to working in partnership with the City to
create the dynamic, 24/7 downtown envisioned by the City."
The Cordish Companies has a national reputation for creating highly successful
mixed-use projects and has been awarded seven Urban Land Institute Awards for
Excellence, more than any other developer in the world. Notable projects
include The Power Plant in Baltimore, Md.; Charleston Place in Charleston, SC;
Seminole Hard Rock Resorts in Florida; Xfinity Live! in Philadelphia, Pa.; The
Power & Light District in Kansas City, Mo.; Fourth Street Live!, Louisville,
Ky.; and The Walk, Atlantic City, NJ.
The Evergreen Company has completed more than 4 million square feet of office
and 1.1 million square feet of retail projects. It is also considered the
preeminent build-to-suit and major-tenant developer in the region, having
completed numerous projects for some of the best known public and private
sector tenants in the region.
About the City of Roseville's Downtown Redevelopment Efforts
Through its Redevelopment Agency, the City has already invested $26 million in
its downtown, leveraged with other private and public funds for a total of $80
million in upgrades in the past decade including streetscape projects, theater
renovations, and facade improvements to 56 downtown businesses. In April
2009, the Downtown Specific Plan was approved, culminating a four-year
planning process that involved community members, business leaders, and city
staff. When the California State Legislature abolished redevelopment agencies
on January 1, 2012, the loss of redevelopment financing required a proactive
approach to financing future capital improvements identified by the plan. In
response, the City Council approved the Downtown Public Improvement Program.
This approximately $37 million dollar program uses local, Federal and State
funds for the construction of capital improvements and programming. The local
funds were collected as part of development fee payment when construction was
booming, and it is important to note that these funds are restricted to
funding capital improvements and cannot be used for operations. The first
phase of the program is currently under construction, the town square and
Vernon Street infrastructure improvements.
Another tool that the City Council put in place was the Roseville Community
Development Corporation. This private, non-profit development corporation was
created in November 2010 to promote rehabilitation of existing buildings and
development of new structures that reinforce the vision. The Sammy Hagar
restaurant project is an example of how this tool has been utilized.
The Downtown Specific Plan also encourages the use of public/private
partnerships, such as the Master Developer, as another tool to implement the
vision for the Downtown. It is anticipated that this tool will promote
vertical development of the now "shovel ready" sites in downtown.
About The Cordish Companies
The Cordish Companies (www.cordish.com), now in its fourth generation of
family ownership, is an international grouping of businesses including one of
the leading real estate development companies, entertainment and gaming
companies in the United States. The Company has diverse development expertise
with divisions focused on Entertainment & Mixed-Use, Gaming & Lodging, Sports
Anchored Districts, Shopping & Lifestyle Retail, Office and Residential. The
Cordish Companies also owns and manages a diverse group of operating
businesses, ranging from gaming, restaurants/clubs to live music promotion and
film/media distribution. The Company values itself on the quality of its
operations, its long-term relationships, and high level of integrity in all of
The Cordish Companies is the largest and most successful developer of
entertainment districts and concepts in the United States. In particular, the
company has unparalleled experience in creating and revitalizing high-profile
destinations in urban core locations. Many of The Cordish Companies' projects
involve public/private partnerships and are of unique significance to the
cities in which they are located. Prime examples are the company's prominent
role in the redevelopment of Baltimore's world-famous Inner Harbor; Atlantic
City, NJ; Hollywood, FL; Charleston, SC; Houston, TX; Louisville, KY; Tampa,
FL, Kansas City, MO; and Towson, MD.
The Cordish Companies has received the highest possible national awards in its
various areas of expertise. In real estate, The Cordish Companies has received
an unprecedented seven Urban Land Institute Awards of Excellence.
About The Evergreen Company
Founded 30 years ago in Sacramento, the Evergreen Company is a real estate
development and investment Company that focuses on developing and purchasing
office parks and shopping centers. Each of The Evergreen Company's six
partners brings years of experience in marketing, development, design,
financing and accounting. The Evergreen Company has a reputation for
providing well located, quality projects in the market. As one of the most
active developers in Northern California, The Evergreen Company has developed
approximately 5.2 million square feet of office and retail space, with over
2.1 million square feet currently under management.
The Evergreen Company is considered the preeminent build-to-suite and
major-tenant developer in the region, having completed numerous projects for
some of the best know public and private sector organizations in Sacramento
and Roseville including the State of California, County of Sacramento, Intel
Corporation, Vision Service Plan, Verizon Wireless, Delta Dental, Agilent
Technologies, Adventist Health and Micron Technology. The Evergreen Company
introduced and expanded the presence of several of the area's best-known
retailers such as Nordstrom Rack, Babies R Us, Best Buy, REI, Sam's Club, PF
Chang's and BJ's Pizza.
SOURCE The Cordish Companies
Contact: Megan MacPherson, +1-916-774-5455, firstname.lastname@example.org, or
Ashley Miller, +1-410-752-5444, email@example.com
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