Plans to transform Sacramento's River District have hit a snag. The Sacramento Business Journal's Digital Editor Sonya Sorich says the Township Nine project planned along Richards Boulevard has stalled again.
"This infill, mixed-use development was once expected to include nearly 2,500 housing units along with office and retail space," says Sorich. "But its owners recently filed Under Chapter 11 of the bankruptcy code. They want to reorganize and improve that project's debt position."
The project has been idle since 2015 when the Cannery Place affordable apartment project opened at the site. A park was also completed and there's a Regional Transit light-rail stop bearing the Township Nine name. The 62-acre site is valued at about $65 million. The bankruptcy case is set for a status conference next month.
The parent company of Joe's Crab Shack - a chain restaurant with a location in Old Sacramento - has filed for bankruptcy reorganization. The company says it has lined up a buyer and its locations will stay open and operate as usual. Also this week, the Hooters in Rancho Cordova closed...and in Roseville, the Johnny Garlic's restaurant was listed for sale. Sorich says many chain restaurants are struggling with the rise of "fast-casual" eateries.
"Also millennials, a coveted demographic for these restaurants, are apparently cooking more at home or using food delivery services to eat in their own kitchens," says Sorich. "But of course we are still seeing many chain restaurants open new locations in the Sacramento area and beyond."
Fast-casual restaurants include places like Chipotle, Panera and Boston Market - eateries that don't offer full table service but promise higher quality food than other fast food restaurants.
At a time when many brick-and-mortar retailers are struggling, the parent company of T.J. Maxx is planning a big expansion in Rocklin. It includes filling more than 40,000 square feet in the Rocklin Crossings shopping center at Interstate 80 and Sierra College Boulevard. Sorich says the company has avoided some of the problems other retailers are facing because it operates several off-price, or discount brands.
"Many of these discount concepts have actually thrived in the shaky retail climate, largely because they're able to purchase the excess inventory from these struggling department stores and other retail chains then sell it to their shoppers at a bargain," says Sorich.
In addition to a T.J. Maxx store, the Rocklin Crossings space will be filled with a Sierra Trading Post store which stocks things like hiking boots, kayaks and canoes.