Broadway Redevelopment Picking Up Steam
Redevelopment along Sacramento's Broadway corridor is picking up steam. More than a half-dozen sizable projects are either underway or being considered along the western end of the street. Sorich says most of the projects have a residential component, which is a change from the retail and restaurant businesses that dominate the stretch.
"Trondheim Properties, for example, filed plans for a project of apartments over retail at 1827 Broadway,” says Sorich. “A manager with Trondheim said housing is an element that's still missing from Broadway, and putting more people there could further energize businesses on the corridor."
What's behind the growth? Analysts say Broadway is benefiting from being close to upscale neighborhoods like Land Park, as well as downtown Sacramento. It also has a variety of existing buildings. And the city has plans to improve the street as well, from 3rd to 24th streets with only one lane in each direction, along with a median turn lane. The goal is to make Broadway a more urban destination.
Forever 21 May Shutter Two Sacramento Area Stores
This week’s bankruptcy filing by fashion chain store Forever 21 could be bad news for Sacramento area shopping malls. Sorich says the store was once a hot destination for teen shoppers that fell victim to its own rapid expansion and changing consumer tastes.
"A bankruptcy court filing this week says the clothing chain is considering closing two local stores,” says Sorich. “Those sites are in Folsom's Palladio at Broadstone and the Westfield Galleria at Roseville."
Forever 21 also has stores in Arden Fair and the Folsom Premium Outlets. The privately held company based in Los Angeles says it will close up to 178 stores in the U.S. The bankruptcy filing states that the company operates about 800 stores globally, including more than 500 in the United States.
Winters Opens First Full-Service Hotel
The city of Winters in Yolo County has just opened its first full-service hotel. It's called Hotel Winters and before it opened, the only place to stay in town was the Abbey House Inn which has just 5 rooms. The Sacramento Business Journal's Sonya Sorich says the Winters area has become a popular destination for weddings, drawing many people from the Bay Area.
"Previously, those people were directed to hotels in Davis,” says Sorich. “That's why this new hotel is so important for the area."
The new, $25 million hotel has 78 rooms, including six suites. It's managed by an Encino-based company.