Paul Petrovich, developer of the R Street Market, has acquired the last of seven parcels needed to build the four-acre, 76,000-sf complex, which will be anchored by a Tower Theater and Safeway. The retail center will include several shops and a restaurant. The apartment complex will consist of six luxury apartments. Petrovich plans to begin construction within the next two months, with the projected completion date set for next fall.
The project will stretch from 18th to 19th streets and from S Street to northern R Street. City officials are optimistic that the project will boost redevelopment in the center of Sacramento. Safeway has already committed to 51,000-sf of space for 25 years, with three 10-year options. The lease value could reach $95 million.
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