Featured Properties
Globe Mills ~ Sacramento, CA (Summer/Autumn 2010)
The development team GMA Investors transformed one of the oldest mills west of the Mississippi into an award winning apartment complex at 12th and C Streets in downtown Sacramento. The historic City landmark is comprised of 114 senior apartments and 31 moderate-rate loft-style apartments after completing $38 million in rehabilitation and new construction. The development team includes CFY Development, Inc., Cyrus Youssefi, President; and Skip Rosenbloom, Globe Mills Development, LLC. The project architect is Michael Malinowski of Applied Architecture.
Situated in Alkali Flat, the oldest remaining residential neighborhood in Sacramento, the Globe Mills is just minutes from the restaurants, galleries and boutiques that have transformed downtown Sacramento into the exciting urban community it is today. Amenities include an on-site management office, landscaped community garden with BBQ, recreation facilities with TV and pool table, fitness center, laundry facilities, amazing city views, secure on-site parking with remote control gate access and historic details throughout. The rents for affordable senior apartments are $328 to $650 per month. The market rate rents are $975 to $1275 per month.
Sacramento Housing and Redevelopment Agency provided $14.97 million in financing for the project, including a $7.5 million low interest loan from HUD’s Brownfields Economic Development Initiative (BEDI). Other funding includes $4.256 million in Alkali Flat redevelopment funds, a $1.45 million federal HOME fund loan and $1.764 million in Downtown Housing Bond funds.
The 1.16 acre project site was first developed in the early 1900’s, and operated under sequential ownership (i.e., Phoenix, Globe, and Pillsbury) until approximately 1964. Located near the historic Union Pacific rail yards, the Globe Mills received grain from the surrounding agricultural region to be stored, milled, packaged, and shipped out. Twenty-four silos remain on site, as well as two mill buildings which have now been adaptively reused for the project. The Globe Mills complex serves as an important reminder of the agricultural processing industry that was the mainstay of Sacramento’s economy for decades. The site is a designated City of Sacramento landmark.
The $38 million historic preservation and adaptive reuse project was awarded the “2008 Fall Award for Redevelopment Excellence” by the National Association of Local Housing Finance Agencies (NALHFA). And the National Housing and Rehabilitation Association recently awarded Globe Mills with the J. Timothy Anderson Award for “Best Historic Rehabilitation Project Involving New Construction.”
