Elk Grove Promenade Construction Begins
Thursday, September 20th, 2007General Growth Properties Inc. has started construction on its 1.1 million square foot shopping mall in Elk Grove.
The Elk Grove Promenade shopping center will have more than 100 stores to be built on 107 acres off the new Grant Line Road interchange and Highway 99. New tenants of Elk Grove Promenade will include a Macy’s department store, a 16-screen Cinemark Theatre and a Barnes & Noble bookstore. The center also will contain 450,000 square feet of specialty retail stores, six nationwide restaurants with outdoor seating, a 20,000 square foot food pavilion with seating for over 800 people, Non-retail features include a performance stage for concerts, outdoor fireplaces, water features and bike paths.
Elk Grove Promenade is expected to open in fall 2008. The new mall is expected to generate about 3,500,000 dollars in annual sales tax revenue in its first full year in business.
The project has been under consideration for many years. Originally it was envisioned as a traditional enclosed mall, but national trends have moved away from enclosed malls in favor of open air centers.
General Growth is a real estate investment trust. It owns or manages more than 200 regional shopping malls in 45 states.