In milestone decision, SMART board gives developer option to purchase rail land

NORTH BAY, Dec. 18, 2008 – The Sonoma Marin Area Rail Transit board has agreed unanimously to give developer The John Stewart Company the option to buy land in Railroad Square in Santa Rosa, clearing the way for the builder to move forward on the long-delayed infill housing and commercial project.

“It was a wonderful day,” said Mr. Stewart, chairman of the San Francisco-based John Stewart Company, who has been working toward this for almost 10 years. “I am gratified that it was not just a majority vote, but it was unanimous.”

The SMART land consists of two parcels totaling five acres just west of the tracks. Mr. Stewart said one of the positives that comes out of this is it is now a single site that one entity can plan for in a coordinated manner.

The proposed multi-use infill project will include affordable for-rent housing, market rate for-sale condos, a 40,000-square-foot public market, 40,000 square feet of office space, the Sonoma County Food and Wine center, a 263-space parking garage and several restaurant opportunities as well as a community-use bike store and station.

The next step in the process for the developers is to secure the financing. They are going to apply to the state as an infill property for Prop 1C funding. Prop 1C is the housing bond California voters passed in 2006 allocating $2.85 billion to infill projects. They plan to request $11.5 million.

The whole project will run roughly $200 million.