With a minor change now approved by the El Dorado County Planning Commission, the ground breaking for phase one of The Crossings at El Dorado is ready to take place according to developer Leonard Grado.
Grado, who is president of Palos Verdes Properties, said they have leased almost the entire 120,000 square feet of commercial space to be built on the property located at the intersection of Missouri Flat Road and Headington Road.
Tenants lined up to date include Michaels, Sports Authority, Petco, Famous Footwear and El Pollo Loco.
Grado said they are also meeting with HomeGoods and Panera Bread Co. regarding their interest in becoming tenants. “We’d love to have them up here,” he said.
With construction slated to start in July, Grado said they expect to be open for occupancy by August 2015.
“We’ll be using a lot of local contractors to do the project,” he said, adding that everyone is excited about getting started. “We can’t use local contractors for some of the masonry work and roofing because of the size of the project,” he noted, “but we will be using a lot of locals for the mechanical, electrical and other work.”
Grado said he expects the project, when open, will bring 120 new jobs to the community and generate yearly sales of $30 million to $35 million. There is also the multiplier effect with the salaries of employees plowed back into the community.
“Adding more commercial also means fewer trips on Highway 50 to Folsom,” he said. “If we can provide these services in Placerville, it cuts down on trips and what people spend on gasoline. I filled my wife’s car with gasoline the other day and spent $70. And I’m thinking, that means it costs me $11 to go from my house to Folsom and back in gas. That’s a lot of money. Multiply that times 20,000 cars that are doing that every day. If they don’t have to drive down there and could spend it up here, do you think that can have an impact? I think it does. A million a week spent on retail could be spent up here instead.”
Grado believes the new commercial development will also work to attract more people to visit and live in El Dorado County. “People want amenities where they go,” he said. “We need a blend of mom-and-pop stores and corporate stores. It will help attract families to the community because there will be things to do. Our greatest competition is Folsom. We don’t need to become Folsom, but we need to have some similar assets that Folsom has like lodging, retail and restaurants that make this area attractive to young families because they are the lifeblood of a community.”
Grado said so far the reaction to the project has been quite positive. “People are concerned about residential growth, but what I’m hearing is people are excited about having new shopping opportunities up here. The lack of residential growth is not attractive to retailers and we need some growth. When we broke ground and built the Social Security building, we had a lot of comments from people who said they were thrilled to see something happening up here. It’s been a long time. We hope to continue the momentum thorough this project and have people excited about it.
“So stayed tuned for the next phases of the project and announcements we’ll have regarding additional tenants we’re currently negotiating with,” he said. “We believe the county will be very excited about this project. It will provide good jobs and great opportunities for the residents of El Dorado County.”
Contact Dawn Hodson at 530-344-5071 or [email protected] Follow @DHodsonMtDemo on Twitter.