By admin 
The Sunrise Mall redevelopment project saw a mark of progress this week, when a group planning to build a youth sports complex agreed to take on 13 acres of the mall property, the city of Citrus Heights said Wednesday.
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Mill Valley-based Tallen Capital Partners had shared plans earlier this year to acquire the real estate owned by the mall’s largest property owner, and turn a large section of it into housing, hotels, retail and restaurants. Officials from The Mettle Shop, who planned to build and operate a youth sports complex on the site, said they intended to buy a portion. Residents and city officials have backed the development in the hopes that it will see the declining mall transformed into a vibrant, mixed-use property anchored by the youth sports complex.
Tallen Capital Partners is under contract to acquire the majority of the Sunrise Mall property, per a city spokesperson. The Mettle Shop signed an agreement to purchase 13 acres. Tallen Capital Partners did not immediately respond to requests for comment.
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The city council in March advanced a financing agreement by which the city may issue up to $60 million in debt financing for the proposed complex. The bonds would be secured by a lien and paid off with the sports facility’s revenues. It would cover half of the estimated $120 million construction budget, the balance to be funded by private equity, The Bee previously reported.
Mettle Shop CEO Joe Wagoner said in a statement that, with the agreement signed, the firm will turn its focus to the design of the complex in the coming year.
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