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Developer motivated to move quickly: For Thomas Enterprises, cleaning up rail site is good for business.
Byline: Chris Bowman
Jan. 23--The railroad operators took 20 years hauling away topsoil they polluted at Sacramento's historic downtown train yard.
Stan Thomas, the new owner of the 240-acre site, believes he can finish the last third of the job in just two years -- all the while proceeding with plans for urban villages, public markets, museums, entertainment complexes and more.
That would surpass by fivefold the pace under Union Pacific Corp. and its predecessor, Southern Pacific Transportation Co.
How can Thomas outrun the kings of rail? Because his motivations are more powerful than a locomotive, according to officials with his development company, Thomas Enterprises Inc. of Atlanta.
Thomas Enterprises is anxious to recoup cleanup expenses and the cost of the property purchase -- figures the company declines to disclose. The faster the cleanup, the sooner Thomas will get city approval for development. The sooner the company sells parcels to developers, the faster it can pay off loans and turn a profit.
"You have a clock ticking on you because you are paying interest, and because you want to be ready to develop when the market is ready," said Paul Petrovich, who is redeveloping the former railyard in Sacramento's Curtis Park neighborhood.
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