New analysis from an economic research firm predicts Aggie Square at the 新澳门六合彩内幕信息 Davis Sacramento campus will add nearly $5 billion to the Sacramento region鈥檚 economy each year and support 25,000 ongoing jobs.
Design for the first stage of the project, a partnership between the University of California, Davis, the city of Sacramento and developer Wexford Science & Technology, has just been completed, as has an economic impact report, developed by Economic & Planning Systems.
鈥楶oised to be an economic engine鈥
The report also predicts an additional $2.6 billion in one-time economic impact, with more than 15,000 job years 鈥 the equivalent of 15,000 people working in one year 鈥 generated from Aggie Square鈥檚 two phases of construction.
鈥淲hen we launched the Aggie Square project in 2018, our goals included bringing economic and workforce development to the Sacramento region,鈥 said 新澳门六合彩内幕信息 Davis Chancellor Gary S. May. 鈥淚鈥檓 thrilled to see this coming together in Phase 1 鈥 bringing the university, the community and industry together to better connect and collaborate.鈥
鈥溾楰nowledge Communities鈥 like Aggie Square can amplify the talent, ideas, and innovation of a strong research university like 新澳门六合彩内幕信息 Davis, and extend them into products and services that improve the human condition and create job opportunities for residents and economic development impact for the Sacramento region,鈥 said Jim Berens, founder and CEO of Wexford Science & Technology.
Sacramento鈥檚 Mayor Darrell Steinberg emphasized the immediate and long-term benefits of the project. 鈥淎ggie Square is poised to be an economic engine in Sacramento, bringing jobs and resources to the region at a time when investment in our city is critical to our future. By being a part of the process, the City of Sacramento can make sure the community benefits and is connected to the project in a meaningful way, and that young people growing up in our neighborhoods will get the training they need to be first in line to fill jobs at Aggie Square when they become a reality.鈥
The analysis is based on newly released project designs from Wexford, the private developer partner 新澳门六合彩内幕信息 Davis selected in December 2019 to build Aggie Square.
New revenues for city and county
Since Aggie Square鈥檚 unique public-private partnership model leverages private investment, the project will also generate nearly $5.1 million annually in new revenues for the city of Sacramento for Phases 1 and 2, and nearly $3.1 million in new county revenues.
Notably, the annual economic impact and city revenue estimates included in the report do not capture the spin-off economic benefits and shared wealth creation that will come from start-ups that 鈥済o big,鈥 business growth extending beyond Aggie Square, company relocations to the region at sites other than Aggie Square, and catalytic innovations and inventions sparked by the ecosystem at Aggie Square.
Details on scope and nature of project
The new designs developed by Wexford and 新澳门六合彩内幕信息 Davis provide important details on the scope and nature of the project. Phase 1 of the project is approximately 1.2 million square feet and comprises: a lifelong learning office and classroom building; two science and technology buildings; housing, primarily for students; community serving uses; a parking structure; and public spaces. Each building is anchored by 新澳门六合彩内幕信息 Davis programs and configured to co-locate private industry investment, robust 鈥渋nnovation infrastructure鈥 for startups, as well as community-based partnerships.
Wexford is taking the lead on financing for the project, investing $1.1 billion in 新澳门六合彩内幕信息 Davis and Sacramento by building Aggie Square鈥檚 first phase. 新澳门六合彩内幕信息 Davis will be a major tenant, alongside industry partners and community-facing programs in areas that complement university research and operations.
Community-focused offerings
As a public-private partnership, the Aggie Square model allows the university to increase its community-focused offerings that would not be available by simply expanding the university鈥檚 medical center.
The social benefits of the project are taking shape, said Robert Segar, planning director for Aggie Square. 鈥淧rograms that can create healthier food access for schoolchildren, such as the Alice Waters Institute for Edible Education, are the kind of partnerships that exist because the university is involved.鈥
Added Segar, 鈥淲e have an opportunity, through Aggie Square, to deliver new value to our communities and to create a roadmap for people across the street and across the region to better access the resources of this great university.鈥
Comment from other key figures
Other key figures in the city, county and state offered enthusiasm for Aggie Square.
Councilmember Eric Guerra (District 6) 鈥 鈥淭he Aggie Square project will have significant impacts for the surrounding neighborhoods and region in the short and long term. A critical partnership with 新澳门六合彩内幕信息 Davis and the community stakeholders will ensure that the benefits materialize for the surrounding communities for better jobs, housing and local opportunity.鈥
Councilmember Jay Schenirer (District 5) 鈥 鈥淚t鈥檚 exciting to see 新澳门六合彩内幕信息 Davis and the City working together on a project that will ultimately bring jobs and increased economic prosperity to the region. We must also keep in mind the need for affordable housing and local employment to ensure positive impacts for those in the surrounding communities.鈥
Chairman of the Sacramento County Board of Supervisors Phil Serna (District 1) 鈥 鈥淚t鈥檚 not often local communities enjoy the kind of economic momentum we鈥檙e experiencing in partnership with 新澳门六合彩内幕信息 Davis. Capitalizing on it comes in the form of thousands of new, permanent and high-wage jobs for my constituents.鈥
Assemblymember Kevin McCarty (7th District) 鈥 鈥淎ggie Square is a win for the State of California, 新澳门六合彩内幕信息 Davis and the City of Sacramento. The partnership and new Sacramento satellite campus will bring nearly $5 billion to the local economy. Not only will this allow the University of California to expand education opportunities, it will foster economic development and job growth throughout the Sacramento region.鈥
State Sen. Dr. Richard Pan 鈥 鈥淚 applaud Chancellor May鈥檚 leadership in bringing 新澳门六合彩内幕信息 Davis across the causeway to make 新澳门六合彩内幕信息 Davis an integral part of the Sacramento region beyond the health system campus. The university鈥檚 investment in Aggie Square will be a critical driver for economic development and quality job creation in the Sacramento region.鈥
U.S. Congresswoman Doris Matsui (CA-6) 鈥 鈥淎s we face the uncertainty of crisis, it is imperative that we continue to find ways to catalyze our economic growth and create new, innovative jobs. Aggie Square is uniquely situated to be a key conductor between the innovation happening in Sacramento and the cutting-edge exploration happening at 新澳门六合彩内幕信息 Davis. It is clear that this economic development and job growth will not stop at the confines of 新澳门六合彩内幕信息 Davis and Aggie Square, but will create a positive wave into the community as these impacts manifest themselves into future opportunities for our region.鈥
Cassandra Jennings, president and CEO of the Greater Sacramento Urban League 鈥 鈥淭he projected economic impact of Aggie Square is an opportunity for social transformation, lifting up neighborhoods and moving beyond gentrification gaps. Inclusive community engagement planning ensures full access and participation in economic prosperity. Only intentional actions will ensure that under-economized communities of color like Oak Park, Meadowview, Valley Hi and Del Paso Heights benefit equally from the jobs, business opportunities, education, and technology that Aggie Square will bring.鈥
Greater Sacramento Economic Council CEO and President Barry Broome 鈥 鈥淏rookings Institute data overwhelmingly demonstrates the need for greater inclusion in our economy. This can only be accomplished by driving high valued investments like Aggie Square. We applaud 新澳门六合彩内幕信息 Davis for taking on this critical task and emerging as one of our region鈥檚 key anchor institutions.鈥
About Wexford Science & Technology
, LLC, is a real estate company exclusively focused on partnering with universities, academic medical centers and research companies to develop vibrant, mixed-use communities. Wexford鈥檚 communities are built on a foundation of discovery, innovation and entrepreneurial activity that creates visible outcomes in the form of substantial economic growth, new and diverse jobs, and community transformation. Wexford targets strategic opportunities with top-tier research universities that are directly on or contiguous to dense, urban campuses. Presently Wexford has developed 15 Knowledge Communities across the United States.
Media Resources
David Wescott, 新澳门六合彩内幕信息 Davis Strategic Communications, 530-304-0611, dwescott@ucdavis.edu
Tanya Perez, 新澳门六合彩内幕信息 Davis Strategic Communications, 530-752-9839, thperez@ucdavis.edu