Elk Grove Promenade, California
The Elk Grove Promenade is an unfinished shopping center and housing subdivision project in Elk Grove California. It's one of the more visible remnants of the California real estate crash of 2006-2007. The Elk Grove Promenade is at the southern edge of the sprawl of track homes and strip malls extending from Sacramento that was built from the 1980s until the market collapsed.
Construction on the Promenade began in 2007 in the newly incorporated city of Elk Grove. Elk Grove had previously existed as an unincorporated community but officially became a city in 2000 as it's population quickly increased to 81,684. Elk Grove's population as of 2012 is 155,937. The Promenade was to anchor new neighborhoods of housing and other commercial development extending south along highway 99. In 2008, with the real estate market crashing and the financial crises in full swing, the developer of the Promenade declared bankruptcy and construction on the shopping center was halted.
Since 2008 the project has been mothballed. Materials still sit in piles under roofs of unfinished buildings 5 years later. The site is secure, fenced and guarded. It's currently owned by the Howard Hughes Corporation which plans to eventually restart construction although the timing for this is unclear.
The recent news as of spring 2014 is that Hughes Corp. plans to resume construction on the Promenade. It will now be an outlet mall. I'm not sure to what extent construction on the surrounding neighborhood will resume.
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