Lewis-Pipgras has an option to acquire approximately 46 developable acres at the intersection of Missouri Flat Road and Highway 50 in El Dorado County near Placerville. The property is zoned General Commercial and has a Development Agreement in place and approved by El Dorado County to build approximately 535,000 square feet of retail buildings. An Army Corps of Engineers 404 permit is currently being processed on the property to fill approximately 0.4 acre of wetlands. National credit tenants have expressed interest in locating on the site.
The property has a superb location for retail development and is accessed by both the Missouri Flat Road interchange and the El Dorado Road interchange. The property is adjacent to a shopping center anchored by K-Mart and Albertsons and owned by Weingarten Realty Investors. Donahue Schriber has recently developed a 120,000 square foot retail center across Missouri Flat Road with Safeway and T.J. Maxx as anchor tenants. A new Wal-Mart opened several years ago on Missouri Flat Road approximately one mile south of the subject property. The trade area around the site includes a current population of 93,027 with it being estimated to grow to 103,260 by 2008.
While this location is referred to as Placerville, the site is actually located just west of the City of Placerville in El Dorado County. El Dorado County is growing rapidly with a 24% increase in population from 1990 to 2000 versus a 13% increase in population for the State of California during the same time period. The current population of the County is 166,000. People are moving to the County to enjoy the foothill’s quality of life as well as easy access to Sacramento, Lake Tahoe and the mountains. The long-term future and demographic trends are excellent.