FOR IMMEDIATE RELEASE 

September 16, 2008 

 

 

GLOBE MILLS EARNS NATIONAL AWARD FOR 
REDEVELOPMENT EXCELLENCE 

Grand opening for $38 million adaptive reuse 
project planned for October 1 

 

Sacramento, California – The Globe Mills project at 12th 
and C Streets in downtown Sacramento has been selected 
by the National Association of Local Housing Finance 
Agencies (NALHFA) to receive the 2008 Fall Award for 
Redevelopment Excellence. 

 

The development team GMA Investors has successfully transformed the former grain storage and 
flour mill into a mixed-income housing community with 114 units for seniors, 31 moderate rate 
loft-style apartments, indoor and outdoor community space. The team includes CFY Development, 
Inc., Cyrus Youssefi, President; and Skip Rosenbloom, Globe Mills Development, LLC. The project 
architect is Michael Malinowski of Applied Architecture. 

 

The $38 million historic preservation and adaptive reuse project creates a dynamic entrance at one 
of the City’s major gateways and provides a catalyst for the Alkali Flat neighborhood, bringing new 
residents to the area. 

 

Sacramento Housing and Redevelopment Agency (www.shra.org) provided $14.97 million in 
financing for the project, including a $2 million grant award under HUD’s Brownfields Economic 
Development Initiative (BEDI) and a $5.5 million low interest loan from HUD’s Section 108 loan 
program. Other funding includes $4.256 million in Alkali Flat redevelopment funds, a $1.45 million 
federal HOME fund loan and $1.764 million in Downtown Housing Bond funds. 

 

The 1.16 acre project site was first developed in the early 1900's, and operated under sequential 
ownership (i.e., Phoenix, Globe, and Pillsbury) until approximately 1964. Located near the historic 
Union Pacific rail yards, the Globe Mills received grain from the surrounding agricultural region to 
be stored, milled, packaged, and shipped out. Twenty-four silos remain on site, as well as two mill 
buildings which have now been adaptively reused for the project. The Globe Mills complex serves 
as an important reminder of the agricultural processing industry that was the mainstay of 
Sacramento’s economy for decades. The site is a designated City of Sacramento landmark. 

 

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Photo courtesy: Michael Malinowski, 

Applied Architecture