Portion Of Sacramento Railyards Sold To Developer Larry Kelly

SACRAMENTO (CBS13) - A portion of the Sacramento Railyards will change hands once again.

In a press release issued Tuesday, IA Sacramento Holdings, LLC announced it was entering into an option agreement to sell "significant portions" of the property to developer Larry Kelley, who will also be the project's master developer.

Kelley's firm, LDK Capital, developed Stanford Ranch and is developing McClellan Park on the site of the former McClellan AFB.

"The timing of this agreement could not be better as it allows us to completely reshape downtown Sacramento with both the arena project and now the Railyards," said Mayor Kevin Johnson.

IAH foreclosed on a loan to the Railyards' previous owner, Thomas Enterprises, in 2010.