NORTHERN CALIFORNIA — City leaders have sold part of their downtown to a group of Silicon Valley investors behind the real estate company California Forever and plan to sell off more municipal sites in the future.
In this deal, California Forever annexed a strip of Main Street in Suisun City and parking lots, completing the first phase of a property transaction that city officials hope will aid to the revitalization of Suisun City's downtown.
The property includes 701-713 Main St. and two downtown parking lots.
The city sold the properties to CF Suisun 1 and CF Suisun 2, companies formed by California Forever CEO Jan Sramek. The Suisun City Council unanimously approved the sale on May 26.
The transaction follows an initial agreement reached in June.
"Closing on these parcels marks a clear first step in fulfilling the commitment to the city we first outlined in our June 2, 2025, offer," a California Forever spokesperson said in a statement.
The spokesperson said the company looks forward to bringing "wonderful new development" to Suisun City.
The city will lease the two parking lots from California Forever for $1 per year and will continue to maintain and operate them for public use. The arrangement will preserve public parking while California Forever completes planning and entitlement work for the properties.
The Downtown Specific Plan will guide development of the sites and includes a mix of commercial and residential uses.
Suisun City Manager Bret Prebula called the completed transaction a major step in the city's downtown revitalization effort.
"We now have a committed partner who owns these properties and is ready to invest in them," Prebula said. "That is how a specific plan stops being a document and starts becoming buildings."
Prebula said the mostly vacant block could eventually include a barbecue restaurant, brewery, and maker space similar to those found in downtown Napa or Tahoe City.
"Think of a pop-up building — small plays, a monthlong art exhibit," Prebula said. "Up top, think brownstone and row house design."
The first phase of sales to California Forever will eventually include two nearby buildings: the condemned Victorian Lawler House and a former theater. City staff are preparing those sales, with closings anticipated this winter.
Prebula emphasized that the downtown project remains separate from the Suisun Expansion plan, which would annex thousands of acres owned by California Forever. Separate city staff members are working on the two projects.
Prebula said the city wanted California Forever to make a clear commitment to Suisun City and its residents before the company begins construction.
"That's them wanting to show the dedication to what they're doing here," Prebula said.
Several other downtown and waterfront projects are also moving forward.
Construction on the 20-unit Awanta waterfront residential development is scheduled to begin this spring. Construction is underway on the Almond Garden project and the Lotz Way development by Camran Nojoomi.
Nojoomi is also preparing planning applications to develop his Marina property and Parcel 13, which sits next to Mike Day Memorial Park.
City staff are working with the developer of the Lionext Inc. waterfront properties to move those projects toward formal applications and Planning Commission review.
The city also continues to market its 34-acre parcel at the top of downtown.
More: NorCal City Advances Billionaires' Utopian 'California Forever' Development Plan
Bay City News contributed to this report.
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