The company and Bardis & Miry Development released a joint statement Tuesday announcing the agreement, which involves 35 acres of Blue Diamond's Midtown campus.
"The Blue Diamond plant site has been a part of Sacramento for over a century, and we are grateful for the opportunity to build on that legacy in a way that will serve the community for many years to come," Katherine Bardis of Bardis & Miry said in a statement.
Part of the agreement announced Tuesday includes a three-year leaseback at the site, allowing Blue Diamond's corporate headquarters to continue operating there through April 2030.
"We look forward to seeing thousands of new residential units over the next decade," McCarty and Pluckebaum said in a joint statement.
The Blue Diamond campus includes a building that was added to the National Register of Historic Places in 1984.
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