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  #7481  
Old Posted Sep 17, 2019, 10:47 PM
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Still uncertain what they will do with the site, but some news at least.


CalPERS selects Hines for 301 Capitol Mall project

https://www.bizjournals.com/sacramen..._news_headline

Last edited by SacTownAndy; Sep 17, 2019 at 11:08 PM.
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  #7482  
Old Posted Sep 17, 2019, 11:16 PM
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Not sure if this is a good thing or a bad thing?
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  #7483  
Old Posted Sep 18, 2019, 12:13 AM
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I think Hines is in the running to be the developer of the Aggie Square project in Oak Park as well.
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  #7484  
Old Posted Sep 18, 2019, 3:28 AM
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Originally Posted by Majin View Post
Not sure if this is a good thing or a bad thing?
Well good or bad it’s back to the drawing board. Hopefully the third time is a charm.

As a side note my prediction that the project was dead was clearly off. It just goes to underscore what I always say; NOBODY knows less about Sacramento area development than me. I am always wrong.
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  #7485  
Old Posted Sep 18, 2019, 3:09 PM
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They'll spend a couple million dollars drawing pictures and then tell everyone it's too expensive to build.
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  #7486  
Old Posted Sep 18, 2019, 3:11 PM
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Any news on the new courthouse building? I can't find anything new about this project.
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  #7487  
Old Posted Sep 18, 2019, 3:47 PM
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https://www.wsj.com/articles/calpers...el-11568755606

It appears CIM’s ouster was because of a lack of performance.

According to the Wall Street Journal, an outside consultant expressed concern about the
former developer CIM performance. CIM failed to deliver as much as $41 million in
rebates that were negotiated as part of the nine-year-old agreement. In addition, about
$41 million, a previously unreported figure, remains to be paid by CIM Group to Calpers
on a total $50 million in fee rebates promised under a 2010 agreement.
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  #7488  
Old Posted Sep 18, 2019, 5:29 PM
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Welp more bad news folks, it looks like Cresleigh is either going apartments for 10 years and trying condos afterwards for the N & 14th site (Vantage), or might just sell the land back to CADA for the purchase price.

http://www.cadanet.org/wp-content/up...21-Vantage.pdf

I was also poking around Vrilakas Groen's website because I heard a rumor that they were designing something for that large empty lot on Broadway and 34th. Didn't see anything about that (anyone else know anything about that property's future?), but did catch these renderings for a project across the alley from the Westminster Church, on 13th and O kitty corner to the Vantage site.

http://www.vg-architects.com/westmin...yw9nahqq5fz9bx

Looks pretty good actually, I hope it gets built and the fate of the Vantage site doesn't have repercussions for that section of the neighborhood, along with the other planned CADA small unit project nearby (The Courtyard?).
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  #7489  
Old Posted Sep 18, 2019, 9:12 PM
novatone82 novatone82 is offline
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Quote:
Originally Posted by Clinton Robinson View Post
Niiiice Novatone!!!! You posted some good pics!!! I want to first off thank you and secondly want to say that I myself had some pics of DT that I wanted to post but got frustrated over the difficulty involved with posting and said F""k it! Anyway thank you VERY much! I look forward to seeing any other pics of DT SAC!!!

NO PROBLEM if the weather permits i will try to get some new pictures snapped, inno8 has some skills on the photo taking, hope to see some new ones.
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  #7490  
Old Posted Sep 18, 2019, 11:21 PM
novatone82 novatone82 is offline
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Quote:
Originally Posted by sactivity View Post
Any news on the new courthouse building? I can't find anything new about this project.
Clarks construction website saying expected to break ground October , not sure how accurate that is though
https://www.clarkconstruction.com/ou...nto-courthouse
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  #7491  
Old Posted Sep 19, 2019, 12:42 AM
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Quote:
Originally Posted by Korey View Post
Welp more bad news folks, it looks like Cresleigh is either going apartments for 10 years and trying condos afterwards for the N & 14th site (Vantage), or might just sell the land back to CADA for the purchase price.

http://www.cadanet.org/wp-content/up...21-Vantage.pdf
I was skeptical that this project would get off the ground when Cresleigh was picked for the developer of the site.
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  #7492  
Old Posted Sep 19, 2019, 12:49 AM
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Quote:
Originally Posted by innov8 View Post
https://www.wsj.com/articles/calpers...el-11568755606

It appears CIM’s ouster was because of a lack of performance.

According to the Wall Street Journal, an outside consultant expressed concern about the
former developer CIM performance. CIM failed to deliver as much as $41 million in
rebates that were negotiated as part of the nine-year-old agreement. In addition, about
$41 million, a previously unreported figure, remains to be paid by CIM Group to Calpers
on a total $50 million in fee rebates promised under a 2010 agreement.
I read that in the print edition today as well. It sounds like a smart move by Cal PERS since they are in the business of maximizing their investment portfolio.

I also think it makes a project at 301 CM more likely at some point; although who knows whether it will be before the next economic slow down or what the Hines proposal will look like. If I were to bet though I suspect it will be something a bit less ambitious or risky for this market than ‘Tower 301’. I would be stunned if they came back with the same proposal.
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  #7493  
Old Posted Sep 19, 2019, 12:51 AM
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Originally Posted by sactivity View Post
They'll spend a couple million dollars drawing pictures and then tell everyone it's too expensive to build.
Yeah considering that they’ve (Cal PERS) have spent over $70 million dollars and have nothing to show for it, that’s what I’m afraid may happen. But as I say over and over, I am never right when i make predictions either way, so hopefully we’re wrong.
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  #7494  
Old Posted Yesterday, 12:10 AM
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Quote:
Originally Posted by novatone82 View Post
Clarks construction website saying expected to break ground October , not sure how accurate that is though
https://www.clarkconstruction.com/ou...nto-courthouse
Yes, i've been to their site. But it has said that for quite a long time now. I was hoping to set something through other channels. But it's been real quiet.
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