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    Bank of the West Tower in the SkyscraperPage Database

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  #101  
Old Posted Jan 10, 2007, 5:43 PM
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Um,

Hey what happened to all the trees that were out front?, im supprised they were allowed to chop them down. , didn't they match the ones in front of the federal building?
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  #102  
Old Posted Jan 12, 2007, 8:58 PM
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I'm sure the city and the developer have an understanding that more trees
will be replanted. If the existing trees were to have stayed, they would of
gone into shock by the lack of sun after the tower was built anyway.
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  #103  
Old Posted Jan 13, 2007, 12:57 AM
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Or they would've died from the construction itself. Honestly, there's bigger concerns than previous landscaping with a project like this. They weren't even that large of trees anyway.
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  #104  
Old Posted Jan 22, 2007, 11:10 PM
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500 Capitol Mall was approved by the Planning Commission last Thursday.
All hurdles have been passed for approval to build.
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  #105  
Old Posted Jan 23, 2007, 1:48 AM
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  #106  
Old Posted Jan 23, 2007, 6:23 AM
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  #107  
Old Posted Jan 23, 2007, 8:07 AM
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Interesting, it looks like they will take a break from May to November.
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  #108  
Old Posted Jan 23, 2007, 8:35 PM
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I think those are start dates on the page, so all the foundation, utilities, and slab work will just take that long in order to be ready for the steel. Plus I'm sure they're allowing for some inevitalbe delays.
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  #109  
Old Posted Jan 29, 2007, 5:14 PM
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Two office towers to test market
500 Capitol Mall construction could begin in next four weeks
Sacramento Business Journal - January 26, 2007by Michael ShawStaff Writer


Barring a last-minute objection from the public, construction could begin in two to four weeks on Tsakopoulos Investments' 25-story office building at 500 Capitol Mall.

The Tsakopouloses say they are eager to start building immediately. But filling the building might be a challenge; brokers observe there aren't enough tenants to go around, at least in the next few years.

The 25-story U.S. Bank Tower by David S. Taylor Interests Inc. is under construction one block away at 621 Capitol Mall. Combined, the two buildings would increase downtown Sacramento's Class A office market by 765,000 square feet, or about 12 percent.

It's been more than a decade since that kind of supply hit all at once. In the early 1990s, One Capitol Mall, the Wells Fargo Center and the former U.S. Bank Plaza all came on line. The market couldn't support all three, and a large amount of space went unleased for an extended period.

Brokers say things won't be as bad with the new buildings, but there could be a struggle at first.

"It certainly is going to test the market," said Greg Levi, a senior vice president with CB Richard Ellis and the leasing agent for 500 Capitol Mall. He predicted the building will be about 35 percent leased upon completion in early 2009 and won't be full for two years after. Levi said there have been discussions with several major potential tenants, though he declined to name them.

Taylor has said his building, to be completed next year, is about 40 percent leased.

The long, unleveraged view
The $115 million 500 Capitol Mall building is being built for long-term viability rather than a short-term recovery of investment, said John Frisch, managing partner at Cornish & Carey Commercial/Oncor International.

Tsakopoulos Investments can afford a slow buildup because of its deep pockets. Unlike Taylor, the company won't have to rely on lenders or outside equity firms.

Angelo G. Tsakopoulos, who heads Tsakopoulos Investments along with his father, George, responded to a reporter's questions via e-mail while he was in Italy looking into granite that will be used in the building.

"If a building is highly leveraged, the carrying costs could be an obstacle," he said. "With our significant equity, we will not have this difficulty."

In order to attract tenants in a tight market, Levi said the developers are going beyond what is found in standard Class A buildings.

"There was sort of a stutter-step with the Parthenon," he said of the building's original plan, which called for the top stories to resemble the ancient Greek temple. "They are being very conscious of public opinion."

The building design now features a glass spire running its full height along both the north and south sides.

"Ed Kado, our architect, has designed the building so that space utilized by the spire will be functional space, not just an architectural adornment," Tsakopoulos said. "We are planning for a premium restaurant at the top floors which will showcase extraordinary views of our valley as well as our state Capitol."

Chris Strain, a broker who finds space for tenants looking to expand or move, said one reason the market looks barren is that a limited supply of new office buildings artificially hampers leasing. Law firms or banks looking to use up multiple floors have few options, so things look stagnant.

"I'm going to go out on a limb and say the market can handle two buildings," he said. "What I am skeptical of is whether they can both work at that end of Capitol Mall."

Prospects?
One large tenant likely entering the downtown market is the California Housing and Finance Agency, a state agency that helps renters and first-time homebuyers with below market-rate loans funded through tax-exempt bonds.

The agency outgrew its offices at the Senator Hotel and Office Building at 1121 L St. and is leasing more than a floor at Meridian Plaza three blocks away. The agency plans to bring everyone together.

"It's the first time in a long time we've said, 'Do we want to stay here? What are our options?' " said Steve Spears, chief deputy director of the agency.

CalHFA is self-funded and doesn't rely on taxpayer money for administrative costs, making it a more likely candidate for Class A space than other state agencies.

It hasn't yet determined how much space it will need, but one insider said it was likely about 140,000 square feet. It would take a large office building -- the likes of those planned on Capitol Mall -- to accommodate it.

Industry sources said Orrick Herrington & Sutcliffe LLP, the region's eighth-largest law firm, is deciding whether to renew its lease at the Wells Fargo Center or sign a new one at Taylor's U.S. Bank Tower.

Across the street from Taylor's site, 500 Capitol Mall has passed approval from the city of Sacramento's planning and design review, and must endure only an appeal period that ends 5 p.m. Monday.

If an appeal is filed, the project will go before the City Council. Otherwise, building permits for excavation and underground work could be issued within two to four weeks, said Willie Harris, senior project manager with the city's Development Services Department. Construction permits could follow within two months.
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  #110  
Old Posted Jan 29, 2007, 11:51 PM
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Awesome article, lts.
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  #111  
Old Posted Jan 30, 2007, 1:10 AM
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It's actually three office buildings if you include Meridian II, which if I'm not mistaken is supposed to get off the ground in 2007. Of course Meridian II will be marketed towards lobbyists whereas 621 and 500 Capitol Mall are marketed towards law firms and banking interests...
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  #112  
Old Posted Jan 30, 2007, 1:30 AM
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Quote:
The building design now features a glass spire running its full height along both the north and south sides.

Does anyone have any new renderings that show the southside spire?
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  #113  
Old Posted Jan 30, 2007, 2:44 AM
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Quote:
Originally Posted by snufalufugus View Post
Does anyone have any new renderings that show the southside spire?
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  #114  
Old Posted Jan 30, 2007, 8:58 PM
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What'ya know. CalTrans is trying to f-up something else in California. Thanks to sugit who originally posted the article.

Quote:
Caltrans opposes 25-story office building
Sacramento Business Journal - 4:59 PM PST Monday
http://www.bizjournals.com/sacrament...ml?jst=b_ln_hl

The California Department of Transportation has objected to the proposal by Tsakopoulos Investments Inc. to build a 25-story office building at 500 Capitol Mall.

The Caltrans appeal claims the project's environmental-impact report does not conform to the California Environmental Quality Act, although it does not make specific claims beyond that assertion, city staff said.

Sacramento city employees say the project's environmental report meets the requirements under the act.

Tsakopoulos Investments said only that it plans to fight the objection.

A hearing has been tentatively scheduled for Feb. 27 before the Sacramento City Council.
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  #115  
Old Posted Feb 8, 2007, 4:50 PM
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Installing the retaining wall.



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  #116  
Old Posted Feb 8, 2007, 9:20 PM
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Looks like they're instally the retaining wall even before they totally take out the old building's foundation. Just glad to see work still being done even with CalTrans childish ploy.
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  #117  
Old Posted Feb 9, 2007, 7:59 PM
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I think it's hilarious that they're still working since it obivously gives them a few more weeks to work befoe the City Council signs off on the project. That is unless Cal Trans files a suit seeking an injunction to halt work until their city appeal is heard...

Good for Tsakoupolis..
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  #118  
Old Posted Feb 10, 2007, 12:49 AM
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Looking at this picture almost makes me think that there is gonna be an over-abundance of parking built in this project. Anyone know if the number of spaces to square footage is on par with other projects around the city?
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  #119  
Old Posted Feb 10, 2007, 4:17 AM
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^It might appear like an over-abundance of parking because the lot is so tight... it's not wide like 621CM.

EIR Parking 5.6

The proposed project parking supply would be less than the estimated parking demand.

Here’s the break down on how they come to the number need for onsite parking. 500 Capitol Mall is 467,942sf.

The project is located within the Central Business District. The parking regulations (Chapter
17.64.060) for the Central Business District require off-street parking of at least one space per 600
square feet for office development. The regulations also specify a maximum of one space per 500
square feet for office development. No parking is required in the Central Business for retail uses.
The ongoing Central City Parking Master Plan has verified the adequacy of the zoning ordinance
requirements for office development in the Central City. Based on 467,942 square feet of office
development, the project is required to provide 780 to 936 parking spaces. The project is proposing
794 spaces. The impact of the proposed project on parking is less than significant.
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  #120  
Old Posted Feb 14, 2007, 7:00 AM
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ok so its not the best spot... (i stuck the camera where you couldnt see the chain-link fence and in doing so i cutt off most of the retaining wall) So is this thing under contruction yet or is it still a proposal?... also is the WFB parking garage public? i see innov8 has taken pictures from it but i wasnt sure... also there is a parking garage on the other side... maybe i should just walk in and see if anyone stops me.
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