Posted Jul 22, 2020, 8:36 PM
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Registered User
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Join Date: Jul 2005
Location: Steve in East Sac
Posts: 1,143
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And the hits just keep coming...
Vantage Condominiums project on hold after developer struggles with financing
By Emily Hamann – Staff Writer, Sacramento Business Journal
July 22, 2020
https://www.bizjournals.com/sacramen..._news_headline
Quote:
A condominium project in Downtown Sacramento is on hold after its developer couldn't finance it amid the Covid-19 pandemic.
At its meeting last week, the Capitol Area Development Authority Governing Board voted to purchase back a parcel of land known as Site 21, at N and 14th streets.
CADA previously sold the property to Cresleigh Homes, which planned to build the nine-story Vantage Condominiums project.
“Due to the pandemic, the financing terms became different than what they were when Cresleigh planned the project,” said Wendy Saunders, CADA executive director.
Cresleigh was unable to move ahead with the project, according to CADA board documents.
“If anybody could have done it, Cresleigh would have. They’re a very capable company,” Saunders said.
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CADA will acquire the land and site plans. It is going to hold the project until the pandemic clears and try and sell it to a developer when the market is in better shape.
Bad news.
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Sincerely,
Steve in East Sac
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