Posted Jun 12, 2007, 5:46 PM
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Join Date: Feb 2004
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CalPERS buys Saca out of Towers
Sacramento Business Journal - 10:45 AM PDT Tuesday, June 12, 2007
by Michael Shaw
Staff writer
The California Public Employees' Retirement System has acquired the Towers on Capitol Mall project, the pension fund announced Tuesday. It has reached an agreement with its former partner, developer John Saca, to buy his interest in the project.
Saca notified the pension fund that he did not intend to exercise an option to purchase CalPERS interest in the stalled Towers project.
Just what will be built at the site isn't clear.
CalPERS is partnering with its national development partner, CIM Group of Los Angeles, to develop the site and a plan will be developed over the next 18 months.
CIM will first work to resolve outstanding debt, CalPERS spokesman Brad Pacheco said.
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