SACRAMENTO – 301 Capitol Mall – FT – FLOORS

[ltsmotorsport]

This was approved to go ahead by the CalPERS board and has now been submitted to the City for design review.

Originally Posted by enigma99a

https://www.bizjournals.com/sacramen...876&j=85034781

557’

Also in the article “CBRE and CIM representatives said they hope to land an anchor tenant by the time public review is complete, so they can proceed to construction. They didn't provide a timeline for when work would begin or what the estimated project cost would be, though the building would take about 30 months to build, they said.”

[SacTownAndy]

The project's website is up and running:

https://tower301.com/

[colemonkee]

Oh man, this would be huge for Sacramento!

[urban_encounter]

Although it’s a shame that the great recession killed Saca’s “Towers” project, I have to admit I like this design better. I;m not sure the Towers would have aged as gracefully as this proposal can. It’s not iconic but it will push the skyline dominated by 300-400 foot towers a bit taller and it will bring a bit more residential units closer to DOCO and the Golden 1 Center.

[Justbuildit]

Originally Posted by tall/awkward

Hey wait a minute, what happened to this design?!

If someone posts this horrid rendering one more time after me I'm going to cut my eyes out! I need to get this out of my memory. I was sick to my stomach thinking that was going to get built in that prime location.

As for the new plan for the site, it can't come soon enough!

[Justbuildit]

Originally Posted by SacTownAndy

I like the height but the crown could use some work.

For Sacramento this is a huge upgrade either way. This is not Atlanta.

[Pistola916]

Originally Posted by Justbuildit

As for the new plan for the site, it can't come soon enough!

I agree.

Unfortunately, I think we are at least five years away from the building being operational. If we're being overly optimistic.

EIR-2019
Breaks ground: My hope sometime in mid-late 2020
Construction: They say it will take 30 months.
Completed: Fall 2023

There could be design changes, inability to land a huge anchor tenant, weather, recession, etc., that could push the completion into the mid 2020's

[SacTownAndy]

Promotion strategy for Tower 301 could include national tour

By Ben van der Meer
Sacramento Business Journal
Dec 26, 2018

Call it the 2019 Tower 301 U.S. tour, brought to you by the Greater Sacramento Economic Council and CBRE.

A tentative joint promotion strategy to find tenants for what would be Sacramento’s tallest building would take the regional economic development organization and the commercial real estate brokerage to the Bay Area; Los Angeles; Austin, Texas; Chicago; New York City; Washington, D.C., and other domestic stops in the first half of 2019.

In addition to multiday visits to various cities, the strategy would include paid social media and direct mail campaigns, creation of a joint research report on local employee talent and a trade show exhibit at the South by Southwest technology and entertainment industries conference to take place in Austin in March. There would also be a display promotion in a Bay Area building owned by Tower 301 co-developer CIM Group, and an advertisement in Bay Area Rapid Transit cars...



Full article here:
https://www.bizjournals.com/sacramen...d-include.html

[ltsmotorsport]

Tower 301 project will be heard at the Planning and Design Commission for review and comment this Thursday (April 25th). Staff report link below with full set of plans/renderings.

https://sacramento.granicus.com/Meta...meta_id=552271

[innov8]

301 Capitol Mall Future Unclear

https://www.ai-cio.com/news/calpers-...elopment-plan/

CalPERS Terminates Real Estate Partner In Development Plan

CIM is out after nine years of failed efforts to develop a vacant lot in downtown Sacramento into an office tower. What’s next for the site is unclear.

A $550 million plan by the California Public Employees’ Retirement System to build the tallest office building in Sacramento has endured a major setback with an announcement by the pension plan that it has terminated real estate firm, CIM, its development partner.

“We have ended our relationship with CIM on the 301 Capitol Mall project,” said CalPERS spokeswoman Megan White in an emailed statement CIO Tuesday night.

CIM spokesman Bill Mendel said in another mailed statement to CIO that “CalPERS recently informed CIM of its intention to make changes regarding the project. We at CIM believe the project we and CalPERS created is a good solution for the site, albeit not the only solution. We are confident that CalPERS will be successful in identifying a worthy alternative for this important site.”

Sources said the changes referred to by Mendel are specifically for the termination of CIM. It’s unclear if CalPERS still plans to build the office tower.

[tall/awkward]

This is sadly not surprising. So much wasted potential with this space for so many years now...

[Urbannizer]

CalPERS selects Hines for 301 Capitol Mall project

The California Public Employees' Retirement System has tabbed Hines to manage its Sacramento real estate partnerships, including a planned project at 301 Capitol Mall.

[Barney Greengrass]

Glad to see new residential downtown. I've only been to Sac a couple times but I was impressed by how walkable the downtown and midtown is. Definitely an underrated city, but I do know the Bay Area peeps have been moving there for some time.

[innov8]

CalPERS appears to be hiding requested Public Records Acts showing how it has
overvalued real estate assets by $583 million. CalPERS has not said anything
about bogus valuations that are larger than the total amount it was slotted to invest in a
mothballed solo development project, 301 Capitol Mall, but it continues to publish balance
sheets that include the inflated results.

The CalPERS Executive Team Demands a New Loyalty Oath!
TONY BUTKA 16 JUNE 2021
https://www.citywatchla.com/index.ph...w-loyalty-oath

[innov8]

Nothing will be built here for at least another 10 years... unless it's an 8 or 9 story
rental housing. That's the only product that is successfully being built in downtown.

Originally Posted by urban_encounter

BY RYAN LILLIS
RLILLIS@SACBEE.COM
The infamous hole in the ground is getting a new owner
April 8, 2022

After 16 years of ownership, CalPERS has decided to sell 301 Capitol Mall, the empty lot at the entryway to downtown Sacramento that has been vacant for years, Marcie Frost, the pension fund’s CEO, told The Sacramento Bee on Thursday.

CalPERS has asked Hines, which has managed the site for CalPERS since 2019, to find a broker and begin the process of selling the land. Hines expects to have a broker in place by the end of April, CalPERS officials said.

The sale would put an end to a winding chapter for CalPERS, which spent $70 million buying and maintaining the property but ultimately fell short of landing the signature development project city leaders have long sought.

The fund first partnered with Saca Development of Sacramento on a plan to construct two 53-story condo towers that would have been the tallest residential buildings on the West Coast at the time. Construction began in 2006 but ended the following year as the recession took hold.


http://www.sacbee.com/news/local/article260211910.html

[mt_climber13]

I was just in Sacramento last week and there is a new steel tower being built downtown

[innov8]

Yes, the county courthouse. What is not being built is
anything at this site, 301 Capitol Mall. No private sector
high-rises are under construction. The last time the
private sector built a high-rise in Sacramento was 2008,
as it was self financed and built despite the ression... 500 Capitol Mall.

[MAC123]

I know nothing about sac, why are no high rises being built?

[Pistola916]

Originally Posted by MAC123

I know nothing about sac, why are no high rises being built?

Sac has never shed it's government town status. The more recent completed high-rises are mostly state buildings under 300ft - with the exception being the New Natural Resource tower at 343 feet).

However there is a proposal for a 32-story, 368 foot residential tower across from the infamous 301 Capitol Mall. But there has been so many high-rise proposals that have come and gone, never making it past the pretty renderings phase, it's easy to remain skeptical.