Sacramento: 301 Capitol Mall: A New Plan for The Towers Site - Page 26

cascraperdude · #**501** Posted **Jul 31, 2006, 1:53 PM**

Quote:

Originally Posted by enigma99a

Went by the sales office today.. The official figure is 480 sold. 59.3% !

Nobody said anything on this board before about the podium being redesigned smaller to allow more usuable space on the roof.

I wonder if the housing slowdown in Sac. will hurt any remaining units. Things have cooled off a fair amount this summer. And those units are top top dollar per square foot.

sugit · #**502** Posted **Jul 31, 2006, 4:39 PM**

I don't know, I still tend to think that downtown and midtown has thier own market that is seperate from the rest of the track home suburb areas of Sacramento. The demand is def there for people to move to DT/MT, but the prices are scary in a down or "normal" market

990K for 1360 sf? $727 a square foot seems a little excessive for that buildings. I guess he is hoping he can take advantage of the all the built up demand for this housing and considering his product will be done in 6 months versus 2 1/2 years for The Towers, he might get it.

_______________________________________________________________________________________________________________

Bob Shallit: Developer won't lose sleep getting 30 new downtown condos to sell. By Bob Shallit -- Bee Columnist

Developer Tony Giannoni this week begins marketing the 30 condo units that will sit atop his 235-room Marriott Residence Inn project under construction at 15th and L streets. But he can do the job without losing any sleep.
He's found an investor who will buy -- and then resell -- any units that aren't sold by the time the 15-story building is completed in February.

It's sort of an insurance policy. The investor has agreed to pay a discounted price for each of the units occupying the building's top three floors, once they're done.

If any or all of the units are sold before then, the investor receives the difference between his discount price and the actual sales price. (The 750- to 1,360-square-foot condos are being offered for between $340,000 and $990,000.)
"It eliminates all the risk for us," says Giannoni. "We have the security of knowing all of the units will be sold. It's made our lender very happy."

Giannoni isn't identifying the investor. But he says he's a Southern Californian who has done this kind of deal before in other cities.

"He really likes this project and he really likes the market," Giannoni says.

Meals on wheels: Speaking of Giannoni, he's in negotiations to have two neighboring restaurants supply room-service meals to his Marriott guests and condo owners.

Talks are under way with Mason's and Spataro. Both are among the new eateries that have made downtown a dining hot spot. No agreement is in place yet, but Giannoni says he hopes to have deals with both.

The Marriott won't have a restaurant on site. Guests will be encouraged to venture out and sample downtown cuisine.

But, Giannoni says, "If they want room service, we'll have it."

TowerDistrict · #**503** Posted **Jul 31, 2006, 6:36 PM**

i think that Marriott has the BEST location in the city. I think to fetch that kind of price, they'll definitely have to play that up as much as possible. The Towers and Aura, although being stunning buildings with everything you'd ever want built in, do not have the Marriott's location. That area is hott and it's been that way for a few years now without slowing down.

I tell you that if I had that cash, I'd pick that location. Even the rest of these buildings proposed will not land you that close to all the action.

sugit · #**504** Posted **Jul 31, 2006, 6:46 PM**

I totally agree the location is prime for some who wants to enjoy the action. There are few other place in Sac where you can hit up so many places in such a short distance, but I was still shocked at the price he is asking.

My wife and I went restaurant hopping with another couple Friday night around that area. Started at Lucca for apprizers and drinks, then off to Bistro 33 for dinner and drinks, then to melting pot for dessert and drink, and finally Brew it Up for drinks...then a nice walk home...Damn, that was a good time.

One of the guys we were with was from LA, he was blown away by how many places we hit up without getting in a car....lol.

Trojan · #**505** Posted **Jul 31, 2006, 7:11 PM**

Thing will most likely cool off in places such as Roseville, but not downtown Sacramento.. the market is just starting down there!

urban_encounter · #**506** Posted **Jul 31, 2006, 7:11 PM**

Quote:

Originally Posted by enigma99a

Went by the sales office today.. The official figure is 480 sold. 59.3% !

The demand for highrise living has never been in question.....

Sales will be ongoing and i would suspect that the towers will be completely sold prior to their completion date.

The numbers certainly bode well for the Metropolitan, Epic and the Capitol Grand Tower...

innov8 · #**507** Posted **Aug 1, 2006, 8:50 PM**

Oh man... I hope they can get a webcam up soon because things are moving
fast. They have started erecting (that's for you snfenoc) the pile driver and
steel pipes are arriving to begin shoring up the retaining wall around edges.

BTW... the towers are selling the condos in phases, right now they
are in phase 3 and expect phase 4 to be announced soon. So, for all of you
concerned about them not selling out really fast... it's all part a plan for the
next two years.

aim*high · #**508** Posted **Aug 1, 2006, 9:58 PM**

I had the oppurtunity to sit & talk with Mr. Saca for about an hour last week at his office. He mentioned that they would only release a few more units then scale back a bit. Then release more during construction. He said he was definetly going to hold some units to sale after completion of the project. He didnt specify how many. But this can all change depending on the movement of the market. Just wanted to add that Jon Saca is very modest with his speech but far exceeds with his actions. He is the guy we want leading the downtown revitalization movement.

urban_encounter · #**509** Posted **Aug 1, 2006, 11:45 PM**

Quote:

Originally Posted by innov8

Oh man... I hope they can get a webcam up soon because things are moving
fast. They have started erecting (that's for you snfenoc) the pile driver and
steel pipes are arriving to begin shoring up the retaining wall around edges.

BTW... the towers are selling the condos in phases, right now they
are in phase 3 and expect phase 4 to be announced soon. So, for all of you
concerned about them not selling out really fast... it's all part a plan for the
next two years.

They have really been moving fast on excavation. I was stunned to see just how much dirt they've removed already...

BTW if anyone is "concerned" that they've sold 480 units then they probably need to lay off the Kool Aid. Do you know how many projects across the country are built on spec and then just sit empty?? I think between Aura and the Towers (both of which are high end units) Sacramento has proved it's ready for highrise living.

(Now is it ready to invest in a first class entertainment center?????)

innov8 · #**510** Posted **Aug 2, 2006, 10:27 PM**

They have carved out the footprint for tower II and put stakes in where each
pile will go. It looks like there are around 40 to 45 piles per row, and the piles look
like they will fill in most of the shaded area for where the tower will rise. They
are also taking dirt from the excavated areas and filling in the unexcavated areas.

TWAK · #**511** Posted **Aug 2, 2006, 11:04 PM**

Went past the site today, and it looks like they are going balls deep in this project! I’ll make an effort to go past the site tomorrow before school and snap some pix.

brandon12 · #**512** Posted **Aug 3, 2006, 7:18 PM**

It looks like, among many things they're doing today, they have a pile driver they're using to sink the supports for the retaining wall along the 4th street side of Tower II. The Rate of progress this week is impressive.

enigma99a · #**513** Posted **Aug 3, 2006, 7:31 PM**

Still no pictures or webcam

brandon12 · #**514** Posted **Aug 3, 2006, 7:41 PM**

^Innovate, can you take a hint?

innov8 · #**515** Posted **Aug 3, 2006, 8:04 PM**

HA! Yeah, I'll be packing my camera in to work tomorrow. There's a lot
of noticeable change... piles have arrived on site, the driver rig is almost
set up, and like Brandon said the retaining wall along the 4th street side,
and the obvious footprint for tower II.

enigma99a · #**516** Posted **Aug 4, 2006, 2:29 PM**

I drove by the site today.. just shocked to see how much has changed!

Doesn't even look like the same site as before in the pictures. Looks like the pile driver will be working today too. Busy place

It's too bad that they don't have a webcam in place since the place is changing dramatically daily.

buckfmsac · #**517** Posted **Aug 4, 2006, 6:30 PM**

looking forward to the updated pics, innov8. thanks.

mikfot · #**518** Posted **Aug 4, 2006, 11:24 PM**

These will have to do until Innov8 can do his magic. Taken today.

mikfot · #**519** Posted **Aug 4, 2006, 11:26 PM**

sugit · #**520** Posted **Aug 4, 2006, 11:27 PM**

Awesome! Thanks mikfot...

It's amazing how much the site has changed in a week