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

[enigma99a]

Originally Posted by urban_encounter

I think I'll have to agree with some of our long time naysayers on this point. I'm not sure Saca can get it done, and that's probably why Cal Pers wants him out of the way, so they can bring in somebody who can. The cost overruns, now estimated in the neighborhood of $100 million to $200 million above the previous cost estimates, represents a dramatic escalation.

I applaud John Saca for his bold vision, but, perhaps it's time for him to assume a minority role.

He can hold a public news conference and put the ball in their (Cal Pers) court. Then not only can he make a profit, but he can still receive credit for his vision of the Towers and then turn his attention to the Metropolitan or K street. (If he still wants to be in the highrise business..)

I'll go ahead and agree with joninsac (yes I'm flip flopping); after hearing everything that has been said, I feel more confident than ever the Towers will get built, because it sounds as if Cal Pers is 100% committed to the project, (once the issue of Saca's management is settled that is and assuming the parties can come to an agreement)..

This sounds very familar to the BCN fiasco in Reno, where lenders forced Craig Nassi aside. They were simply protecting their investment and trying to get costs under control. That's exactly what Cal Pers is trying to do.

Yeah exactly. And one good thing is that CalPERS has already sunk 25 Mil into it. They are not going to just walk away now. If they can get it done now, they will get their 25 mil back and then some.