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

[vicinsac]

Calpers is out of the deal now, its official. I don't have much details, but Calpers is no longer with the project. The news will probably go out in the media soon. I assume buyers will probably start getting more information in the mail as the sales office is currently contacting buyers to confirm their mailing address.
Have any of you guys been contacted by the sales office lately?

[WonderlandPark]

Hope this thing survives. The saga continues.....

[sugit]

Originally Posted by vicinsac

Calpers is out of the deal now, its official. I don't have much details, but Calpers is no longer with the project. The news will probably go out in the media soon. I assume buyers will probably start getting more information in the mail as the sales office is currently contacting buyers to confirm their mailing address.
Have any of you guys been contacted by the sales office lately?

That is good news, if it's true. I'm sure you understand, but with so many rumors on this project..I need to hear it out of the mouth of Saca or his reps. Thanks for the heads up.

[Dieler]

Originally Posted by vicinsac

Have any of you guys been contacted by the sales office lately?

I've traded email with the sales office to confirm my mailing address. The sales staff continues to be confident that John Saca will/has worked things out and the project will resume.

[mechanico]

Originally Posted by Dieler

The sales staff continues to be confident that John Saca will/has worked things out and the project will resume.

Their job depends on it. If their getting any sales right now it is impressive.

[downtownserg89]

yay. sexy saca still has a chance. i wanna see some towers erected soon!

[vicinsac]

Yeah, I'm sure there is information that they can't let out to the public/media at this point. John looked very calm, confident, and kept his cool this weekend at a social gathering. Compared to when he was seen almost two month ago, John looked so very bad from all the lack of sleep, stress and worries from the project.
It really looks like things have turned around at this point. Official announcements will be made to the public very soon.

We can be confident that The Towers are going to be built.

[foxmtbr]

Thank God there's at least some news. I thought we were never going to hear about it again!

[Majin]

I hope youre right, its been over a month and not one bit of news. Honestly if I had put down money on a unit i'd be VERY nervous right now... I wonder how many buyers have canceled in the past two months.

[Los_Lobo]

Originally Posted by Majin

I hope youre right, its been over a month and not one bit of news. Honestly if I had put down money on a unit i'd be VERY nervous right now... I wonder how many buyers have canceled in the past two months.

I'm a buyer and I'm not nervous. There's been times when I've been worried the project might not happen, but now is not one of those times. I think the project will get built but not in the same time frame as originally thought. My deposit is safe even if the project gets cancelled...... in fact, it's earning a little interest. With the housing market the way it is right now, it is probably to my advantage to push the project back some (though I am still anxious to move in!)

[innov8]

Alright people... this is from the man himself.

Dear Future Homeowner,
I would like to thank-you for your continued patience over the past few months and for your commitment to The Towers on Capitol Mall. Your support via e-mails, phone calls and letters has been overwhelming and validates all of the hard work and effort that has gone into The Towers. You, the Buyers, are ultimately what will make this project a reality. Please know that we have been working diligently to resolve the issues stalling the project and we remain dedicated to building the vision we all share. The Towers continues to receive tremendous support from City leadership because they realize there is no single project as important or as pivotal to the growth of Downtown Sacramento as ours.

We are in discussions with several potential equity partners and hope to make an exciting announcement soon regarding the revival and immediate continuation of our project. In order to give us the flexibility and time we need to finalize the necessary financing for the project and resuming construction, we respectfully request that all buyers cooperate with us and agree to the attached addendum. The enclosed Addendum asks that you agree to restate the effective date of your agreement to May 1, 2007 and extends the date for removal of the construction financing contingency (found in Section 6 of your purchase agreement) to August 31, 2007. Upon signing the attached Addendum your contract remains in force and fully binding. Failure to execute this Addendum within the time set forth below, could result in cancellation of your contract and return of your deposit. Therefore, your timely cooperatio n is necessary and greatly appreciated. Thank you in advance for continuing to share my vision and being willing to stand by The Towers through all of the ups and downs that any project of this size and significance would face.

Please click here to print out and sign the Towers Extension Addendum and return it to the Sales Office at 455 Capitol Mall, Ste#135 Sacramento, CA 95814 on or before April 17, 2007. We have also sent this information via regular mail with a pre-paid addressed envelope. Feel free to contact The Towers Sales Team at (916) 443.2200 if you have any questions or concerns regarding this matter. The Sales Office is open Tuesday through Saturday from 9AM to 5PM.

Again, I sincerely appreciate your cooperation, support and dedication to The Towers and being a part of this historical, world-class building.

Sincerely,

John Saca
President, Towers on Capital Mall, LLC.

[greenmidtown]

Originally Posted by Los_Lobo

I'm a buyer and I'm not nervous. There's been times when I've been worried the project might not happen, but now is not one of those times. I think the project will get built but not in the same time frame as originally thought. My deposit is safe even if the project gets cancelled...... in fact, it's earning a little interest. With the housing market the way it is right now, it is probably to my advantage to push the project back some (though I am still anxious to move in!)

your patience will pay off. I look forward to seeing your home from...anywhere in the city...when the Towers get built.

[Los_Lobo]

Originally Posted by greenmidtown

your patience will pay off. I look forward to seeing your home from...anywhere in the city...when the Towers get built.

Better yet, come to the open house party (date to be announced )

[enigma99a]

With CalPERS out, this project will now get built as it was originally meant to be. And I do think we'll have an annoucement really soon. !

[innov8]

Well, everyone should start feeling better about this project now.
The only thing that I see that might be another set back is if not enough buyers’ sign
the Towers Extension Addendum and choose to back out of the deal this way.
They were only 13 away from the magic 50% mark about a month ago.

As I have said many times before, the towers will be built as originally planned

[vicinsac]

I will definitely going to sign my extension addendum.

Here is the link to the addendum:
http://mylasso.com/FileWarehouse/Users/User_1502/Documents/Towers_Addendum.pdf


We got to get it in before April 17th or we will get out deposits back.

[janfan]

WHOOO HOOOO. i haven't posted in awhile, but nice to hear the latest news on THE TOWERS. i got so excited reading all of the latest posting that i think i wet myself a bit..... can't wait to see those babies rise up and above the current downtown skyline. now i'm just keeping my fingers crossed that all goes well with AURA. my hat is off to Mr Saca for his tireless dedication in bringing this project to life hopefully someone will be nice enough to throw a "house warming" party and invite all of us here ...hint hint can't wait to see all of the construction equipment back on the site and see this project move forward. ....and to Innov8 and everyone else who post pics... KUDOS for the fabulous pics you guys go out and shoot and post for the rest of us to see.

[snufalufugus]

Originally Posted by innov8

The only thing that I see that might be another set back is if not enough buyers’ sign
the Towers Extension Addendum and choose to back out of the deal this way.
They were only 13 away from the magic 50% mark about a month ago.

In someways this is good timing because Aura is in "do or die" mode right now, and if it seems as though Aura is pretty much dead (we'll know if a few days) then theres maybe a good chance that some of the folks who put down deposits at Aura will now want to put there money in Saca towers instead.

The big difference is that Saca already has the land and god knows how long it will take for Nassi to actually purchase the land and close escrow.

[foxmtbr]

Saca sure has determination, I certainly see this one pulling through.

[urban_encounter]

Well I know that I am in the extreme minority here by expressing concern, but unless Saca has a new equity partner with very deep pockets, this project may still be very much in doubt.


And I also have to echo what innov8 brought up in regards to how this may play out with buyers who have deposits sitting in escrow. While I'm sure most will stick with Saca, I have a difficult time believing everyone will; which may spell more trouble for a project still under the threshold for financing by Deutsche Bank...

I admire John Saca's bold vision for Sacramento. But sitting back watching all of this play out, has conviced me (objectively) that twin 54 story residential highrise towers may have been too ambitious for Sacramento's first residential highrise project.

Believe me when i say that I don't admit that very easily either. I've been waiting since I was a kid for Sacramento's skyline to grow up...

At the very least, Saca should have stuck with his origional plan to phase the project... (Maybe that will happen with a new equity partner??)..

In any case, I'm still hopeful that Saca can pull this off...