Sacramento: 301 Capitol Mall: A New Plan for The Towers Site - Page 100

ozone · #**1981** Posted **Apr 18, 2007, 2:54 AM**

Quote:

Originally Posted by aufbau

^On top of it being a disgusting comment, it also shows how little your average sacbee reader visits other cities or even our own downtown, which sports a pair of (short) twin buildings; It's a common layout...

haha that's totally true.

Web · #**1982** Posted **Apr 18, 2007, 4:23 AM**

Was I the only one to pick up on Deutshe bank now backing out since their money was contingent on Calpers??????

hmmmmm I wonder what is really going on???

25 million for calpers
20 million for land
35 million for contractor liens?? or am I double counting

and construction material prices are still climbing albeit slower than before

ozone · #**1983** Posted **Apr 18, 2007, 4:30 AM**

What was the article you got your info from?

brandon12 · #**1984** Posted **Apr 18, 2007, 4:52 AM**

the deutche bank loan is contingent on Saca having an equity partner of $100M. It's not dependent on CALPERS being involved.

innov8 · #**1985** Posted **Apr 18, 2007, 5:28 AM**

Quote:

Originally Posted by greenmidtown

a little more info.
Saca plans a project buyout
The CalPERS deal will let his stalled Towers go forward, the developer says.
By Mary Lynne Vellinga - Bee Staff Writer
Last Updated 12:50 am PDT Tuesday, April 17, 2007
Story appeared in METRO section, Page B1

Nearly 400 people had purchased units in The Towers. Saca said about 80 percent of them have agreed to his recent request that they reset the effective date of their purchase contracts to give him more time to finish the project.

80% means 320 people have agreed to the new contract

Web, where do you come up with this stuff?

ozone · #**1986** Posted **Apr 18, 2007, 5:57 PM**

I was watching the morning news and they had a piece on the Towers. It showed Saca and said that's he is close to having a new an equity partner. The anchor was really positive and said he couldn't wait to see them up.

Nawlijispower · #**1987** Posted **Apr 18, 2007, 7:39 PM**

Quote:

Originally Posted by Sacto

WOW! Are you serious?!?

I was refering to the people that were dogging SACA and downtown development. Things they might refer to as "visions of granduer" or "a monstrosity". I didnt mean to imply anything against our supporters of DT/MT development.

mechanico · #**1988** Posted **Apr 18, 2007, 8:41 PM**

Quote:

Originally Posted by innov8

80% means 320 people have agreed to the new contract

To be somewhat of a stickler..

The article said nearly 400, he was something like 17 short of 400. 80% renewal puts the sales somewhere around 306. From what I have gathered here, Deutche required both a 100 million dollar equity partner and 50% of the units to be sold. 80% renewal is great but it puts him further away than he was in November/December.

Even though Mohamed is saying he is behind the project he did file a default notice against Saca.

The project is over budget with contractor leans,halted construction,default on land purchase, and a crumbling real estate market.

I think Deutche will drop their offer, Mohamed will take over the property (ready to build) and Saca will be stuck with the contractor debt. Then Mohamed will sit on the property for 5 years and make a killing when the market improves.

tuy · #**1989** Posted **Apr 18, 2007, 9:06 PM**

Saca finds equity partner.

Reduces amount of total units available by either creating larger units from smaller ones or increasing the space for the Hotel.

Saca gets financing from Deutche Bank for having over 50% sold.

Saca starts construction

brandon12 · #**1990** Posted **Apr 18, 2007, 9:52 PM**

Every thing Tuy said is true and/or will happen.

TowerDistrict · #**1991** Posted **Apr 18, 2007, 10:03 PM**

Quote:

Originally Posted by tuy

Saca starts construction

but none of this will happen until you're out of town... so hurry up and go somewhere.

mechanico · #**1992** Posted **Apr 18, 2007, 10:19 PM**

Quote:

Originally Posted by tuy

Saca finds equity partner.

Reduces amount of total units available by either creating larger units from smaller ones or increasing the space for the Hotel.

Saca gets financing from Deutche Bank for having over 50% sold.

Saca starts construction

That is like reducing the number of seats on a bus so its always filled to capacity.

Deutche Bank would surely drop Saca if he tried something like that.

TowerDistrict · #**1993** Posted **Apr 18, 2007, 10:26 PM**

Quote:

Originally Posted by mechanico

That is like reducing the number of seats on a bus so its always filled to capacity.

Deutche Bank would surely drop Saca if he tried something like that.

but if the seats cost $1.50 instead of $1 - then what difference does it make?

foxmtbr · #**1994** Posted **Apr 18, 2007, 10:47 PM**

An interseting concept, reducing the number of units. I wonder whether he might have something like that up his sleeve...?

mechanico · #**1995** Posted **Apr 18, 2007, 11:06 PM**

Quote:

Originally Posted by TowerDistrict

but if the seats cost $1.50 instead of $1 - then what difference does it make?

True,If it is in fact the more affordable units that aren't selling, then he might be able to get more sales by converting them to larger more expensive units.

However, If Saca had sold 383 of the more expensive units I'd assume Deutche would have given him the loan.

Phillip · #**1996** Posted **Apr 18, 2007, 11:10 PM**

Quote:

Originally Posted by Nawlijispower

I was refering to the people that were dogging SACA and downtown development. Things they might refer to as "visions of granduer" or "a monstrosity". I didnt mean to imply anything against our supporters of DT/MT development.

Being a proponent of Downtown/Midtown development doesn't mean you have be in favor of every single project. I don't think there's a member of this forum who hasn't been opposed to some project or another in Downtown/Midtown.

Phillip · #**1997** Posted **Apr 18, 2007, 11:27 PM**

Does a thread really close at 2,000 posts? Who's going to get in the last word here? I promise it won't be me.

innov8 · #**1998** Posted **Apr 18, 2007, 11:36 PM**

Here's the new thread...

Sacramento - The Towers on Capitol Mall Project- 2 @ 615'/54 floors (part III)
http://forum.skyscraperpage.com/showthread.php?t=129629

downtownserg89 · #**1999** Posted **Apr 18, 2007, 11:56 PM**

Quote:

Originally Posted by innov8

Here's the new thread...

Sacramento - The Towers on Capitol Mall Project- 2 @ 615'/54 floors (part III)
http://forum.skyscraperpage.com/showthread.php?t=129629

innov8 hunn why is your new thread closed?

mechanico · #**2000** Posted **Apr 19, 2007, 12:00 AM**

Quote:

Originally Posted by downtownserg89

innov8 hunn why is your new thread closed?

"Back to the pile"