Sacramento: 301 Capitol Mall: A New Plan for The Towers Site - Page 118

mechanico · #**2341** Posted **Jun 11, 2007, 4:32 AM**

^ A combo parking lot and garden would make for a great farmers market on weekends.

foxmtbr · #**2342** Posted **Jun 11, 2007, 6:37 AM**

Or, we could let Majin plant an orchard containing all his favorite trees.

econgrad · #**2343** Posted **Jun 11, 2007, 9:15 AM**

You guys are making me laugh!

I know that article seems gloom and doom for the block, but I don't see the city letting another hole sit around for years. I have no evidence at all, just a hunch some new news will happen in the next 2 or 3 weeks...

goldcntry · #**2344** Posted **Jun 11, 2007, 3:42 PM**

Don't forget to have some pitty on those of us who reside in the Emerald Tower at 300 CM... We have to look at the wetlands reclamation project every day.

On the plus side... the native ragweed is filling in nicely.

kryptos · #**2345** Posted **Jun 11, 2007, 4:13 PM**

put a skatepark in

or a walmart

Fusey · #**2346** Posted **Jun 11, 2007, 6:49 PM**

The owner of the Three Monkeys Restaurant said the hole at 301 is just big enough for Mohanna's ego.

goldcntry · #**2347** Posted **Jun 11, 2007, 8:23 PM**

Yes, but can you imagine the environmental clean-up that would be required afterwards???

kryptos · #**2348** Posted **Jun 11, 2007, 10:48 PM**

did cal trans ever sell that site on CM?

mechanico · #**2349** Posted **Jun 11, 2007, 11:11 PM**

Quote:

Originally Posted by Scooby

Any new owner would demand first lien position, meaning that the lienholders would need to be paid, or would need to remove the liens prior any transfer of ownership. I'm surprised that none of them has moved to perfect their lien. As it stands, they all have "priority" over the current owner. California lien laws only give a set amount of time before the liens become invalid if they are not pursued. They may be pursuing payment from the bond via the surety.

Mohamed, didn't purchase the property. He took over the loan or primary lien. If he were to go through judicial forclosure wouldn't all secondary liens be void.

joninsac · #**2350** Posted **Jun 12, 2007, 1:09 AM**

I didn't see the whole thing, but I caught the last 30 seconds or so of a story about 301 CM on KCRA. Mentioned something about an announcement from CalPERS at the end of the week, and that Saca said the project was dead and he was going to start returning deposits to buyers. Hopefully it'll be on again tonight so we can get all the info.

snfenoc · #**2351** Posted **Jun 12, 2007, 2:06 AM**

Nothing new, but there is a nice little report (with video) from Channel 3:

http://www.kcra.com/news/13484545/detail.html

sugit · #**2352** Posted **Jun 12, 2007, 2:22 AM**

At least it sounds like we will know this week what CalPERS is planning.

mechanico · #**2353** Posted **Jun 12, 2007, 2:48 AM**

^With the current real estate market expect something hyper-conservative. Thats if they don't cut their losses and bail out entirely.

To those that put down deposits, I am sorry.

But heh, Maybe Aura will be built now.

Awfully quiet for such big news, everyone must be out drinking.

snfenoc · #**2354** Posted **Jun 12, 2007, 2:58 AM**

Quote:

Originally Posted by mechanico

^With the current real estate market expect something hyper-conservative.

This may be the only time you will read this from me....

Hyper-conservative sucks!!!

Maybe Aura???

Well, I hope I wake up in a month or so to find monkeys flying out of my butt.

mechanico · #**2355** Posted **Jun 12, 2007, 3:05 AM**

Quote:

Originally Posted by snfenoc

Maybe Aura???

Well, I hope I wake up in a month or so to find monkeys flying out of my butt.

Yeah, financing a condo tower is next to impossible right now.

petescafe · #**2356** Posted **Jun 12, 2007, 4:22 AM**

Let's get the parking lot ready.

just kiddin

mechanico · #**2357** Posted **Jun 12, 2007, 4:47 AM**

From Sac biz journal

"Fairfield bought the property last year, but the developer said it's likely to wait until conditions are more favorable before building. "We're not going to rush into a bad market," said Dan Milich, development manager with Fairfield. "We're in a position to wait it out. If you're wondering about a groundbreaking, it's too early for that."

It'll be awhile for this project as well.

I wasn't kidding.

innov8 · #**2358** Posted **Jun 12, 2007, 3:27 PM**

Quote:

Originally Posted by sugit

At least it sounds like we will know this week what CalPERS is planning.

I guess John Saca has done all he can do... the shows over on his part.
Man, three words I never wanted to hear "CalPERS is planning"

SacTownAndy · #**2359** Posted **Jun 12, 2007, 4:29 PM**

I don't know what else to say other than that this just sucks!

arod74 · #**2360** Posted **Jun 12, 2007, 4:55 PM**

It blows that after all the proposals that have floated down the pipe these past 2 or 3 years that only 500 Capitol Mall is going to go up. Heck, you can't even count 321 CM in that group, it was proposed like 5 years ago. That's a pretty crummy track record. Leave it to Sacramento to miss out on probably the hottest real estate period of all time. Looks like the Wells Fargo center doesn't have look over it shoulder anytime soon as Sac's tallest.

maybe the nimby's are right, the sacramento "can't do" mentality wins again...