Bob Shallit:
Developer's willing to wait on midtown
Last Updated 6:20 am PDT Wednesday, July 25, 2007
Story appeared in BUSINESS section, Page D5
Developer Sammy Cemo is a retail and commercial guy. Residential construction? "That's a little out of my realm," he says. But he's pursuing a residential development, nonetheless, in midtown Sacramento. One of his longtime execs wanted to live near downtown. Another one of his colleagues had the same idea. Sammy was willing to help.
So he bought a vacant parcel at the northeast corner of 19th and Q streets. Because he's new to this, Cemo is seeking some guidance. He's created a Web site, cemomidtown.com, that queries potential midtown dwellers on their druthers. Would they like an apartment or a condo? What size unit? What amenities? How much would they pay?
Cemo says he'll analyze the responses, then decide exactly what to build. The developer may not be a residential guy, but he knows this much: "Timing-wise," he says, "the market sucks." But he also knows markets turn. He'll start work on his apartment-condo-whatever at the first sign that things are improving.