Sacramento Proposal/Approval/Construction Thread - III

[SacUrbnPlnr]

Originally Posted by ozone

No doubt that will be the case and that's what they are thinking as well. By the way I understand Aqua restaurant (of San Francisco) is going to have a branch in the L Street Lofts and The Real Pie Company is moving there too.

------------------
That's still the rumor. Should probably know shortly after the Lofts are ready to occupy based on activity on the commercial spaces.

[TowerDistrict]

The Real Pie Company moving to L Street? That's actually a bit of a blow to
Alkali Flats. I mean, it's good that they're moving up, so to say, but with
Sampino's, Real Pie and 524 back open, things were looking good in the hood.

[innov8]

The Planning Commission approved the Metropolitian on Oct. 25th and the project has
all the entitlements needed accept for Design Review approval which is tentatively
scheduled for Design Commission on November 29. After Design Commission
approval, the project could submit for building permits. The permits approved
on October 25, 2007 are valid for three years.

If the tower goes with hotel and condos, the new height would be 435'

[sugit]

This is some good news....only 10 years in the making by the time they break ground. It wasn't a ton of money the city was putting into this project, but anything back for other projects is a good thing.

http://www.cadanet.org/capitol_lofts.php
__________________________________________________________________

The Capitol Lofts project has reached an important milestone!

In October, 2007, the Developer entered into a Revised and Restated Disposition and Development Agreement (DDA) with CADA that outlines the terms and conditions for development of this project. The changes to the DDA have been approved by the Developer and the CADA Board to reflect changes that have been made in the financing of the project, the Developer's partnership structure, and project schedule. These changes will add significant new momentum to the development this long-awaited project.

The project will become an all-market rate project and the City of Sacramento's contribution to the project for affordable housing will be used for other purposes. CADA's contribution to the project will be in the form of a loan, rather than a combination of loans and grants.

Holliday Development has become the manager of the Development entity, Capitol Lofts, Sacramento, LLC and will be leading the development effort starting in October 2007.

Construction drawings are being finalized now and will be submitted to the City for issuance of building permits during the first quarter of 2008.

CADA anticipates transferring the property to the Developer during the third quarter of 2008, with construction starting within 30 days following the property transfer. CADA and the Developer anticipate construction will be complete in the Summer of 2010.

[kryptos]

does anyone know the name and date of completion of the new mall in elk grove?

[creamcityleo79]

Originally Posted by kryptos

does anyone know the name and date of completion of the new mall in elk grove?

That was random. But, it's the Elk Grove Promenade. I have no idea about the completion.

[Majin]

Originally Posted by kryptos

does anyone know the name and date of completion of the new mall in elk grove?

3 day ban.

[TWAK]

I guess saying Elk Grove would be the equivalent of saying Bush in the skybar. Especially if it's something GOOD........WATCH OUT.

[kryptos]

Originally Posted by Majin

3 day ban.

I asked for my girlfriend who has just cant stay out of the malls

dont get so testy Mr Mayor

[kryptos]

Originally Posted by TWAK

I guess saying Elk Grove would be the equivalent of saying Bush in the skybar. Especially if it's something GOOD........WATCH OUT.

So The Decider is equated to a suburban shopping mall?

[creamcityleo79]

Originally Posted by kryptos

So The Decider is equated to a suburban shopping mall?

I will say only this...at least you can get some good things out of a shopping mall!

[kryptos]

Originally Posted by neuhickman79

I will say only this...at least you can get some good things out of a shopping mall!

Amen

[Ryan@CU]

gotcha

[creamcityleo79]

Originally Posted by Ryan@CU

Has anyone else noticed that Google Earth updated Sacramento? or is that just me?

it's not just you...check the What's going on in Sacramento chit-chat thread.

[TWAK]

Originally Posted by neuhickman79

I will say only this...at least you can get some good things out of a shopping mall!

something nice to say...on this forum....about a suburb....?

watch your back buddy!

[creamcityleo79]

Originally Posted by TWAK

something nice to say...on this forum....about a suburb....?

watch your back buddy!

When comparing a suburb to George Bush, the suburb is like paradise!

[innov8]

The manlift is being put into place at 500CM for when steel starts to arrive next
Monday. The tower crane will probably go up after 7 or 8 floors are up like
what happen at 621CM.

[innov8]

$400K to design a high rise? Would you believe $300K? $200K?
Sacramento Business Journal

Friday, November 2, 2007

The break between Craig Nassi and the architects on his proposed Epic condo tower in downtown Sacramento didn't come out of the clear blue sky.

Nassi had twice bargained down the fee owed to Studio Daniel Libeskind and Stantec Consulting Inc. for the tower he hoped to build at 12th and J streets before the designers ended their agreement for non-payment, the design team said.

Nassi, of BCN Development in Denver, last paid $187,000 in 2005 for the design and owed about $400,000 for later work, according to a letter from a lawyer representing the designers. He got a reduction to $300,000, then to $200,000 paid in installments over eight weeks, but failed to deliver, the letter said. That led the designers to pull the plug last month, which in turn led to yanking the application.

Nassi said Epic isn't dead, just on hold. "We don't feel comfortable spending a lot of money on architecture and design when we don't know if we'll ever be able or when we'll be able to do this project," he said. He said he's an expert in financing such projects and "the financing's not there ... right now."

Libeskind was also the architect on the proposed Aura condo tower.

And speaking of Aura ...

Developer David Taylor shared a closely held secret with about 650 people a few weeks ago -- he is considering whether to take on the long-delayed Aura condos project on Capitol Mall downtown. (I knew of this several months ago)

Taylor, a guest speaker at the Business Journal's economic forecast conference on Oct. 24, said he could decide by the end of the year if he'll develop the property he owns at 6th and Capitol that once was slated for the $175 million residential high-rise. Nassi and BCN have not secured financing for Aura.

Nassi had an option on the land owned by Taylor, who is finishing the 25-story U.S. Bank Tower next door. But with Aura stalled -- the city withdrew a $10 million loan offer and deep-pocketed lenders are passing in the project -- plans for the high-profile site are uncertain. "It got a lot of interest from buyers," Taylor said. Downtown's "first high-rise condo tower will be very well done."

Promise or speculation? Taylor said he would not decide, or comment, until the end of the year.

[TowerDistrict]

That's great news... that's better than anything actually. If there's one person
at the moment who could pull it off, it's Taylor. I would also think that
developing that parcel into something along the lines of Aura would increase
the value of both properties, 601 & 621.

[travis bickle]

Man, isn't that splendid news. I don't know Taylor from Adam, but his track record suggests he isn't one to make baseless boasts.