Sacramento Proposal/Approval/Construction Thread - III - Page 113

urban_encounter · #**2241** Posted **Nov 2, 2007, 6:59 PM**

Quote:

Originally Posted by innov8

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.

That would be wonderful. (But I'm not going to hold my breath)..

Eitherway, Nassi doesn't own the plans to Aura, so Taylor can pick them up quite easily from Libeskind's studio.

jsf8278 · #**2242** Posted **Nov 2, 2007, 7:38 PM**

Quote:

Originally Posted by TowerDistrict

I would also think that
developing that parcel into something along the lines of Aura would increase
the value of both properties, 601 & 621.

that's what I was thinking. Having a dirt lot, or parking lot as a next door definitly does not increase the value of US Bank.

JeffZurn · #**2243** Posted **Nov 2, 2007, 8:36 PM**

Absolutely wonderful news, lets hope that hearing something by the end of this year means this year and not 8 months down the line. I think Taylor knows what he is doing, and has his stuff together a lot better then Nassi. But on the other hand I still hope Nassi can pull one at of his hat and get moving on Epic. I know pipe dream but I’m still hoping.

innov8 · #**2244** Posted **Nov 2, 2007, 10:19 PM**

Quote:

Originally Posted by 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.

If Taylor doe's go with Aura, I think he will still have a couple more years to
pick-up the permits before they expire. The project would be ready to go
with the EIR compete. I think the big hang-up would be wooing back buy’s to
pony up cash so that the tower would pencil out and make a profit.

But, it's great news for sure!!!

foxmtbr · #**2245** Posted **Nov 2, 2007, 10:42 PM**

Wow, that would be great! I think if anyone can do it right now, it's Taylor.

TowerDistrict · #**2246** Posted **Nov 2, 2007, 10:55 PM**

Quote:

Originally Posted by innov8

If Taylor doe's go with Aura, I think he will still have a couple more years to
pick-up the permits before they expire. The project would be ready to go
with the EIR compete. I think the big hang-up would be wooing back buy’s to
pony up cash so that the tower would pencil out and make a profit.

But, it's great news for sure!!!

So Taylor owns the land, but would have to purchase the design from
Libeskind and Stantec. Now, does Nassi own the reports and permits?
Would Taylor have to buy Nassi out on permits to build on land that
Nassi doesn't own?? Kinda of a strange situation isn't it?

Majin · #**2247** Posted **Nov 2, 2007, 11:07 PM**

That would be great if Tayor annouces he will take over the project. If he does, baring some extreme circumstances, it is almost sure it will get built. Hes in a great position, he has the permits and EIR ready to break ground right away and will not have to wait on the city for anything at all. Maybe he can partner with Tsakopolous and cut the need for financing out the picture.

innov8 · #**2248** Posted **Nov 2, 2007, 11:17 PM**

The reports and permits were all done under the 621CM development plan.
In 1999 when 621CM first was started, an EIR was done for two towers on
the block. The second tower at the time was not identified other than it could
be a hotel, office or condos with X amount of square feet and X total height.
The foot print in the diagrams of the EIR for where Aura is now planned was
at the time a half circle for where the proposed tower could be.

It appears that Nassi has only paid for the model on the site, advertising and
sales people up to this point. If he has paid for any reports or permits, the city
doe's not appear to have any records of them that I know of.

I have the 600 page EIR doc. at home... I'm such a geek

TowerDistrict · #**2249** Posted **Nov 2, 2007, 11:31 PM**

hehe.. a little light reading before you crash at night?

Do you remember a while back that someone from the City was quoted in
an article about Aura as saying that the permits where at the desk, waiting
to be picked up? Or something to that effect?

And yeah, at least Nassi comes out of this whole ordeal with a really cool model!

innov8 · #**2250** Posted **Nov 2, 2007, 11:38 PM**

Quote:

Originally Posted by TowerDistrict

hehe.. a little light reading before you crash at night?

Do you remember a while back that someone from the City was quoted in
an article about Aura as saying that the permits where at the desk, waiting
to be picked up? Or something to that effect?

And yeah, at least Nassi comes out of this whole ordeal with a really cool model!

Yeah, you got it right. All he has to do (or maybe someone else) is pay
what's owed for the permits. I bet the city would gladly write up the
permits under Taylor’s name so they could get the money for city coffers.

ozone · #**2251** Posted **Nov 3, 2007, 5:55 PM**

Quote:

Originally Posted by 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.

I totally agree with you TD. David is smart, has a lot of experience here and across the country, has a great working relationship with the City and has said that one of his life goals is make downtown Sacramento prosper. The fact that he looking at doing this is very good news. I hope he can make it work.

arod74 · #**2252** Posted **Nov 3, 2007, 6:53 PM**

I think if the housing market makes even a slight recovery in early 08, there's a pretty good chance Taylor might push forward. Not sure who mentioned it, but supposedly the architectual plans for Aura were some of the most efficient around for maximizing sq/ft per dollar and if anyone can make the numbers pencil out and get something like this off the ground around here its Taylor. His track record speaks for itself.

TowerDistrict · #**2253** Posted **Nov 3, 2007, 7:36 PM**

One of the main problems cited with Nassi's handling of Aura was that the
units were sold at too low of a price - not initially - but after the constuction
cost hikes that also plagued the Towers.

If the deposits are returned from BCN and Taylor takes over the project, I
would presume the project would be able to wipe the slate clean, and
Taylor would be able to compensate if the building's units went back up for sale.

sugit · #**2254** Posted **Nov 3, 2007, 8:17 PM**

Plus, another big key for Taylor is he already owns the land, he doesn't need to pay someone 12-15M (like Nassi was going to pay Taylor). That's amount right there was a good chunk of the secondary financing.

TowerDistrict · #**2255** Posted **Nov 4, 2007, 8:42 PM**

We read this article every year...

So here's this year's edition of "Sacramento's riverfront is someday gonna be really great!".

DALINSAC · #**2256** Posted **Nov 4, 2007, 10:25 PM**

Quote:

Originally Posted by TowerDistrict

We read this article every year...

So here's this year's edition of "Sacramento's riverfront is someday gonna be really great!".

Sadly, that's true. Same story, different year. I wasn't in the Sac area too long back in the mid to late 90's. A co-worker of mine was really excited about many proposed waterfront projects. The small waterfront promenade near old Sac was being built at the time. He would go down there during his lunch and check out the development. Fast forward to today and I look at that promenade and I get a real 'unfinished' feel. Not much too it. It's always empty. Seems like the visitors in old sac just don't spill over that far. You would think more people would be sitting on the benches, relaxing, strolling etc. I suppose it was to be a start for other projects to built around it. Then, the whold area will tie together and bring vibrancy. Just a guess

econgrad · #**2257** Posted **Nov 5, 2007, 4:56 AM**

I agree, I was reading it and caught myself being very excited, but alas, I am tired of these news stories that do not come true. I still remember the Sacramento Magazine issue about a year or a little more that was about "The New Downtown", featuring Aura, the Towers, etc..etc..etc..
I will be very happy to see any of the river developments, no matter how small or big, begin construction though, a little is better than nothing...

enigma99a · #**2258** Posted **Nov 5, 2007, 5:49 AM**

Quote:

Originally Posted by econgrad

I agree, I was reading it and caught myself being very excited, but alas, I am tired of these news stories that do not come true. I still remember the Sacramento Magazine issue about a year or a little more that was about "The New Downtown", featuring Aura, the Towers, etc..etc..etc..
I will be very happy to see any of the river developments, no matter how small or big, begin construction though, a little is better than nothing...

Some on this board were really pessimistic during the "boom" period and now you can see why. It's because they have been through huge proposals before and nothing ever comes to fruitation. At least we did get a couple good office buildings out of it.

creamcityleo79 · #**2259** Posted **Nov 5, 2007, 2:37 PM**

Quote:

Originally Posted by enigma99a

Some on this board were really pessimistic during the "boom" period and now you can see why. It's because they have been through huge proposals before and nothing ever comes to fruitation. At least we did get a couple good office buildings out of it.

We also got quite a few very good smaller projects that are changing the face of Midtown Sacramento. There will be other projects in the future. The market is being proven with the current Midtown stock in the midst of the housing crisis. I am still optimistic!

Ryan@CU · #**2260** Posted **Nov 5, 2007, 6:24 PM**

Quote:

Originally Posted by DALINSAC

Sadly, that's true. Same story, different year. I wasn't in the Sac area too long back in the mid to late 90's. A co-worker of mine was really excited about many proposed waterfront projects. The small waterfront promenade near old Sac was being built at the time. He would go down there during his lunch and check out the development. Fast forward to today and I look at that promenade and I get a real 'unfinished' feel. Not much too it. It's always empty. Seems like the visitors in old sac just don't spill over that far. You would think more people would be sitting on the benches, relaxing, strolling etc. I suppose it was to be a start for other projects to built around it. Then, the whold area will tie together and bring vibrancy. Just a guess

There's not enough to do in the area. If they had some cafe's or something like that along the dock it would be different, but other than going to dinner, there's no reason why I would go over there.