http://www.sacbee.com/news/local/article187449383.html
http://sacramento.cbslocal.com/2017/12/0...reet-project-his-permits-may-be-revoked/
Saca, Eggert, and Germania have about two months to show progress on their projects The Metropolitan and Cathedral Square Commons respectively or else they are going to lose their rights to build in Downtown. That deadline is July 16th (CBS got the date wrong). While it is at this point very unlikely that either project will start before the July deadline, us interested in development around the urban core can only pray that these three developers either have a change of heart of somehow find funding for their projects.
While my research has not given me estimate totals for Cathedral Square, The Metropolitan will apparently cost 220 million dollars and the representative for Saca said in May 2017 that the City will not allow construction until funding is fully complete and was asking some 30 million dollars from the city, which at the time of the article shows that Saca was not even close to completing the funding for the project.
It's a total shame too, with the success of the Sawyer condos (one sold for 4.1 million... IN SACRAMENTO!!!) it shows that upscale living is back on the rise again and is indeed economically viable in Downtown. By adding these high rise condos, yes it will increase the rents in the city but it will also bring in some big bucks to the urban core as more and more wealthy people are interested in joining the revival of Downtown and Midtown. This could also bring in some investors for future projects (cough Republic FC cough).
Also, these two projects are around 400 ft tall and would add some much needed density to the skyline and could be a catalyst for future projects as well (paging Sacramento Commons).
However, this is all not guaranteed, especially if these two projects are not built, which if that does occur, will be a total embarrassment not only to the city who failed on 2 more high rise condo projects (301 Capitol Mall, Aura, EPIC, Capitol Grand Tower, I could go on and on and on...) but also to the reputation of the housing market in Sacramento, discouraging other developers from building big in the urban core and leaving us with these dinky 9 story buildings; while they do aid the housing crisis, we would need to build many of them to keep up with the demand, and with all this historical preservation and decrease of vacant lots will kick the city's rear unless they build and think high (Think of 19j, but even higher).
So all in all let's just hope that somehow, someway, these two projects will get off the ground and revitalize J street, one of the most important streets in Sacramento, because if they don't, that blight will continue for decades until the next proposal comes up, which historically takes a long long time...