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

[Phillip]

Originally Posted by Dieler

Who wants to sepulate what happens IF he defaults on his CALPERS agreement?

Anyone think CALPERS will move in and take over the project?

What might the Towers look like and what features might they have after a CALPERS redesign?

This is PURELY speculation, not based on any information or contacts....but my hunch is that CalPERS has written off their $25 million "investment" as a total loss and they don't expect to recoup any of it.

CalPERS can't "move in and take over the project" unless they want to pay Mohammed the $22 million for his note, on top of what they've already spent. I don't think CalPERS is interested in financing a condo tower at 301CM now, with or without Saca.

Just speculation...

[TowerDistrict]

Originally Posted by Phillip

I don't think CalPERS is interested in financing a condo tower at 301CM now, with or without Saca.

If CalPERS had any interest in building a pair of condo towers right now, they'd be 10 stories in the sky. What I don't understand about this whole world of financing, construction and land acquisition, is what can CalPERS do about it? It seems to me they can either walk away with a $25 million loss, or comply with Saca's plan. Or maybe there's some legal action they could impose to take what they think is theirs?

i'm confused... again....

[foxmtbr]

Originally Posted by TheDerek

I couldn't resist...

BTW doesn't the design call for heliports on both towers? I suppose that's what those flaps are supposed to be?

Hahaha! Thank you for the (excellent) finishing touch!

I suppose the flaps could be helipads, I never really thought of that. I just put them there to show that they were boxes.

[Phillip]

Originally Posted by TowerDistrict

If CalPERS had any interest in building a pair of condo towers right now, they'd be 10 stories in the sky.

If 10 stories are what can sell out and get financing now then I'm all for building 10 stories. If there are buyers and financing for 20 or 25 stories then build 20 or 25.

That block is prime real estate and eventually SOMETHING will go up there. But if the market can only support a 20 story condo or another office building there then that land will be worth less than the $45 or so million that's already been spent.

As a point of comparison does anyone know how much the block of land at 601 Capitol Mall is worth? I think it was mentioned here at some point but I don't know where to search. What was Taylor going to sell the half block to Nassi for? I guess the whole block would be worth about double that amount?

[creamcityleo79]

Originally Posted by Phillip

If 10 stories are what can sell out and get financing now then I'm all for building 10 stories. If there are buyers and financing for 20 or 25 stories then build 20 or 25.

That block is prime real estate and eventually SOMETHING will go up there. But if the market can only support a 20 story condo or another office building there then that land will be worth less than the $45 or so million that's already been spent.

As a point of comparison does anyone know how much the block of land at 601 Capitol Mall is worth? I think it was mentioned here at some point but I don't know where to search. What was Taylor going to sell the half block to Nassi for? I guess the whole block would be worth about double that amount?

NO WAY should a 10-story building be built at that point on Capitol Mall. The west side of Capitol Mall should be reserved ONLY for high-rise buildings over 20 stories. A 10-story building would be so small-minded compared to what could have been it would be a shame.

[sugit]

Originally Posted by Phillip

What was Taylor going to sell the half block to Nassi for?

When it was before the city council the projected budget was 12.5M - 15M for the land

[foxmtbr]

Originally Posted by neuhickman79

NO WAY should a 10-story building be built at that point on Capitol Mall. The west side of Capitol Mall should be reserved ONLY for high-rise buildings over 20 stories. A 10-story building would be so small-minded compared to what could have been it would be a shame.

I agree! If they build a 10-story building there, I will jump off of it.

[TheDerek]

Originally Posted by foxmtbr

I agree! If they build a 10-story building there, I will jump off of it.

That would be dumb... Not the jumping off part, I think it would be awesome if we got everyone to join in... at most the building might be 3x the cost of the land... a waste of $15 mil if you ask me...

[Phillip]

Originally Posted by neuhickman79

NO WAY should a 10-story building be built at that point on Capitol Mall. The west side of Capitol Mall should be reserved ONLY for high-rise buildings over 20 stories. A 10-story building would be so small-minded compared to what could have been it would be a shame.

I wasn't advocating a 10-story building. I was advocating building what can be built. Probably some number between 10 and 54. Probably some number between 20 and 40.

[Phillip]

Originally Posted by sugit

When it was before the city council the projected budget was 12.5M - 15M for the land

Thanks, sugit. So about 25-30million for the 601 CM block. That's more or less in line with Mohammed holding a $22 million note for the land at 301 CM.

[innov8]

In 2001 when Taylor bought the land he paid $11 million for the whole block.

[Phillip]

Thanks, innov8. So the value of the land has about doubled since 2001, like most Sac real estate.

I wish there was some hard news already, about either project. It just drags on forever...

[creamcityleo79]

Originally Posted by Phillip

I wasn't advocating a 10-story building. I was advocating building what can be built. Probably some number between 10 and 54. Probably some number between 20 and 40.

I'm still going for 54. But, I can agree with you (for once ) on between 20 and 40.

[skyscaper mamma]

621 takes up about 2/3 of the lot.

[Dieler]

Originally Posted by Phillip

So about 25-30million for the 601 CM block. That's more or less in line with Mohammed holding a $22 million note for the land at 301 CM.

Wouldn't 301 be worth more than the bare ground at 601, with all the site prep that has already been completed including a few thousand piles in the ground?

[TheDerek]

Originally Posted by Dieler

Wouldn't 301 be worth more than the bare ground at 601, with all the site prep that has already been completed including a few thousand piles in the ground?

yes it would be called equity

Wasn't Saca supposedly trying to take out a loan on the equity of the construction that was already done? can he do it if the construction company has a lien against him?

[foxmtbr]

Originally Posted by neuhickman79

I'm still going for 54. But, I can agree with you (for once ) on between 20 and 40.

I'd rather have a hole in the ground for 5 years or so until we can get the real deal than settle for something shorter. But that's just my take on it.

[mechanico]

On KRCA they quoted Heather Fargo saying "Neither Aura or they tower have been scraped yet." The story basically portrayed these projects as failures in comparison to the one they are finishing.

[Web]

Yeah when is the lien gonna be paid off?

[Phillip]

Originally Posted by neuhickman79

I'm still going for 54. But, I can agree with you (for once ) on between 20 and 40.

LOL. I expect there are many things we agree on, neuhickman.