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

[urban_encounter]

Originally Posted by Majin

This project is an emotional rollercoster. It seems like every article released contradicts the last, as if this project is going from the living to dead and then back living each passing hour.

It has definitely brought the Sacramento forum back to life if nothing else....

Like i said, just from what we're hearing from CalPers, I feel more confident now than I have in the past couple weeks that (something) will get built there.... CalPers wouldn't be going public with their intent to see the project through if they didn't really intend to back it.. (Assuming their bickering with Saca can be resolved).

[SacTownKing916]

Originally Posted by innov8

Well, if that's the case, CalPERS is the evil empire IMO.
Saca has taken the project this far, further than anyone
could have imagined. I'll give him the benefit of the doubt
that he now has another way (partner) lined up to finance
and see his vision become reality.

Here is the video of news 10 with Saca. They actually say that if CalPERS takes over it will be a new design, not the twin towers. Click George Warren's Report http://www.news10.net/display_story.aspx?storyid=24479

[urban_encounter]

Originally Posted by SacTownKing916

Here is the video of news 10 with Saca. They actually say that if CalPERS takes over it will be a new design, not the twin towers. Click George Warren's Report http://www.news10.net/display_story.aspx?storyid=24479

Interesting report. (Now I'm confused again)...


It's difficult to know what to think really. A new design would probably delay the project a minimum of 1-1/2 to 2 years (which would void all of the current contracts)....

I still say they should go forward with one tower now and (market conditions permitting) follow with the second Tower in a few years.

With 385 contracts and a Hotel operator, certainly they have enough to fill one tower?? Granted they would have to void the contracts of those people who have purchsed a unit in the second tower and try to work out a deal to put them in tower one.

[innov8]

My hope is that John gets his partner to see it his way and
build them as planned. For the rest of my life living in
Sacramento and chatting on this forum, if the project was
changed we would never here the end of 'what could have been'

Man, that would really suck as a city to be reminded
over and over again how 'that towers project could have
really been something special'

[TowerDistrict]

I think if CalPERS takes control, you can forget about InterContinental. There's half of one tower gone with no city subsidy attached. i guess the silver-lining for skyscraper aficionados is that a redesign could mean 50 floors on one tower get another 20 from the other. so it could be in the 70+ story range.

i don't want to see Saca go - but it really sounds like he's gone. What CalPERS needs to consider internally, is whether they can market a large scale project in Sacramento without a local name firmly attached... especially after forcing such an ugly divorce.

[bennywah]

then again, to get something there, even a new tallest in sac could still be the catalyst that gets projects like epic or cg tower going(doesn't have to be those, just projects like those) especially with the market near a re-bound, yes it could be a case of what could have been, or what started it all!!! Sometimes its great to dream big, and sometimes it happens, but sometimes you dream big, then make what is realistically able to happen, happen.

So unless 22 more condos can be sold in 111 days, thus activating the $375 million dollar loan, Saca will be forced out of the project and a big hole could be sitting there for years. Its time to realize the vision and make it happen with the right people that can, vs going in over your head and having it fall apart. So no matter what happens as long as something is built, and at least kept to something bigger than whats been done, look at it as the project that started it vs what could have been, thats my 2 cents.

(if aura is indeed fully alive at least that would be a new tallest temporarily and a stunning addition to the skyline)

[joninsac]

^ Alas, Aura is only 400 feet tall. Even with Aura, 621 CM and 500 CM built, the tallest building in Sac will still be Wells Fargo.

[innov8]

Actually, he only needs 14 more sold. 386 units have be taken

I don't want 'what ever we can get'... what a pathetic city we would
be if this becomes our new motto around here.

Aura is now 421... I spoke to the source about this yesterday.

[bennywah]

the papers never get it right, aura is 39 storey's and 440' tall even on the diagram page its taller than wells fargo, i have the sales brochure from the launch party which lis the building at 440' and 39 stories

[joninsac]

^ I guess we won't know for sure how tall Aura is until it tops out.

[bennywah]

lol, at this point lets hope it get out of the ground, thats supposedley purchased with the supposed financing, and get out of the ground, not stall because of more financial issues thus leaving the small plot of land next to 621 filled with piles.

ok, I do think it'll be built but geez with that project its been a rollercoaster too, just a quieter one.

[TowerDistrict]

only quiet because Nassi doesn't chat with the media or the city much. and that was not a good thing when it came time for him to ask for a loan from the city. the whole council seemed like deer in the headlights.

as for scaling down the Towers in terms of luxury appointments.... that can't happen. there is no way they could provide less for the same price without pissing off the near 400 buyers - unless the cut the hotel and/or gym. That buildings' exterior architecture is fantastic, and was THE reason so many bought into it. there's no way they could make it look like the Green Monster and win the city over and attract more buyers.

I think Saca has at least one thing right... the original design should not be compromised. it's beautiful.

[ltsmotorsport]

This whole fiasco just seems like a round about way for CalPers to have a huge luxury condo project to their credit. There is no way a state agency could propose such a project on it's own without huge political backlash, and it seems like this was the easiest way for them to get their foot in the door. Just another example of a state agency bullying a local person or entity. I'm really pulling for Saca so we can see his original plan be brought to life instead of some bland housing project that the state has to watch it's spending on.

[urban_encounter]

Originally Posted by innov8

My hope is that John gets his partner to see it his way and
build them as planned. (

I agree that is the preferred outcome.
My only question is whether or not there is such a partner out there.
I really doubt that there is. (Now I hope I'm wrong about this).


I really don't think that Cal Pers would propose a project that falls in the category of "whatever we can get". Cal Pers to their credit, doesn't rely on the the same caliber of architects as the rest of the State. Their HQ building, (while not tall) is a beautiful building, and far exceeeds anything else the Satate has built DT in a long time. Secondly Cal Pers believed in this project early on and believed in DT Sacramento enough to become a partner. Granted I'm not sure I understand everything, but as a former Cal Pers member I can't blame them for protecting their investment.

The Towers going forward as proposed (with John Saca) is the preferred outcome.

Failing that however, the next best senario would be for Cal Pers to bring their "world class developer with extra money" in and propose (or redesign) 301 CM, into a viable project that would be a stunning addition to Sacramento's Capital Mall.


I will agree with your statement though Mike that should the Towers end up not being built, we will always be reminded of what could have been there. That doesn't mean that the new design wont be more architecturally stunning. But it's doubtful any future proposal will be as lofty as the Towers. I applaud John Saca for his vision. Hopefully he and Cal Pers can overcome their differences and an addtional revenue source can be found to bridge the gap..


Like I said yesterday, I am much more convinced that we will have a resolution to this that will will allow something to be constructed, that will enhance the skyline and street level vibrancy of DT Sacramento and ensure a stunning addition to 301 CM.. More so than I was when I last visited in late December and early January.

My only hesitation is that a redesign will set the project back a year or two and the hole at 301 CM will set idle until then.

[Phillip]

Originally Posted by urban_encounter

I'm only speculating about Trump.. Would Sacramento look attractive as a market?? Probably with all things being equal, normally not.
However..... A few points....

#1 Cal Pers would be a strong partner and Trump would probably see the project as an opportunity to score points with a future investor in some of his other projects.

#2 Trump is considering his signature Trump towers in other second tier cities.

#3 The Towers at 301 CM are already nealry 50% sold out. Putting his name (Trump) on the project would probably bring in additional buyers and by the time the project is done, I think the project would probably be fine... Despite pogos delusions to the contrary, having nearly 50% of the project presold prior to the building rising from the ground, is fairly impressive for any project. Sacramento is a new market and naturally lenders have set a threshold for lending. (Makes good business sense).

My understanding is that when Trump puts his name on projects in smaller cities (like Sacramento) he's usually not an investor. On the contrary those projects have to pay Trump for the use of his name, sort of like a licensing arrangement. Trump isn't necessarily involved in financing or construction though, even when his name is on the building.

[snufalufugus]

Originally Posted by SacTownKing916

Here is the video of news 10 with Saca. They actually say that if CalPERS takes over it will be a new design, not the twin towers. Click George Warren's Report http://www.news10.net/display_story.aspx?storyid=24479

What's interesting in that video is that Saca has a picture of The Metropolitan behind him. (You figure that a pic of the towers would make more sense since this story is about the Towers)


As far as CalPERS goes, I think if they take over control of the project, they will definitely reduce the size of the project to make it more financially feasible. CalPERS' first priority is to do responsible investing that is in the best financial interest of their retirees, and if that means a shorter tower then that's what they will do.

[TowerDistrict]

i still don't understand how they could cut the size of the project and still recoup the costs. i would think they need to cut the hotel and/or gym, remove or scale down the podium between the towers, or cut the more costly amenities they planned to offer. either way they need to sell a lot of realestate to cover the high cost of building in that location.

and if they do any of the above, i'm sure they'll piss off more than a few of the near 400 buyers out there.

[ltsmotorsport]

Honestly, if this thing goes anywhere without Saca, it should be built as proposed. Like he said at the end of the News10 story, it's not about him, it's about the community. It's almost fact that no one else would try to bring such a first class project to the city.

[cozmoose]

What about Duetche Bank's role in all of this???
I would have thought it would be them that would take charge since they have committed to much larger share of the cost.

[brandon12]

I've heard from a very reliable source that CALPERS is definitely not talking to Trump (which, I'm sorry to say Urban, I never thought possible), but they are talking to another player that everyone on this thread would know of.

but, according to my source, it's all irrelevant because it's not Saca that will be getting out of this project.
If the Towers could talk, they might quote Mark Twain: "The rumors of my death have been greatly exaggerated"