Sacramento: 301 Capitol Mall: A New Plan for The Towers Site - Page 91

enigma99a · #**1801** Posted **Mar 9, 2007, 12:58 AM**

Quote:

Originally Posted by Sacto

Sounds more like BestBuy instead of the towers to me...No freakin way.

What about a 54 story best buy? haha. That would be cool!

Schmoe · #**1802** Posted **Mar 9, 2007, 1:01 AM**

Yawn

enigma99a · #**1803** Posted **Mar 9, 2007, 1:02 AM**

Quote:

Originally Posted by Schmoe

Yawn

I think we're all growing impatient, but hopefully by the end of the month some news will come out.

arod74 · #**1804** Posted **Mar 9, 2007, 1:21 AM**

Hmmm, i'm not sure what Best Buy could have to do with the towers situation. Hope your not pulling our leg vininsac. I was in management for them not too long ago and I can't see how they could tie into this. They don't have an investment arm that I know of. With the Arden and Natomas stores just minutes away, a downtown loaction wouldn't make sense.

Though when I left the company, they were moving toward creating Best Buy "expresses": small concept stores with a smaller, tailored product mix. A ground floor express store might work with a built in captured audience of condo owners and hotel guests. Along the lines of those airport mall stores we all see.

foxmtbr · #**1805** Posted **Mar 9, 2007, 2:27 AM**

Maybe the CEO bought the remaining 14 units (or however many it is) to get the DB loan to kick in...?

Majin · #**1806** Posted **Mar 9, 2007, 2:33 AM**

Random people are just spreading random rumors not. I'm sure Best Buy has nothing to do with the Towers. What in the world does a suburban electronics store have to do with 54 story condo towers?

You guys will believe random rumor thats posted on these forums. I'm going to have to agree with innov... come up with more info or its bs.

joninsac · #**1807** Posted **Mar 9, 2007, 2:50 AM**

Is it Best Buy, or the guy who runs Best Buy who is allegedly getting in on the Towers? Maybe we can get Circuit City to build the Capitol Grand Tower! How does the Radio Shack Epic Tower sound?

brandon12 · #**1808** Posted **Mar 9, 2007, 3:28 AM**

^or perhaps Best Buy is agreeing to buy Filco electronics, owned by the Saca family.

Another less likely scenario: Since the Saca family owns Filco, maybe they've had many occasions to get to know executive leadership at Best Buy on a personal level (trade shows, etc). Perhaps the brother of the CEO or President at Best Buy is the manager of a huge hedge fund and they've brokered a deal for this hypothetical hedge fund to invest. There are numerous possibilities.

This project's getting built regardless of what CALPERS would like to do.

Web · #**1809** Posted **Mar 9, 2007, 4:04 AM**

so the first thing they do is pay saca's unpaid bills?????

I am sure foundation is real happy not being paid.....but hey its all a gamble as a contractor.....just make it up on the next job I suppose.

vicinsac · #**1810** Posted **Mar 9, 2007, 4:37 AM**

The ceo of Best Buy and Tony Saca (johns fater) have a close relationship. They are all working together to work on this project and get calpers out of the deal. I see there a lot of motivation and effort on Saca's part to go forward with the project.

Also, Jo Mohamed, a Sacramento investor, purchased the noted that secures the loan for the lot the Towers are getting built on. He purchased the note from First Bank and Trust right before the loan was defaulted on. Why would he purchase the note??? Also, Jo Mohamed is a close and long time friend of the Saca family. So connect the dots, and make your conclusions.

I am extremely anxious to see how this drama is going to play out and I am also a buyer like some of you here. Hopefully some issues are going to be worked out in the upcoming weeks.

innov8 · #**1811** Posted **Mar 9, 2007, 4:43 AM**

Quote:

Originally Posted by vicinsac

Also, Jo Mohamed, a Sacramento investor, purchased the noted that secures the loan for the lot the Towers are getting built on. He purchased the note from First Bank and Trust right before the loan was defaulted on. Why would he purchase the note??? Also, Jo Mohamed is a close and long time friend of the Saca family. So connect the dots, and make your conclusions.

That's what I heard too. Okay, your alright in my book

joninsac · #**1812** Posted **Mar 9, 2007, 5:22 AM**

It's good to see that Saca has some allies. I'd like to see him win this battle with CalPERS.

TowerDistrict · #**1813** Posted **Mar 9, 2007, 7:05 AM**

Quote:

Originally Posted by Biz Journal Feb. 15th 07

Saca did say of CalPERS: "I am not sure they are the right partner for this project."

While the default notice was not immediately available for viewing, Saca's representatives confirmed that it was filed by Joseph Mohamed Enterprises Inc. of Sacramento. The loan was originally made through First Bank and Trust for the $21 million needed to buy the land, according to Saca's representatives.

Joseph Mohamed said he purchased the note from First Bank and Trust last week.

"Almost all of the notes that we buy are settled before a foreclosure," Mohamed said. "This one is very well secured. They just need to resolve their differences. I feel very sure that they will."

Mohamed said he expects to hear a plan to resolve the outstanding debt from the Towers partners within the next two months.

brandon12 · #**1814** Posted **Mar 9, 2007, 7:56 AM**

Quote:

Originally Posted by joninsac

It's good to see that Saca has some allies. I'd like to see him win this battle with CalPERS.

Saca's got brass balls. All He needs is one individual/organization to share his vision and this project is done.

enigma99a · #**1815** Posted **Mar 9, 2007, 10:29 AM**

Quote:

Originally Posted by brandon12

Saca's got brass balls. All He needs is one individual/organization to have half the balls he has and this project is done.

You've got brass balls by betting 10K

vicinsac · #**1816** Posted **Mar 9, 2007, 4:21 PM**

Saca is totally committed to this project and is working diligantly to come up with a solution (i.e. get CalPers out of the deal).

urban_encounter · #**1817** Posted **Mar 10, 2007, 12:07 AM**

Quote:

Originally Posted by brandon12

All He needs is one individual/organization to share his vision and this project is done.

A visionary with deep pockets... That's why this is all the more interesting.

BTW your reason for editing... "drunkeness"

Phillip · #**1818** Posted **Mar 10, 2007, 4:55 AM**

Quote:

Originally Posted by vicinsac

The ceo of Best Buy and Tony Saca (johns fater) have a close relationship.

I don't know Tony Saca or Best Buy's CEO but this doesn't sound right to me.

Best Buy opened stores near Saca's established Filcos in Citrus Heights and Arden, like within a mile. Larger selection, lower prices. There's no way those Best Buys didn't damage Filco and Saca. Now Best Buy and the Sacas are best friends?

innov8 · #**1819** Posted **Mar 10, 2007, 7:00 AM**

It's not unusual for competitors in business to also be good friends; after all… it's a small world.

bennywah · #**1820** Posted **Mar 10, 2007, 7:04 AM**

^

he said Tony Saca and Brad Anderson, the ceo of best buy are friends, nothing was specified of best buy corporate investing in the project, and its not like outside of business people cant be friends, many politicians of different parties are friends outside of the realm of politics.

Point being is none of us really knows whats going on behind the scene's just that stuff is happening, i guess we'll just have to enjoy the wildlife preserve sponsored by cal-pers for now, lol. (god I hope Nassi has his s--t together on tues.)