Sacramento: 301 Capitol Mall: A New Plan for The Towers Site - Page 94

goldcntry · #**1861** Posted **Mar 16, 2007, 5:54 PM**

So... we could change the nick-name from Sacratomato

to Sacramenthole?

innov8 · #**1862** Posted **Mar 16, 2007, 7:23 PM**

Quote:

Originally Posted by Deno

Looks like were going to have another big hole in the downtown area again. Well that will replace the one we had on J st. What would Sacramento be without a big hole downtown?

Is this just a hunch or do you know more than you can tell us here?
Were talking about a $600 million project... anything of this magnitude
and size will take some time to sort out. CalPERS won't get booted
from this project easily.

rivertownpj · #**1863** Posted **Mar 16, 2007, 9:45 PM**

We just received this email from the Towers Staff. I have never doubted this project would fly: John Saca has a vision for Sacramento, those of us along for the ride are grateful to him for his drive, and loyalty to the future owners. As for those who are negative about the project, I may invite you to our condo for a drink some day. Then again I may not!!

"Dear Future Homeowner,

First off, we would like to thank-you for your continued commitment to The Towers and for your patience throughout this process. Your phone calls and emails of support have been overwhelming and sincerely appreciated. You should know that John Saca and his team are working around the clock to resolve the current issues surrounding the project and we feel quite confident that the work being done now will lead us to the world-class project we all envisioned. In the coming weeks, you will be receiving a letter in the mail addressing a more detailed plan of how the project will move forward. If you have recently moved, please contact us with your current mailing address so that we can ensure that you receive it.

Again, we appreciate your calls, emails, and visits to the showroom and encourage you to contact us at any time. Thank-you again for your continued support.

Sincerely,

The Towers on Capitol Mall Team"

Sacto · #**1864** Posted **Mar 16, 2007, 9:49 PM**

^ That certainly gives more hope but still no word on the progress

enigma99a · #**1865** Posted **Mar 21, 2007, 10:38 PM**

any news?

foxmtbr · #**1866** Posted **Mar 21, 2007, 11:02 PM**

^ Nice avatar!

Majin · #**1867** Posted **Mar 23, 2007, 10:05 PM**

4 weeks no news

brandon12 · #**1868** Posted **Mar 23, 2007, 11:05 PM**

I got your news right here, Majin...

Just kidding. Something tells me I can empathize with your frustration.

innov8 · #**1869** Posted **Mar 24, 2007, 3:39 AM**

Quote:

02-15-2007, 05:37 PM

This was on the News 10 website.

Saca notified by email hundreds of prospective condo buyers who placed deposits that he's defaulted on the $22 million loan for the block of land at 4th Street and Capitol Mall.

A default is the first step in the 111-day foreclosure process.

It will be intresting to see what happens first, will things work out for Saca so
he can dump CalPERS and move on... or will foreclosure happen in 73 days?

Ah man, seventy three more days

tuy · #**1870** Posted **Mar 24, 2007, 7:09 AM**

The question is, has Saca communicated more information to prospective buyers lately?

If not, one of them should drop him an e-mail and see if he will give an update.

brandon12 · #**1871** Posted **Mar 24, 2007, 7:38 AM**

honestly, this project is fine. Everything is working according to Saca's plan and CalPERS willl be dumped soon enough. This is the largest development project in Sac's history. Just give it some time. I know that it's easy enough to be discouraged at this point because the public doesn't know what's going on from day to day. But the process is working and the $250B+ equity fund that is CalPERS will be excused soon enough. This is a very complicated deal that takes a lot of work to settle all of the details...

Take it from me, I could certainly use my deposit money right now, but the facts are, this building will be built, as promised, just a few months behind schedule. In the grand scheme of things, what's a few months? Let's just see what happens...Rome wasn't built in a day.

downtownserg89 · #**1872** Posted **Mar 24, 2007, 4:08 PM**

it's hella geting built! i just know it! i can almost taste it.

Phillip · #**1873** Posted **Mar 24, 2007, 4:33 PM**

I don't understand the notion that CalPERS is holding up progress on SacTowers. What is CalPERS doing or failing to do that keeps this from moving forward?

It seems like the fundamental problem is what it's been from the start---no financing for 80% or more of the project's construction costs.

creamcityleo79 · #**1874** Posted **Mar 24, 2007, 4:58 PM**

Quote:

Originally Posted by Phillip

I don't understand the notion that CalPERS is holding up progress on SacTowers. What is CalPERS doing or failing to do that keeps this from moving forward?

It seems like the fundamental problem is what it's been from the start---no financing for 80% or more of the project's construction costs.

Do you have ANYTHING positive to say about this project? Are you aware that a few of our forumers have bought units in these towers? I'm sure they don't want idiots like you spoiling an already shaky time for the project with your questions and comments of doom! I don't...and I haven't even bought a unit!! There's a difference between skepticism and outright negativity...you've far surpassed the definition of the latter!

arod74 · #**1875** Posted **Mar 24, 2007, 5:53 PM**

Hey neuhickman, I wouldnt jump on phillip so quickly. I think he has a valid point. Most of the speculation about Calpers motives steems from their equity partner status. Appearently Calpers has in the past come from an equity partner status and moved into a controling interest on projects to possible boost their investment earnings or mitigate potential loss by controlling all the project costs. I am sure others can shed more light on what Calpers motives may be...

Phillip · #**1876** Posted **Mar 24, 2007, 6:03 PM**

neuhickman79,

I'm aware that some forum members (who I hold in high esteem, btw) have put down deposits and would like to see this built. If they get their wish I'll be happy for them.

I'm also aware that others who put down deposits want their money back. If they get their wish I'll be happy for them too.

Unfortunately you can't please everyone all the time.

Web · #**1877** Posted **Mar 25, 2007, 5:38 AM**

Quote:

Originally Posted by innov8

Two months of no work at the site.

wasn't this 3 months? I thought things basically were in shut down mode since right before christmas......it took a while to move everything out.

I do see that Foundation got the UP trestle job.......from the business section of Sac bee today.

innov8 · #**1878** Posted **Mar 25, 2007, 7:57 PM**

^ Go back and look at the articles posted on this forum from two months
ago and you'll read it has now been a little over two month. My personal
observation of the construction site at the time is also mentioned.

Web · #**1879** Posted **Mar 25, 2007, 10:12 PM**

i didnt consider packing up as "work" thats the diffeence

innov8 · #**1880** Posted **Mar 25, 2007, 10:17 PM**

I saw them working the week before... whatever Web

Sorry, I don't give a "play by play" of what I see every week with every project.