Sacramento: 301 Capitol Mall: A New Plan for The Towers Site - Page 98

innov8 · #**1941** Posted **Apr 11, 2007, 9:45 PM**

Saca would not be able to release a letter saying he was looking for another
equity partner if CalPERS was still a partner with him. Every statement that
John has wanted to release to the public about the project while he and CalPERS
were still partners had to first be approved by CalPERS... I'm sure many press
releases by John were nixed by CalPERS. That is why much of what he
said when they were partners was done in a round-about-way.

CalPERS is out.

mechanico · #**1942** Posted **Apr 12, 2007, 7:09 AM**

Quote:

Originally Posted by innov8

CalPERS is out.

With the exception of Saca and 30 buyers, who is in?

Sacto · #**1943** Posted **Apr 12, 2007, 8:23 PM**

Quote:

Originally Posted by innov8

CalPERS is out.

I don't understand why.

innov8 · #**1944** Posted **Apr 12, 2007, 8:28 PM**

Quote:

Originally Posted by Sacto

I don't understand why.

Why they are out?

Quote:

Originally Posted by vicinsac

Looks like Calpers is settling just to get their initial investment back without interest and get out of the deal.

What choice does calpers has than to get out? If they foreclose Calpers loses their initial investment too. Thats why Calpers is letting it go. John and the person (Joe) that owns the loan for the lot are working together

Joe, the person who bought the note that secures the land that the towers will sit on will help pay off the construction liens. I also know that Joe bought all of the units on the 51st floor.

Thats all I know for now.

Sacto · #**1945** Posted **Apr 13, 2007, 7:08 AM**

Quote:

Originally Posted by innov8

Why they are out?

Yes.

Jay916 · #**1946** Posted **Apr 13, 2007, 8:38 AM**

Lets close this thread or change the title to: "The Towers project is dead: Your condolences "

enigma99a · #**1947** Posted **Apr 13, 2007, 9:10 AM**

People... The project isn't dead until it's official. One day you'll wake up and John will announce his new partner. Even in this bad housing market, there still is room for a project like this.

The lack of news sure does suck, but just hang in there. This project WILL get done. Just it won't be as soon as we all would have liked!

tuy · #**1948** Posted **Apr 13, 2007, 8:15 PM**

We are about 50 posts away from a new thread anyway. Maybe the new thread should be started in the proposed unit construction starts again.

Fusey · #**1949** Posted **Apr 13, 2007, 8:26 PM**

Quote:

Originally Posted by enigma99a

The lack of news sure does suck, but just hang in there. This project WILL get done. Just it won't be as soon as we all would have liked!

Let's hope so. There's been an incomplete structure near Greenback/Madison for the last 15 years now and an entire downtown city block in Sacramento like that would be, well, embarrassing.

downtownserg89 · #**1950** Posted **Apr 14, 2007, 12:02 AM**

Quote:

Originally Posted by tuy

Maybe the new thread should be started in the proposed unit construction starts again.

haha, yeah.

innov8 · #**1951** Posted **Apr 14, 2007, 12:14 AM**

I personally got this message from the sales office...

Quote:

Hi Michael,
We always appreciate your support of the project. Things have been going very well! We have received over 250 responses so far and still have quite a large number of buyers to get in touch with. Also, we know that there will be buyers who get it in at the last minute or a day or two afterwards. We are all very optimistic that the project will move forward and have an enormous amount of faith in John Saca. We should have some VERY positive news in the near future, so stay tuned!

Thank-you & feel free to contact me anytime.

Julie Connolly
Community Sales Manager
The Towers on Capitol Mall

mechanico · #**1952** Posted **Apr 14, 2007, 1:29 AM**

Quote:

We have received over 250 responses so far

Does that mean 250 contract renewals?

innov8 · #**1953** Posted **Apr 14, 2007, 2:50 AM**

Yes

foxmtbr · #**1954** Posted **Apr 14, 2007, 3:38 AM**

That's great to hear!

brandon12 · #**1955** Posted **Apr 14, 2007, 6:55 AM**

doesn't count me. I'm signing tomorrow.
this shits goin up dawgs!
(translation: it's my estimation that construction will resume momentarily. I'm quite confident, my friends)

foxmtbr · #**1956** Posted **Apr 14, 2007, 7:08 AM**

^ I'll predict that by next weekend we'll know exactly what's going on. (I'll go ahead and say that it will be good news too.

)

brandon12 · #**1957** Posted **Apr 14, 2007, 7:44 AM**

Sacramento's never seen a developer like Saca. When it's all said and done, he will have left his mark on this city like no other.

Phillip · #**1958** Posted **Apr 14, 2007, 8:33 PM**

If 50% of the units have deposits and 100% of those purchasers sign the addendum what is the next step after that?

downtownserg89 · #**1959** Posted **Apr 14, 2007, 10:56 PM**

Quote:

Originally Posted by brandon12

this shits goin up dawgs!
(translation: it's my estimation that construction will resume momentarily. I'm quite confident, my friends)

HAHA, that made me laugh so much.

that was hella funny yo! (translation: the statement prior to my reply is quite the humorous statement, sir.)

urban_encounter · #**1960** Posted **Apr 14, 2007, 11:51 PM**

Quote:

Originally Posted by brandon12

doesn't count me. I'm signing tomorrow.
this shits goin up dawgs!
(translation: it's my estimation that construction will resume momentarily. I'm quite confident, my friends)

I have to admit, that if it can be done, then Saca will be the one to do it. Saca is just incredibly determined.

I suspect that he probably has a new equity partner with very deep pockets....

Can't wait to hear who it is.