SACRAMENTO | 601 Capitol Mall "AURA" | FLOORS | 2005 | NEVER BUILT - Page 21

innov8 · #**401** Posted **Sep 24, 2007, 4:50 AM**

Lock this thead up... it's OVER!

arod74 · #**402** Posted **Sep 25, 2007, 1:03 AM**

Is anything worse than seeing a surface lot placed over the location for a icon residential highrise. Like having a dog crap on top of your fresh grave. I guess Taylor wouldn't go to the expense of paving a lot if he thought Aura's imminent groundbreaking is to occur like Nassi and his sales goons having been saying for the past year and a half.

Web · #**403** Posted **Sep 25, 2007, 1:17 AM**

I remember people saying this one and the towers would be up way before calstrs.....well looks like nasssssi is just like Moe......

innov8 · #**404** Posted **Sep 25, 2007, 3:49 AM**

Web, who are these people your always talking about? You love to always say
this or those people said something but never actually quote them... I think your
thinking of yourself as a third person dude.

Web · #**405** Posted **Sep 25, 2007, 3:59 AM**

It was many many months ago maybe last november or so....I said something like wow West Sac will have its tower first and many here said I was high or something......

No big deal just that West Sac is on a roll......

innov8 · #**406** Posted **Nov 2, 2007, 4:55 PM**

It's not over yet...

$400K to design a high rise? Would you believe $300K? $200K?
Sacramento Business Journal

Friday, November 2, 2007

The break between Craig Nassi and the architects on his proposed Epic condo tower in downtown Sacramento didn't come out of the clear blue sky.

Nassi had twice bargained down the fee owed to Studio Daniel Libeskind and Stantec Consulting Inc. for the tower he hoped to build at 12th and J streets before the designers ended their agreement for non-payment, the design team said.

Nassi, of BCN Development in Denver, last paid $187,000 in 2005 for the design and owed about $400,000 for later work, according to a letter from a lawyer representing the designers. He got a reduction to $300,000, then to $200,000 paid in installments over eight weeks, but failed to deliver, the letter said. That led the designers to pull the plug last month, which in turn led to yanking the application.

Nassi said Epic isn't dead, just on hold. "We don't feel comfortable spending a lot of money on architecture and design when we don't know if we'll ever be able or when we'll be able to do this project," he said. He said he's an expert in financing such projects and "the financing's not there ... right now."

Libeskind was also the architect on the proposed Aura condo tower.

And speaking of Aura ...

Developer David Taylor shared a closely held secret with about 650 people a few weeks ago -- he is considering whether to take on the long-delayed Aura condos project on Capitol Mall downtown. (I knew of this several months ago)

Taylor, a guest speaker at the Business Journal's economic forecast conference on Oct. 24, said he could decide by the end of the year if he'll develop the property he owns at 6th and Capitol that once was slated for the $175 million residential high-rise. Nassi and BCN have not secured financing for Aura.

Nassi had an option on the land owned by Taylor, who is finishing the 25-story U.S. Bank Tower next door. But with Aura stalled -- the city withdrew a $10 million loan offer and deep-pocketed lenders are passing in the project -- plans for the high-profile site are uncertain. "It got a lot of interest from buyers," Taylor said. Downtown's "first high-rise condo tower will be very well done."

Promise or speculation? Taylor said he would not decide, or comment, until the end of the year.

urban_encounter · #**407** Posted **Nov 27, 2007, 5:18 AM**

Nothing new to report, except that (curiously) construction crews have not moved to complete the parking lot at 601 Capitol Mall.. It looks as if David Taylor is giving very serious thought to taking over this project, as noted above.

In addition crews cleaned up around the model, sales office and the Aura signage on Capitol Mall..

I would have thought that they would have ripped it out by now..?

Not sure whether Taylor can succeed in the current housing market in Sacramento, but he owns the land, can still secure the city loan, and might have better contacts around Sacramento, such as some of the investors of his office projects. (California Dental Association etc...)

We'll see......

sactown_2007 · #**408** Posted **Jan 29, 2008, 5:39 AM**

Has there been any updates on this project -- or is this project as dead as the grass on Capitol Mall?

sactown_2007 · #**409** Posted **Apr 27, 2008, 9:38 PM**

Yep -- lock her up -- this one is done. The office is gone....and the web site is gone too

M II A II R II K · #**410** Posted **Apr 27, 2008, 9:47 PM**

It doesn't have to be locked up here in this forum.