Quote:
Originally Posted by Sachornet
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SKK wants to build something similar to its myriad of other projects - a 5-story apartment building with ground-floor retail. The only difference is that the footprint is so huge that the building would have around 190 apartments.
This makes me a little sad. I thought rehabbing the old hotel back into its swingin’ 60s days as a boutique hotel was really cool. That area could use a nice hotel. With the Music Circus and party crowds, I think it would be awesome.
However, housing is a more pressing need. The developer and his investors have been pretty good at building 5-floor apartment buildings, recently. I guess it’s a model with which they are familiar and comfortable?
Also, the old hotel building may be in a pretty sad state. Maybe it’s better to just tear it down and start fresh.
Plus, there are a number of hotels under construction or proposed:
Fort Sutter Hotel and The Marshall (u/c)
Eastern Star (Hyatt House) on 27th and K, 7th and I, 15th and L, and Nikki Mohannas 10th and K. (Proposed)
Then, there are a few other, OUT-THERE POSSIBILITIES: Vanir is talking about including a 250-room hotel in their phantom proposal; Sacramento Commons, if built-out, could include 320 hotel rooms; The Metropolitan site’s new proposal could include a 200-250 room hotel component; and I think the Rail Yards has a hotel being kicked around. There may be many others that don’t come to mind.
Basically... Maybe there are too many hotels under construction or on the horizon to compete. AND a huge, expensive renovation on a dilapidated 2-story building, that probably won’t have enough rooms to cover the costs, is not justified. Add in the fact that housing is at a premium, and SKK is now going with “Plan B”.