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  #7721  
Old Posted Jul 19, 2020, 5:25 AM
gillynova gillynova is online now
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No idea why they don't start early too... brings in more people to downtown for the time being and they will help bring in more $ to surrounding businesses
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  #7722  
Old Posted Jul 22, 2020, 8:36 PM
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And the hits just keep coming...

Vantage Condominiums project on hold after developer struggles with financing

By Emily Hamann – Staff Writer, Sacramento Business Journal
July 22, 2020

https://www.bizjournals.com/sacramen..._news_headline

Quote:
A condominium project in Downtown Sacramento is on hold after its developer couldn't finance it amid the Covid-19 pandemic.

At its meeting last week, the Capitol Area Development Authority Governing Board voted to purchase back a parcel of land known as Site 21, at N and 14th streets.

CADA previously sold the property to Cresleigh Homes, which planned to build the nine-story Vantage Condominiums project.

“Due to the pandemic, the financing terms became different than what they were when Cresleigh planned the project,” said Wendy Saunders, CADA executive director.

Cresleigh was unable to move ahead with the project, according to CADA board documents.

“If anybody could have done it, Cresleigh would have. They’re a very capable company,” Saunders said.


CADA will acquire the land and site plans. It is going to hold the project until the pandemic clears and try and sell it to a developer when the market is in better shape.

Bad news.
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  #7723  
Old Posted Aug 1, 2020, 12:04 PM
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downtownserg89 downtownserg89 is offline
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Have you guys seen how atrocious and generic the new Township 9 renderings look? I mean I'm happy for any form of new housing, but this just feels ultra low-effort. They have tremendous opportunity with that land and I have a feeling it won't be utilized to its fullest potential.
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  #7724  
Old Posted Aug 1, 2020, 11:47 PM
urbanadvocate urbanadvocate is offline
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Quote:
Originally Posted by downtownserg89 View Post
Have you guys seen how atrocious and generic the new Township 9 renderings look? I mean I'm happy for any form of new housing, but this just feels ultra low-effort. They have tremendous opportunity with that land and I have a feeling it won't be utilized to its fullest potential.
Do you have a link?
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  #7725  
Old Posted Aug 2, 2020, 1:08 AM
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snfenoc snfenoc is offline
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I could not find a link to the entire plans. I just found this article on the SBJ website:

New developer 29th Street Capital lays out details of Township Nine project
By Emily Hamann – Staff Writer, Sacramento Business Journal
July 31, 2020

https://www.bizjournals.com/sacramen...ship-nine.html


Here is an image from the article:


It's pretty underwhelming. The first phase is 150 units spread over four buildings on one block. It looks like the first phase may include a mix of uses.

Hopefully, future phases of Township Nine will be better. But I have my doubts. It looks like 29th Street Crapital bought the whole project, and they seem to have a penchant for building 4-story structures. Their rep says that although the project site is 65 acres, only 30 acres is developable. The rest will be green space.
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  #7726  
Old Posted Aug 7, 2020, 7:17 PM
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Those are certainly not final or even submitted designs as the City doesn't even have an application this early into the property transition. I'm sure there will be many more meetings between the new owners and City staff before we get to a final design, and I can't imagine something as bad as these would be acceptable, let alone consistent with design guidelines for the area.
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