Sacramento Proposal/Approval/Construction Thread - III - Page 363

Sachornet · #**7241** Posted **Apr 2, 2019, 4:33 PM**

Here are some photos/updates on a couple of projects around the city courtesy of the Business Journal:

https://www.bizjournals.com/sacramen...tml#g/451836/1

j_deguzman10 · #**7242** Posted **Apr 2, 2019, 10:40 PM**

Be ready for a big project rendering coming later today, Ben said on twitter that he’ll have a story on it around 4ish.

Pistola916 · #**7243** Posted **Apr 3, 2019, 1:35 AM**

Quote:

Originally Posted by j_deguzman10

Be ready for a big project rendering coming later today, Ben said on twitter that he’ll have a story on it around 4ish.

It’s the soccer stadium in the railyards.

For a sec, I thought the Vanir or Metropolitan rendering was going to be released.

urbanadvocate · #**7244** Posted **Apr 3, 2019, 6:22 PM**

Quote:

Originally Posted by Pistola916

It’s the soccer stadium in the railyards.

For a sec, I thought the Vanir or Metropolitan rendering was going to be released.

Didn't change all that much. Biz journal already released them.

Dieler · #**7245** Posted **Apr 13, 2019, 4:51 PM**

Anyone have an update on the Vantage condo project proposed for 14th and N Streets?

sactivity · #**7246** Posted **Apr 14, 2019, 4:20 PM**

After reading moneywise.com's 20 US cities/metros people are moving AWAY from I went ahead and read their top 10 cities/metros that people are moving TO... whilst the likes of Austin and Portland, to mention a couple, were of no surprise, I was surprised and elated that they had Sacramento as NUMBER 1 !!! It's a take-it-for-what-it's-worth article -- but, still, it's gotta mean something. And I suspect people from around the country are taking notice.

snfenoc · #**7247** Posted **Apr 14, 2019, 8:33 PM**

Quote:

Originally Posted by Dieler

Anyone have an update on the Vantage condo project proposed for 14th and N Streets?

This is CADA site 21, the Cresleigh Homes project, correct?

Last I heard, the developer was supposed to close on the property, obtain the building permit and start construction THIS month. I think that may be an optimistic timeline, but I think construction has a good chance of starting some time in the late spring or summer.

CAGeoNerd · #**7248** Posted **Apr 15, 2019, 7:42 PM**

There's a crane up at the new Natural Resources Building, I assume it's going vertical now. Will be the tallest building to go up in a decade, yes? That's gotta be something..

Also I noticed the Hotel by Biba/Sutter Medical Center looks like it's going vertical too

sactivity · #**7249** Posted **Apr 15, 2019, 11:48 PM**

It's a good thing I'm going to be there next week because nobody on this forum wants to take pictures for me.

urban_encounter · #**7250** Posted **Apr 16, 2019, 1:37 AM**

Quote:

Originally Posted by sactivity

After reading moneywise.com's 20 US cities/metros people are moving AWAY from I went ahead and read their top 10 cities/metros that people are moving TO... whilst the likes of Austin and Portland, to mention a couple, were of no surprise, I was surprised and elated that they had Sacramento as NUMBER 1 !!! It's a take-it-for-what-it's-worth article -- but, still, it's gotta mean something. And I suspect people from around the country are taking notice.

Yeah there was also a recent article naming Sacramento one of the top destination for millennials as well.

It can’t hurt our MLS expansion push.

snfenoc · #**7251** Posted **Apr 16, 2019, 1:38 AM**

Quote:

Originally Posted by sactivity

It's a good thing I'm going to be there next week because nobody on this forum wants to take pictures for me.

Yes! Please take and post some pictures. It is always appreciated.

A little bit more information on my last post...

Big downtown condo project set for spring start
By Ben van der Meer – Staff Writer, Sacramento Business Journal
Dec 10, 2018, 10:02am EST

https://www.bizjournals.com/sacramen...ing-start.html

Quote:

CADA and Cresleigh are scheduled to complete the purchase and sale agreement for the CADA-owned site by April 29. Construction would start shortly thereafter, Kigar [CADA's special projects manager] said. The project would take about two years.

I don't know if they're due to receive the building permit the same day or some time after. However, I think a late spring or summer start is quite possible.

I do have a concern:
In the same article, it mentions that that the projected cost of $68.7 million had risen another $1.7 million since the estimate was made; AND that Cresleigh had to reduce its profit from 16% to 13% in order to make everything work. These construction prices are out of hand.

urban_encounter · #**7252** Posted **Apr 16, 2019, 1:38 AM**

Quote:

Originally Posted by CAGeoNerd

There's a crane up at the new Natural Resources Building, I assume it's going vertical now. Will be the tallest building to go up in a decade, yes? That's gotta be something..

Also I noticed the Hotel by Biba/Sutter Medical Center looks like it's going vertical too

I don’t know how the resource building can top out without a taller crane. That portable crane isn’t high enough.

urban_encounter · #**7253** Posted **Apr 16, 2019, 1:42 AM**

Quote:

Originally Posted by snfenoc

I do have a concern:
In the same article, it mentions that that the projected cost of $68.7 million had risen another $1.7 million since the estimate was made; AND that Cresleigh had to reduce its profit from 16% to 13% in order to make everything work. These construction prices are out of hand.

Yeah that seems likely a fairly staggering price for a residential project that’s really not that big.

Sachornet · #**7254** Posted **Apr 16, 2019, 4:21 PM**

It looks like Bay Miry and Katherine Bardis are purchasing an office building at 1725 23rd Street for their first project together. Any speculation or guesses as to what type of project they'll end up doing here?

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

Korey · #**7255** Posted **Apr 17, 2019, 10:26 PM**

I think they'll sit on it for a while, maybe until the next cycle. It seems to be generating decent lease revenue per the article. But what a site, smack on top of the 23rd St. lightrail stop and next to the whole Sac Bee, PQR townhomes, etc development. Hope something nice goes up there eventually. Bay has a pretty good track record with urban infill at this point.

Regarding the CADA condos (Vantage), I believe they're shooting for an August close with Cresleigh and maybe finishing up preliminary stuff with the city in the fall. I'm expecting construction in early 2020 and pre-sales early 2021 at this point. I do hope that they can sell at a reasonable pace, the increase in construction costs will result in pretty high priced condos and I'd hate to see an L St Lofts situation. We need some proof that these for sale projects can pencil out. Anyone know how the Sawyer's sales are doing?

The Archives building is going up fast, pretty nice site, can't wait to see it start impacting the skyline.

urbanadvocate · #**7256** Posted **Apr 17, 2019, 10:31 PM**

The veil and scaffolding for 19J is coming off--gotta say I am liking the design from what I can see!

snfenoc · #**7257** Posted **Apr 18, 2019, 1:47 AM**

Revised 12th Street proposal goes to five stories, with retail
By Ben van der Meer – Staff Writer, Sacramento Business Journal
13 hours ago

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

Quote:

What was a proposal for a four-unit apartment project on 12th Street in downtown Sacramento has been revised — and amped up.

The new project, called Alkali Flats on 12th, would have 24 apartments above about 5,400 square feet of ground-floor retail in a five-story building.

Further Details:

Location - NW corner of 12th and D Streets (I think). I note that there are also prominent empty lots on 12th and C as well as 12th and E
Retail Square Footage - Would be divided into 3 spaces including a restaurant/bar
Residential Portion - 6 units on each of the 4 residential floors. 1-br/1-ba apartments of around 600 square feet.
Previous Proposal - Was to made out of stacked shipping containers. (The new proposal makes reference to shipping containers)

ltsmotorsport · #**7258** Posted **Apr 18, 2019, 4:58 AM**

So yeah, construction prices are a real problem. From the developers I've talked to in town, it's both materials and what contractors are quoting for the jobs. Unfortunately it comes back again to that Bay Area influence combined with quite a number of construction projects going in the state and nationally.

I'm not sure how much more business CADA/Cresleigh have with the City (as they're exempted from a few things with CADA being a State entity), but there may be some frontage/encroachment issues to still work out. Hope they can keep to that start projected from December.

Interesting design to that 12th Street project too and good to see a 'little' taller proposal in what I suspect is a historic district.

SacTownAndy · #**7259** Posted **Apr 18, 2019, 6:17 PM**

Bring on Tower 301??

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

Downtown Class A office vacancy at lowest level since ’01
By Ben van der Meer
Staff Writer, Sacramento Business Journal
Apr 17, 2019, 2:58pm PDT

Quote:

The last time Class A office space was this scarce in downtown Sacramento, "Friends" was the top TV show, smartphones weren’t a thing and Donald Trump had just run for president ... as a member of the Reform Party.

At that time in 2001, the local vacancy rate was 3.6%. The figure now is 5.7%, but it’s likely to drop further over the rest of 2019, according to a managing director at JLL Sacramento.

“There are deals working on all the major chunks of space,” said Greg Levi of JLL. One already announced, a 45,000-square-foot, two-floor lease by coworking firm WeWork at Wells Fargo Center, won’t be counted until the company officially takes occupancy later this year, he said. That will drop the number further....

Pistola916 · #**7260** Posted **Apr 18, 2019, 7:34 PM**

Quote:

Originally Posted by SacTownAndy

Bring on Tower 301??

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

Downtown Class A office vacancy at lowest level since ’01
By Ben van der Meer
Staff Writer, Sacramento Business Journal
Apr 17, 2019, 2:58pm PDT

It certainly improves the chances. But Ben from SacBiz stated on Twitter that the issue is finding an anchor tenant to take a huge chunk of space.

Is the vacancy rate low enough to justify building a new 18-20 story high-rise? Probably
Is the vacancy rate low enough to fill a 33-story skyscraper like Tower 301? I don't think so.