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

[NikeFutbolero]

Originally Posted by novatone

CalPERS plans 30-story tower on infamous Capitol Mall site

Link?

[snfenoc]

^^^^^

Exactly. Is novatone's brief post merely a regurgitation of stuff that was introduced a couple MONTHS ago, or is there something new to add?

Oh, and welcome to the forum, novatone.

[creamcityleo79]

There's all kinds of articles about it from a couple months ago.

[Mr. Ozo]

Couldn't really capture a good photo but 301 Capitol Mall is now some pretty good Monarch butterfly habitat.

[BillSimmons]

It looks like a cemetery...fitting.

[enigma99a]

The California Public Employee Retirement System (CalPERS) is about to report the world’s largest public employee pension suffered an actuarial investment loss of $30.8 billion last year.

http://www.breitbart.com/california/...n-annual-loss/

How much to build the original Towers proposal? 500M? Yet they lost 30.8B on other investments? sad

[Majin]

why are you reading breitbart....?

[enigma99a]

Originally Posted by Majin

why are you reading breitbart....?

Story came off the internets. Besides Breitbart, why is CALPERS unwilling to back the towers project yet lose billions anyway

[Deno]

I read Breitbart.

[creamcityleo79]

Originally Posted by Majin

why are you reading breitbart....?

Good question!

[SacSFChi]

There was some site activity last week. A small trailer on the lot. Some scurrying around could be heard. I was excited that something was going on at this premier site, so I peeked through a tear in the fencing. Goats. A herd of goats feeding on the scrub. Darn.

[Korey]

Originally Posted by enigma99a

Yet they lost 30.8B on other investments? sad

That's not what an actuarial loss is. Plus, to echo others, Breitbart? Uggh.

You know, whenever this lot gets around to being developed, at least now there's way more things to walk to than there used to be. All of the arena and K St. stuff but also The Foundation and Whired, and the whole West Sac waterfront that's coming along.

[enigma99a]

Did Saca jinx the project when he said: "A lot of people didn't think that I'd get this done. They said that there isn't a market here for this kind of project," Saca said Thursday. "This proves that I was right. We're creating the market. I'm golden with (Deutsche Bank)."

[innov8]

CalPERS appears to be hiding requested Public Records Acts showing how it has
overvalued real estate assets by $583 million. CalPERS has not said anything
about bogus valuations that are larger than the total amount it was slotted to invest in a
mothballed solo development project, 301 Capitol Mall, but it continues to publish balance
sheets that include the inflated results.

The CalPERS Executive Team Demands a New Loyalty Oath!
TONY BUTKA 16 JUNE 2021
https://www.citywatchla.com/index.ph...w-loyalty-oath

[urban_encounter]

Originally Posted by innov8

CalPERS appears to be hiding requested Public Records Acts showing how it has
overvalued real estate assets by $583 million. CalPERS has not said anything
about bogus valuations that are larger than the total amount it was slotted to invest in a
mothballed solo development project, 301 Capitol Mall, but it continues to publish balance
sheets that include the inflated results.

The CalPERS Executive Team Demands a New Loyalty Oath!
TONY BUTKA 16 JUNE 2021
https://www.citywatchla.com/index.ph...w-loyalty-oath

Cal PERS taking control of that site was the absolute worst thing that could happened to that address. It would’ve had a better chance of being developed if Mo Mohanna were the property owner.

[urban_encounter]

Originally Posted by Mr. Ozo

We'll probably end up with something like this.

I wish that building was still onsite. It’s a beautiful mid century that reminds me of the original SMUD HQ building.

[innov8]

After nearly 16 years, it appears some direction apps are now recognizing
the former towers site for what it really is today... an urban wildlife refuge where
racoons and other habitat are thriving.

[urban_encounter]

BY RYAN LILLIS
RLILLIS@SACBEE.COM
The infamous hole in the ground is getting a new owner
April 8, 2022

After 16 years of ownership, CalPERS has decided to sell 301 Capitol Mall, the empty lot at the entryway to downtown Sacramento that has been vacant for years, Marcie Frost, the pension fund’s CEO, told The Sacramento Bee on Thursday.

CalPERS has asked Hines, which has managed the site for CalPERS since 2019, to find a broker and begin the process of selling the land. Hines expects to have a broker in place by the end of April, CalPERS officials said.

The sale would put an end to a winding chapter for CalPERS, which spent $70 million buying and maintaining the property but ultimately fell short of landing the signature development project city leaders have long sought.

The fund first partnered with Saca Development of Sacramento on a plan to construct two 53-story condo towers that would have been the tallest residential buildings on the West Coast at the time. Construction began in 2006 but ended the following year as the recession took hold.


http://www.sacbee.com/news/local/article260211910.html

[innov8]

Nothing will be built there for at least another ten years, unless its 8 or 9 story
rental housing, something Sacramento has built successfully for a decade now.
Millions of square feet are available downtown as the Sacramento office market
declines into its eighth straight quarter of occupancy losses.

[enigma99a]

301cm lot is finally for sale

https://www.bizjournals.com/sacramen...ate=2022-07-19