Sacramento Development News

[desertpunk]

La Valentina Station update:









All photos: http://livinginurbansac.blogspot.com...struction.html

[desertpunk]

LivinginUrbanSac

Arena Effort Dead

Saturday, April 14 2012

Yesterday Mayor Kevin Johnson admitted “Is the deal as we know it dead? Absolutely.” According to the Sacramento Press, The breaking point for Johnson, he said, was the Maloofs’ refusal to put up collateral for the city’s refinance of their loan. I personally can’t believe this was not in the agreed upon in the March 1st framework… but apparently it wasn’t. In addition, the Maloof’s also refused to pay $3.26 million in pre-development costs for a building they would not own. This doesn’t sound all that odd to me. Why as a renter of a new building (Maloof’s) would they also pay for the pre-development costs? Those costs are traditionally picked up by the owners which in this case would be the city.

[...]

Sad state of affairs when having to deal with the likes of the cheapskate Maloofs who busted out in Vegas. The NBA needs to wrest the Kings away from those loser clowns.

[desertpunk]

Under New Ownership, L Street Lofts Open For Business

[desertpunk]

Federal Rehabilitation Grant Secured For Train Depot

June 19, 2012

Sacramento’s historic Sacramento Valley train station has been awarded $15 million by a Federal Grant to rehabilitate the outdated depot. The money will be matched by local funds to include adding air conditioning and modern heating, fixing stairs and elevators, renovating bathrooms, and creating new spaces for leasable use. The city plans include a restaurant in what is now a large, unused space adjacent to the train depot's main waiting room. Work is expected to start next summer.

The station was originally built by Southern Pacific Railroad in 1926 $2.3 million.

[desertpunk]

Hotel Berry Renovation

July 03,2012

Last spring, the 83-year-old Hotel Berry began renovations at a cost of $24.5 million to completely renovate and modernize the historic hotel. The depression-era six-story mixed use hotel had fallen into severe disrepair, but after being bought by Jamboree Housing Corporation in 2007 for $5 million, the agency was able to finance the project with $13.6 million in tax credit equity, $10.1 million in permanent financing from Sacramento Housing and Redevelopment Agency and $500,000 in federal weatherization funds. U.S. Bank provided $5.5 million in construction financing.


Hotel Berry, 729 L Street, Sacramento, CA 95814 - 1926

The historic hotel was built in 1929; the Berry was once a functioning hotel but has been used as low-income housing for single occupants since the 1960s. At that time, there were about 2,300 single-room occupancy apartments in the city. With 104 Single Room Occupancy (SRO) studios and a manager’s unit, the total cost break down per room is $240,000 per unit to renovate. The hotel is scheduled for completion in the next 4 to 6 weeks and now called The Studios at Hotel Berry.



[...]

[desertpunk]

La Valentina Completed







http://livinginurbansac.blogspot.com...a-project.html

[desertpunk]

Seventh & H SRO Progress



http://livinginurbansac.blogspot.com...-activity.html

[desertpunk]

New Platform and walkways at Sacramento Valley Station









All photos: http://livinginurbansac.blogspot.com...-platform.html

[desertpunk]

16 Powerhouse gets a fresh redesign:

New:


Old:


Thanks to: http://livinginurbansac.blogspot.com...owerhouse.html

[jonathaninATX]

Sacramento got some good infill going on.

[desertpunk]

Originally Posted by jonathaninATX

Sacramento got some good infill going on.

For a place that complains "there's nothing going on", Sacramento has some very nice, high quality stuff going in!

[desertpunk]

Space Shuttle Flyover


http://livinginurbansac.blogspot.com...e-flyover.html

image hosted on flickr

Untitled by Chris B. Lee, on Flickr

image hosted on flickr

http://www.flickr.com/photos/22503044@N07/

[desertpunk]

7th and H St. Affordable Housing Wraps Up This Year


http://serapdx.com/projects/7th-h-sa...dable-housing/

[desertpunk]

Sacramento, Calif., OKs NBA Kings arena deal

Posted: 2:45 a.m. Wednesday, March 27, 2013

SACRAMENTO, Calif. —


With the clock clicking down, Sacramento city officials took their last shot at keeping the NBA Kings in California's capital by approving a public-private deal to build a new 18,500-seat arena and retail center downtown.

The city council's approval of the arena Tuesday was the last step in what has been a full court press by Mayor Kevin Johnson to keep Sacramento's only major league sports team from bolting to Seattle, where a new ownership group and arena deal awaits. He now must convince NBA owners to block the Maloof family from initiating the move, a deal made public in January.

Since then, the mayor, himself a former NBA All-Star, has scrambled to assemble a group to buy the team, convince Commissioner David Stern to consider a counter offer, and get approval for the financial deal that would build a $448 million arena on the site of a shopping mall — a development many say will revitalize a problem area in its bustling city core.

Next week, Johnson will present the arena plan and purchase offer to an NBA committee. The following week, the NBA Board of Governors will vote on whether the team can be sold, and whether it will stay or move.

"We want the folks of Seattle to get a team, we wish them well, but we want to keep what's ours," Johnson said after the 7-2 vote to approve the arena. "We're going to New York to talk about the viability of this market and the love affair we've had with our team."

[...]

[ZKB9]

Originally Posted by desertpunk

Beautiful!

[desertpunk]

Sacramento’s Supply Demand Imbalance

SACRAMENTO-Sacramento market conditions have begun to stabilize over the past 12 months; however an imbalance between supply and demand still leaves tenants with enhanced leverage in the market. That is according to a recent Skyline report from Jones Lang LaSalle.

According to the firm, regional payrolls increased by 1.5% over the past 12 months, or 10,500 jobs. Total employment hit 936,500, up 1.7% from the same period 12 months ago. The unemployment rate remained unchanged at 9.8% in December. Over the past 24 months, the unemployment rate has dropped three percentage points from 12.8% to 9.8%--“a strong indication that the region’s job recovery is taking hold.”

Three of the five largest sectors in the region continued to add jobs on an annual basis, says the report. “Professional and business services expanded by 2,200 jobs helping bolster private-sector leasing activity in the downtown office market through the end of 2012. Federal and State government employment steadied at 222,200 jobs, unchanged over the 12-month period. The resolution of California’s budget through proposition 30 will likely lead to the expansion of several State agencies, and bring added job growth to this sector in 2013.”

Gains among office-using employment sectors in the past 12 months contributed to overall leasing activity and positive net absorption in 2012, says the report. Leasing activity within Sacramento’s Skyline, the prime Class A office assets in the Central Business District, tallied 826,000 square feet, nearly 90% of all Downtown leasing activity by volume. By comparison, the Skyline represents just 66% of the total office footprint within the Downtown submarket. Increased leasing activity drove vacancy rates down 110 basis points to 14.2% in the fourth quarter of 2012. “Although vacancy remains above the historic average of 9.6%, it has realized significant gains in recent quarters and now sits 200 basis points below the 36-month average of 16.2%.

“Notwithstanding the relative occupancy gains realized in recent quarters, asking lease rates for Skyline office space were relatively unchanged over the past 24 months and are 12.7% below levels reached during the peak of the market,” says the report. “As a result, tenants will continue to face minimal barriers to entry over the near term. Conversely, now may be the right time for investors to position themselves for potential acquisitions knowing lease rates could gain 10 to 12% over the next three to five years.”

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So for another year the outlook for office development looks weak but trendlines are pointing in the right direction.