Sacramento Development News

[enigma99a]

Developer John Saca has been running big ads promoting his planned high-rise condo. Now he's opening a sales office just up the block from the Third and Capitol Mall site where he's proposing what he calls "the largest project in the city's history." He wants to build twin 53-story condo towers, a 250-room hotel, 70,000 square feet of retail shops, a spa and the city's largest health club.

Visitors to the sales office at 455 Capitol Mall will get a virtual reality tour of the building and see sample furnishings, a fully equipped demo kitchen and a scale model of the project. The office also will have "windows" showing the view condo buyers will have from their high-rise abodes.

Saca's plan is to start taking refundable, $10,000 deposits from interested parties in July, when the sales office opens. Then start collecting non-refundable deposits - amounting to about 10 percent of the units' sales prices - in September or October. He hopes to begin construction before the end of the year.

Financing for the $400 million project? It won't be a problem, he says, if enough people sign up to get units, which will range from the high $300,000s to more than $1 million.

"You go to the lenders and say, 'I have 70 percent of the units pre-sold,' you'll get financing in a heartbeat," Saca says.






Luking good: The building Danny Benvenuti is proposing at Seventh and L streets - current site of the Greyhound station - officially is called 701 L. But one of Benvenuti's daughters, 16-year-old Kristine, has a better name for it.

"She looked at (the artist's renderings) and said, 'That looks like it ought to be the Luke Skywalker Building,'" Danny says.

Why that name? The sharp angles, the light blue tint of the exterior. But maybe also its sharp contrast with another downtown building, the famous, dark-glass tower built by Danny's uncle, Joe Benvenuti, in 1989.

That one's officially the Renaissance Tower. But everyone calls it the "Darth Vader" building.

On the block: Speaking of Darth, er, Renaissance Tower, word is that owner Triple Net Properties of Santa Ana has put the building on the market.

Triple Net acquired the 28-story, 300,000-square-foot building from Oaktree Capital Management of Los Angeles 16 months ago, paying about $200 a square foot.

Now it's hoping to take advantage of Sacramento's still-hot market and sell the building for something close to $250 a foot.

The tower once was the city's top office property. It's been upgraded significantly in the past couple of years. But, at Eighth and K streets, it has only a so-so location. If only it were located on Endor ...

[enigma99a]

Aura is expected to start construction in November 2005 and Epic in June/July

[x_raided]

Hey, so whats the difference between Aura, and Aura condo's? Someone please explain

Also, whats the status with the golden state building? has it been cancellled?

[Dr.VitO]

Originally Posted by x_raided

Hey, so whats the difference between Aura, and Aura condo's? Someone please explain

Also, whats the status with the golden state building? has it been cancellled?

Aura and Aura condos is the same building. The other building that nassi is proposing is Epic which is the 50-storey building.

I think instead of the golden state building, they are going to build 3 smaller buildings now

[enigma99a]

No the Golden State Building plan isn't decided. There has always been 8 proposals and the 700ft tower was one. The 3 building proposal is #4 and I don't think it made the final cut of the final 3-4 options.

[ltsmotorsport]

For anyone interested, the last west end public meeting is next wednesday.

West End Office Complex Public Workshop #3
Workshop to gather public comment on the West End Office Complex Project. Location: West Side Projects Outreach Center at the Bonderson Building - 901 P. Street, Sacramento. Enter at the corner of 9th and O Streets.

Date: 6/15/2005

Time: 5:00:00 PM - 8:00:00 PM

Here's a map of where the meeting room is and where the sites are for reference.

[sugit]

http://www.sacbee.com/content/news/...-13908358c.html

Public hears K Street options

Redevelopment ideas lead many to believe this effort might take hold.

The K Street Mall was an empty place Monday night, with only a few tourists pulling suitcases, a handful of people waiting for light-rail trains, and a scattering of outdoor diners at Pyramid Brewery.

But above the mall, in a packed conference room, a new future for the struggling street was rolled out to interested residents.

During the first - and only - public presentation of three K Street redevelopment plans, many people were enthusiastic that the area might finally be revitalized.

"This city is moving in the right direction - finally," said community activist and preservation advocate Steve Ballew.

Three development teams presented their ideas, envisioning a vibrant K Street as a place to shop, have fun and live - as well as work. The redevelopment push comes after city officials, elected leaders and members of the business community acknowledged that a tough approach was necessary to bring about change.

There are two competing plans for K Street Mall's most blighted stretch, the 700 and 800 blocks of K Street.

One proposal comes from Zeiden Properties, headed by Joe Zeiden, president of the Gardena-based Z Gallerie home furnishings chain. The plan focuses on retail and seeks to preserve the street's historical feel by keeping buildings to two and three stories.

The Zeiden team announced that they have letters of intent from several well-known retailers, including: Borders Books, Urban Outfitters, Lucky Brand Dungarees and Sur la Table.

Originally, the $35 million plan called for office space on the second floor, but now the team is considering adding a modest amount of housing. (yeah, maybe you should have thought of that at first) It asks for no cash subsidies, although it would require city help to acquire properties.

The second plan goes beyond the city's proposed revitalization area to include the 700 and 800 blocks of L Street. Under the project, conceived by a Portland architectural firm, retail space would line the ground floor along K, L, Seventh and Ninth streets. The team will look for local and one-of-a-kind businesses to fill the retail space and try to preserve the historical facades of most buildings.

As part of this plan, a Nugget Market would locate somewhere within the two blocks. The plan calls for 955 condos, most to rise between K and L streets. The team scrapped plans to build apartments because they required a city subsidy that was too high, said Dan Cole, a partner in the Evergreen Co. and one member of the development team.

Cole said because of unknowns and changes, the development's price tag is not yet known. He told the audience he wanted to get started immediately on the project, but did not offer a completion timeline.

Members of the public were asked to provide opinions on sticky notes under the name of each proposal. The comments will be summarized for a committee of City Council members that will make recommendations by June 28. Several comments suggested combining the proposals.

Only one plan was submitted for 10th and K streets, a proposal from a development group led by David Taylor that envisions a media and entertainment district using all four corners of the intersection. Options include radio and television stations, a boutique hotel, a Paragary restaurant, a movie theater, apartments and condominiums.

Many members of the audience wore buttons urging more housing downtown. Paul Inalou, a student at California State University, Sacramento, said housing needed to be a priority for any project on K Street.

Terry Reese, a Granite Bay resident planning to move into a downtown high-rise, said he wants a plan that focuses on lots of amenities, as well as making the area safer.

"Moving the Greyhound bus station is key," Reese said. "Clean it up and we'll come downtown."
_________________________________________________________________
From LooknUp on SSP...

The Evergreen & Fischer proposal was the most well received. 955 res. Units between 7th & K and K & L street. What made this cool beyond the great renderings is that the existing facades would stay on the ground level but the towers behind would fill with residential.

This proposal is two full city blocks 107,000 retail,
129,000 office and a letter of interest from Nugget Market. The only down side is the taller tower that stands at the corner of L and 8th is where the 701 L street tower has been proposed… will all have to see how all this works out. Also they have a 3 to 5 year plan where the first phase would not be finished for at least 3 years and the others would follow as the market needs them. Good look’en and the developers are from Portland.















10th and K: CIM Group, David Taylor, Cordano, Paragary

230 residential units, 65,000 retail, and 105 hotel rooms. Possible TV studios, Lucky Strike Lanes, Movie Theatre, Paragary restaurant and high activity retail.









This is the Zieden proposal in competition with Evergreen. All they are doing is remodeling the Buildings that are there right now and filling them with shops. They have many letters of intentTo fill the stores too. Most people were disappointed during the Q &A that there was nothing more, no Condos or apartments. IMO a weak attempt.

[sugit]

Also - Captiol Grand Tower website is up

No info yet though...

http://www.capitolgrandtower.com/

[hellobubba]

Thanks for the info so far, everybody. I'm still following over at SSP aswell.

Maybe i missed it, but i haven't seen anyone comment on the early proposal for the massive "Gold Rush Park" featured in the latest edition of Comstock's Business magazine.

If you heven't seen it, there is only one large photo of a scale model shown, but it is the cover story - and the article is very interesting. I'd love to find out your opinions on the subject.

[hellobubba]

and here it is...

[sugit]

I heard about this around a year ago, simply an amazing idea. The people behind this seem very motivated, I wish all the luck in the world on this...they are going to need it.

I think if this happens, it will need to be a major regional effect (kinda like how the arena should be!!)

"Leon Younger is currently about halfway through a feasibility study for Gold Rush Park; the final document should be done in September."

This will probably tell us quote a bit.

[sugit]

btw...here is a link to Gold Rush Park

http://www.goldrushpark.org

The powerpoint under downloads is a good read, as well as old articles under article/news

[ltsmotorsport]

I really hope this happens. I also heard about it a while ago, and it's a very novel idea. I just hope they can get the property owners on board. It would be the Balboa Park of Sac.

[Dr.VitO]

hey guys this gold rush park is a really good proposal for the city.

I did a little search and found this great site that has more info and bigger renderings for the project.

http://lda.ucdavis.edu/newsevents/gold.html

[Dr.VitO]

A render from that site:

[ltsmotorsport]

Sweet model. I think some of those buildings are ones that are already proposed by seperate developers, so they wouldn't hurt the park, but they wouldn't be part of it either. Other than that, it looks like there is a lot of museum space and the new site for the zoo will give it much needed space.

[hellobubba]

City of Sacramento Design Review Internship

Date: 2005-06-15, 4:10PM PDT

The City of Sacramento seeks a detail oriented intern. This is a paid opportunity for a college student to gain exposure to architectural projects proposed in the Sacramento area. This is a one year internship starting immediately and ending in June of 2006. Interns will be responsible for checking in projects, noticing the community, and coordinating with staff and supervisor. This position calls for a great deal of administrative work. Applicants should be familiar with computer programs such as Excel and Microsoft Word. All majors will be considered, but preferably architecture or interior architecture students should apply. Applicants must be at least in their Junior or Senior year in the fall at an accredited University. Interns will be granted University credit as well. Interested applicants may send cover letters and resumes to Luis R. Sanchez, AIA, Director of Design Review City of Sacramento Development Services. E-mail address is lsanchez@cityofsacramento.org

Job location is Sacramento
Compensation: After training period $8 - $11.00 per hour

[enigma99a]

Posted on SSP.. This project will add 25,000 new residents and which works out to be about 75K persons per mile.

Urban Village" Planned for Downtown Railyard

http://www.kxtv.com/storyfull1.asp?id=11535

Two-and-a-half years after negotiations began, developer Millennia Sacramento is a step closer to buying the Union Pacific railyard near downtown Sacramento.

Today the developer announced it has filed an application with the city for approval of its project for the 240-acre railyard. It says the deal is about 95 percent complete, and it hopes to finalize the purchase by the end of the year and begin construction in 18 months.

"We are delighted to have achieved another major milestone in this very complex transaction," said Stanley E. Thomas of Millenia's parent company, Thomas Enterprises, Inc.

Millennia plans to build what it calls an "urban village" on the site. It would include 10,000 housing units, along with offices, stores, and cultural attractions.

The Union Pacific chose Millennia as the favored developer for the site about two-and-a-half years ago and announced a tentative agreement last July.

Today's move comes just two weeks after developers led by David Taylor, Tony Giannoni and Angelo Tsakopoulos offered to buy the site. They want to use the former railyard as the site for a new Sacramento Kings arena. A spokesman for Union Pacific said the company is not entertaining other offers.

[enigma99a]

http://sacramento.bizjournals.com/s...tml?jst=b_ln_hl

Millennia proposes 10,000 homes in former downtown railyard

The company that has been negotiating for more than a year to buy and redevelop the 240-acre railyard in downtown Sacramento said Friday it has applied for city approval of its multibillion-dollar project -- including a proposal for 10,000 homes and regional food market

A year ago Millennia Sacramento III LLC said Union Pacific had agreed to sell the railyard. But many issues remained unresolved, including public participation, environmental cleanup and a state claim to a piece of the railyard that was formerly part of the American River riverbed.

Ninety-five percent of those issues have been settled, said Suheil Totah at a press conference in the Sacramento Amtrak station Friday afternoon. Totah will lead the project for Thomas Enterprises Inc. of Atlanta, which controls Millennia Sacramento.

Totah said he expects the sale of the railyard to be completed by the end of 2005.

Stanley E. Thomas is a major national real estate developer. Totah said Thomas Enterprises will open its Northern California office in Sacramento.

Totah also said he gave notice Friday that he was resigning from Morrison & Foerster LLP in Sacramento, where he was a partner, to take the new job with Thomas.

Millennia Associates of Los Angeles has the lead role in planning the railyard project, which would include 10,000 new homes and millions of square feet of offices and stores.

The city chose Millennia to be the lead developer on the railyard in fall 2003. The players had hoped to close a sale by the end of 2003, but various issues -- plus retail competition and proposals to put a new arena for the Sacramento Kings downtown -- complicated the situation. The talks to reach a deal were extended several times.

One complication is "Superfund issues," said Mike Casey, Union Pacific's director of special property sales and development, who expressed confidence Friday that those problems will be settled.

The application filed Friday proposes a mixed-used "urban village" with enough homes to add 20,000 to 25,000 new residents downtown, Totah said.

Also proposed so far are 2.34 million square feet of office space, 620,000 square feet of commercial/retail space, 300 hotel rooms, and 350,000 square feet of public-cultural space that will include the Railroad Technology Museum, a combined bus-train-light-rail station, and the renovated central shop buildings.

The former shop buildings would be the heart of the project. They would be reborn as a public marketplace, possibly hosting a regional food market "similar to San Francisco's successful Ferry Building marketplace," according to a press release, that would symbolize and enhance "Sacramento's history and reputation as a leading food and agricultural center."

The plan also includes an extension of 5th and 6th streets over the relocated railroad tracks.

Thomas Enterprises plans to establish its permanent Sacramento office at the railyard at the start of 2006.

[Dr.VitO]

This stuff is huge for sacramento, It would be great if they can squeez in a kings arena.