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"For Sale By Owner" Sheraton going to developers Taylor, CIM
Wednesday, March 26, 2008
It seems David Taylor is the golden child of Downtown Sacramento development these days. During a time when grandiose projects like John Saca's Towers and Craig Nassi's Aura Condos hit the skids, Taylor's U.S. Bank Tower at 6th & Capitol Mall seems to be the only highrise project that has come out of the ground in the last two years on the grid. We've seen some smaller but key successes in the L Street Lofts and 1801 L (both by Sotiris Kolokotronis) as well as the 1600 H Lofts (from Habitat's Jeff Kraft), but the big buildings that define a city's skyline are a sore subject for Sacramento.
It's almost no surprise, then, that the City of Sacramento is fast-tracking sale of the city-owned Sheraton Grand Hotel (and garage) to David Taylor and his partner in the transaction, CIM Group. In addition to the U.S. Bank Tower, Taylor has built projects that include the New City Hall expansion and 1201 K Street. CIM Group of Southern California was made famous locally through their heavily subsidized (to the tune of $16 million) 800 J project and are CalPERS' new partner in the former Towers site at 300 Capitol Mall. Yes, it's an incestuous bunch.
The Ayes have it
Taylor has applied pressure to the city to give the final okay to the deal, quietly warning that the current offer could go away if no resolution is achieved. And, in the face of such pressure, the City Council voted 8-1 to approve the deal (with Kevin McCarty the lone dissenting vote)—despite concern from interim city Treasurer Tom Berke, who's concerned that the deal is being fast-tracked without thorough analysis.
No, the surprise of this deal isn't so much that the city is selling in a slumping real estate market (nevermind the old saying about buying low and selling high). The surprise is that the city has agreed to earmark half of the roughly $40 million profit from the $130 million sale for future Taylor/CIM projects. According to The Bee, those sites could include the former Montgomery Wards at 9th and K, 601 Capitol Mall (land that Taylor owns and that was originally slated for the 39-story Aura Condos that developer Craig Nassi was working on), and the former Towers site that CIM and CalPERS control.
Charity, thy name is David Taylor?
Taylor appeared briefly at the Tuesday City Council meeting to say that the Sheraton sale keeps downtown development alive.
To see what a few SacBee.com readers think, click here.
Labels: 13th and J, CIM Group, City Council, City of Sacramento, David Taylor, development, Sheraton Grand Hotel, The Sacramento Bee
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posted by Rob McQuade @ 2:02 PM,
