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A Tale of Two Towers on Capitol Mall
Tuesday, April 10, 2007
Even before work stopped on the Towers site in January and John Saca confirmed in February that the developer had defaulted on a $22 million loan, a lot of people had their doubts about Sacramento being able to sustain a project of this magnitude. As new obstacles popped up and CalPERS proved to be less than willing to negotiate a buyout, the storm cloud darkened.Late in March a letter from Saca to the future homeowners at the Towers confirmed what had been hinted at: a new equity partner was being sought (most likely to replace CalPERS). The letter also included an addendum that restated the contract dates to be effective May 1. The team handling the sales is now chasing those addenda down.
Saca will probably release a statement in the next couple days to stave off the media's requests for updates and all the swirling rumors that pop up in the space between official announcements. In that expected statement: John Saca and his partners have secured a new equity partner to replace CalPERS, the Deutsche Bank funding remains in place, and the project will move forward. Keep your ears to the ground...
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Labels: 3rd and Capitol, condos, development, downtown, highrise, John Saca, Towers, Towers on Capitol Mall
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posted by Rob McQuade @ 12:19 PM,
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Will local agencies know what to do?
Friday, March 23, 2007
The Sacramento Bee writes about the challenges local agencies will face in coming years as new high-rise projects replace smaller structures.
With six new downtown office and residential towers over 25 stories currently proposed or under construction (and that doesn't count , local law enforcement and emergency services are working to get the learning out of the way now. ♦
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Labels: downtown, highrise, news, safety, The_Sacramento_Bee
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posted by Rob McQuade @ 3:15 PM,
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Did the Towers see their own shadow?
Thursday, January 11, 2007
I just caught a teaser before the news this evening: a local highrise development has halted construction in the face of unpaid bills and liens. John Saca has stopped construction--and apparently paying bills--for work done on the Towers on Capitol Mall at 3rd & Capitol Mall.
Current news stories:
- "Construction Halted on Towers Project" ›› - KCRA.com ›› (1/12/07)
- "Towers project on hold" ›› - The Sacramento Bee ›› (1/12/07)
- "Towers Project Construction Stopped" ›› - News10.net ›› (1/11/07)
» You can visit the Towers on Capitol Mall website here ››.
» As always, you can email Rob here.
Labels: 3rd-and-Capitol, development, downtown, highrise, John_Saca, Towers
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posted by Rob McQuade @ 9:49 PM,
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Special Hearing for 500 Capitol Mall
Wednesday, January 10, 2007
This just in from Julie Sontag with the City of Sacramento:
CITY OF SACRAMENTO PLANNING COMMISSION ANNOUNCES A PUBLIC HEARING FOR 500 CAPITOL MALL HIGH RISE PROJECT
Who: The City of Sacramento announces a special public hearing for the proposed project at 500 Capitol Mall (APN: 006-0146-030).
What: Angelo G. Tsakopoulos of Tsakopoulos Investments proposes to construct a 24-story, 396-foot tall high-rise building, consisting of 27,124 square feet of retail and restaurant space and 406,384 square feet of office, and a total of 794 parking spaces, for a total building area of 732,295 square feet in the Central Business District Special Planning District.
Why: To provide the public an opportunity to present their comments to the Planning Commission at a public hearing that will consider the project and hear an appeal of the Design Review Preservation Board on the same project.
When: Thursday January 18, 2007; at 5:30 p.m.
Where: Historic City Hall - Hearing Room, 915 I Street 2nd Floor, Sacramento, CA 95814
Contact: David Kwong, Planning Manager at (916) 808-2691 or Amy Williams, City Public Information Officer (916) 808-5014♦
» You can visit the City of Sacramento's website here ››.
» As always, you can email Rob here.
Labels: 500_Capitol_Mall, 5th-and-Capitol, Angelo_Tsakopoulos, downtown, events, highrise
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posted by Rob McQuade @ 4:25 PM,
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