Monday, February 09, 2015

Downtown Arena Construction Photos

 The foundation of the new Sacramento Kings arena in downtown is pressing forward.

Foundation work for the new Sacramento Kings arena.

Foundation work for the new Sacramento Kings arena.

Monday, January 12, 2015

700 K Breaks Ground This Week

Starting this week abatement and clean-up of the existing, rundown retail buildings on the 700 block of K Street will begin. Once that's done, demolition will get underway of the buildings behind the storefronts, to clear the way for a six-story apartment building with 137 units and 12 to 15 street front retail equaling 75,000 square feet. 

Construction should take 18 to 24 months and open about the same time or soon after the new arena. The total cost of the project is estimated to be from $35.5 million to about $47.7 million.

Friday, January 09, 2015

Downtown Sacramento Property and Business Improvement District

Next Tuesday the Sacramento City Council will pass a Resolution to renew the Property and Business Improvement District (PBID) which was originally approved in 1995 and again in 2005.

The PBID purpose is to serve the public interest by providing a higher level of safety, maintenance, and economic development services that are above and beyond what the City currently provides. Safety and maintenance activities include daily street guides, trash abatement, and graffiti removal. Business development services provide marketing, outreach, and other activities to convey a positive image and to attract new business to the Downtown corridor in an effort to increase economic development and revenue.

There are 460 parcels in the PBID service area. The total PBID assessment budget for the first year is approximately $2,716,642. Link

Friday, December 12, 2014

Flooding at the Arena Site

Panoramic photo of arena site looking north

Construction was halted midday Thursday because of the intense rainstorm.

Panoramic photo of arena site looking east

Thursday, December 04, 2014

26-Story High-Rise Planned

Proposed 26 story high-rise at 601 J Street 

If I did not know better, it's been feeling like 2006 all over again. Lots of big plans, and when I say lots, I mean way beyond what the city can absorb. But I digress. Last week Vanir Development Co. Inc. submitted plans to the city for a 26-story office tower (377 feet tall) on J Street across the street from the planned downtown arena and hotel. The Sacramento Bee reports that it’s a class A office building and hold 372,000 square feet of office space.

As much as I love the idea of a high-rise and more construction in downtown, this one does not make sense to me. According to
Colliers-Sacramento, there is over 1 million sf of vacant office space in (CBD) and 2 million in downtown. That's the size of four 25 story office buildings. Unless Vanir Development Co. Inc. plans to build on speculation like 500 Capitol Mall did, I don’t see how this will pencil out? At one time 621 Capitol Mall was proposed at 31 floors, but for 6 years developer David Taylor could not find enough tenants to fill it so banks could loan him the money to build. A certain percentage of square feet in a tower need to be leased out before monies are released to build. So Taylor shortened the tower to 25 floors so that it could meet loan requirements with the tenants he had already secured over a six year period. 

What’s interesting about this site is that the current building at the proposed site has been empty since 2009. Bank of the West moved to 500 Capitol Mall when their lease was not renewed and were told a high-rise was being planned for the site. The timing did not work out and the site has been sitting empty ever since. Here’s what they had in mind back then... Link

Tuesday, December 02, 2014

Marshall Hotel Renovation

Proposed Marshall Hotel renovation

In a move to transform and upgrade the Marshall Hotel on L Street, renderings have been released showing a piss poor attempt to make it attractive combining both the old and new. The developer Presidio Cos. said it hopes to start construction sometime next fall of the 130 hotel rooms, topped by 10 to 15 apartments or condominiums.

Proposed Marshall Hotel renovation