Wednesday, April 15, 2015

Capitol Towers an Historic District?

Tonight the Sacramento Preservation Commission will hold a public hearing to recommend the Capitol Towers superblock within N Street, P Street, 5th and 7th Streets be registered as a historic district. The applicant, Sacramento Modern (SacMod,) requested the nomination of the Capitol Towers complex for listing in the Sacramento Register of Historic & Cultural Resources (Sacramento Register.) The Preservation Director found significant features and characteristics of the Capitol Towers superblock meet several criteria for eligibility and recommends consideration and action. Click here  to view all the “historic” reasons.

The proposed Sacramento Commons project includes two high-rise (24 story) apartment buildings with 550 total units (275 apartments per building), 12 live/work units, 21,000 square feet of ground floor retail / support services, 604 parking spaces, and an open space plaza. Two 206 mid-rise (7 story) apartment units, 8,000 square feet of ground floor retail / support services, 916 parking spaces, and 30 live/work units. One Hotel/Condo/Retail  300 room hotel, 110 condominium units, 37,000 square feet of retail / support services, and 639 parking spaces in a 24-story mixed use building, and 4 live/work units. 

Monday, March 30, 2015

Colliers Downtown Office & Research Report

The 4th quarter of 2014 showed the Sacramento office market attracting both new investor groups and positive signs of the market improving. Colliers International research projects a slight drop in vacancies with no additional supply of office space in the Central Business District.

Colliers research also indicated that 4th quarter sales activities had picked up from the previous year in the total number of transactions, while the total dollar volume appeared to double sales from the previous year. Colliers stated that with the Downtown arena underway and the market steadily improving, expect to see more downtown projects and ownership transfer sales over the next 12 months as interest rates remain historically low and financing is readily available.

With just under 2 million square feet sitting vacant in the downtown market, it’s hard to envision any large office towers getting started in the next year or two.

My hope is that the Sacramento market stays stable and vacancies continue to trend downward from the peak in 2011 at 17.2%

Monday, March 23, 2015

Sacramento ESC Construction Photos

Crews continue pouring concrete mat slabs and pile caps for the new Entertainment and Sports Center.

Sacramento ECS Construction - from the 14th floor of the Federal Court house on "I" Street

Sacramento ECS Construction - From 14th floor of 555 Capitol Mall.

Sacramento ECS Construction - Taken from 5th Street

Sacramento ECS Construction - taken from 5th Street

Sacramento ECS Construction  - taken from 5th & J Streets

Sacramento ECS Construction - from top of 555 Capitol Mall car garage

Sacramento ECS Construction - from top of 555 Capitol Mall car garage

Sacramento ECS Construction - from top of 555 Capitol Mall car garage

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