Friday, October 14, 2005

Ugly County Building Going Bye-Bye?

There was news a couple months back about the old county building on 8th and I being solicated to a developers. The building is vacant, now that the city has finally moved to the new city hall. Chances of that eye-sore being leased are slim and none..and slim just left the building.

The county is carrying a 8 million dollar mortgage on it and is costing the country something like $50,000 every month. They are really just looking to get it off their hands.

4 proposals were received. The one choosen was from homebuilder DR Horton was choosen to for the site.

A 21-story tower with 295 condo's with a small amount of office and retail is planned,

Now some interesting news, there were two other proposals that made the short list, so one was thrown out.

- Dain Domich (local developer), whom you might remember bought the funky peice of land on Capitol Mall before the city ripped it from him (I'm still mad about that). His proposal was for a 28-story tower with condo's, office and retail.

- Montgomery Advisors out of SF. They proposed 1,000 (Yes, 1,000) housing units.

It looks like the reasoning behind choosing Horton is they have DEEP pockets and can build right away. Horton had $11 BILLION in revenue last year. Hopefully they can get going as soon as possible before the housing market inevitably cools down. The item goes before the county board next week for approval.

Another intersting note, Montgomery Advisors. That's great to see that they are looking at the Sac market. I think they have done some big stuff in SF

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