Wednesday, February 01, 2006

A new look for Capitol Grand Tower?

http://www.jensenfey.com/stage/jensenflash.html
















55 Stories
250 Room Hotel Hilton Garden Inn
395 Condos
100K Office Space


If this building is going to be 50+ stories, those units are going to have to be luxury in order to off set the much higher cost of building that tall.

There are a couple items that do lend some credibility to this. The 100K would be pretty easy to rent in a rebounding office market and given the location. The Hilton Garden Inn has been rumored from the beginning, so there must be some validity to that

Now the bad part. If indeed these are going to be luxury, which is really weird considering a Garden Inn is at the lower end of the hotel spectrum, I think they are too late into the game. There are too many luxury units out there as is for this short of a time period. The Towers and Aura I think are going to eat up most of the demand for the time being.

Second, the only peoples names I have heard on this project are Mo Mohanna and John Lambeth. I doubt they have the $$$ to pull this off without a major backer and developer. Are they working with someone? Maybe, I really have no idea. Until I heard they have another partner though, I can't put much into this

Absolutely beautiful building, but have a very hard time thinking we are going to see it in our skyline.

All these developers are jumping at the chance to bring in the wealthy buyers, and the first few will succeed. My question is, there is also money to be made at the more moderate home buyer level...who are going to be the first few to scale back their projects and jump in and grab the market a couple steps below luxury? Looks like DR Horton is taking a leap in that direction, but I think there is much more to be had

3 comments:

Anonymous said...

Hmm, they must have recently scaled up their proposal. The Downtown Sacramento Website (at http://www.downtownsac.org/index.php?mvcTask=projects&id=119&categoryID=0) lists this as a 32 story project with 85 condominiums, a 200 room hotel, 250 parking spaces and ground floor retail. The Jensen Fey site adds 50 hotel rooms, quadruples the number of condominiums, and yet shorts the parking by 12 slots. Weird. I think this is all pie in the sky stuff anyway. But I agree it is a pretty rendering (actually I think the old proposed 32 story tower looked pretty too, see http://www.capitolgrandtower.com/)

LivingInUrbanSac said...

Yeah, I agree. If there was one proposal out there that I thought had the least chance of getting built, this is the one.

Anonymous said...

Wow, what a great location for a hotel (convention center), and residential tower only 2 blocks from Capitol building, Community Theatre,K Street retail. If it has the parking, it sits next to the nearly full City parking garage that Sheraton uses. At least this project won't have to cross busy J street to park their tenants or guests! I think I counted 12 restaurants within a 1-3 minute walk of site.