Friday, November 17, 2006

Last Piece of 700 Block on K Street Complete

According to todays Business Journal looks like the final building on the 700 block has been purchased. Joe Sun is selling their building for $3.46M...AND they are getting $2.46M to purchase the business itself. Sounds like a pretty good deal for Joe Sun. They held out for a better deal and it looks like they got it. They may even stay on K Street somewhere.

Also very good news is that while they would not comment on retailers until the leases are signed, they said it would be a mix of national and local business.

Everyone wants to see local business represented in this project, but with nationals in the mix attracting a larger range of people, I think there is a better chance of more smaller retail thriving on K Street. Target date for opening of retailers in still Oct of next year. It they are open by mid-Nov, I'll be happy.

It also mentions more details will be available next month for city council on the 800 block in which Saca, Mo Mohanna and John Lambeth are planning offices, condos and retail. Originally, there were two options for that block. Two towers of 600 condos/lofts, or one tower of 300 condos/lofts, and one tower of office space.

Given the slowing housing market, high constructions costs, and the surge in office leasing, I would think they will be looking more closely at the office and condo mix. Who knows though, the market might change again in the next few years that I assume this project could be completed. Being able to see into the future sure would help in these situation...ha

Having office space now, under construction or looking to breakgound at anytime that will be completed over the next couple of years looks good for you, who knows after that though.

4 comments:

Anonymous said...

KCRA moving to some schlock office building in the middle of the newly created slum in the flood plane of Natomas...

and what do you urban design genius' have to say? Nada...zilch...niente...

but hype away hype, that's what you're good at...

Instead of some real design ideas, say how about PR firms and Broadcast Studios right downtown/midtown, you know, like Seattle, SF or Portland, that create activity and generate both a lunch crowd and nightlife...that doesn't need dowdy state workers or the endless stream of used car salesmen...

But go on hyping about Saca and his giant burial chamber...

but that's just "Living Urban in Sacramento"

LivingInUrbanSac said...

That's funny; I'm still trying to figure out what you are good at. You aren't even good in your attempts to bash Sac. Seattle this, SF that, Portland that...all the same rhetoric every time. Very original.

Being the urban design genius that you are, I would think you would realize that losing a small local TV station to the burbs is no big loss. It’s not like maybe The Today Show moving out of the area. Have some perspective...

Downtown needs more mixed-use housing. Plain and simple. The more people in the area, the more demand for services and other businesses, the more money that is spent, which will lead to existing business able to survive and more business able to move in, and the area thrives around the clock. It needs to become a neighborhood. It's not hard...for most people.

I appreciate Saca going out and trying to bring large amounts of housing to downtown when no other developer has, and to change the perceived image of downtown to most locals and people outside. If that constitutes me hyping him, then so be it.

Wow look, I did it again!!!

But hey, that's "Living Urban in Sac"

TowerDistrict said...

i dont really see how a flippin Hearst-Argyle company formerly located in a HUB zone counts as a loss to downtown. Though I guess there was the plan to create a live news broadcast center on K Street called K Street Central. That was a shame that the project couldn't fund itself and cost too much to happen ($32 million i believe).

but then again - weren't you the same person to criticize the city for their willingness to subsidize downtown projects to begin with?

and lastly - the last thing sacramento needs is MORE goddamn PR firms. what goes through your head when you type away?

TowerDistrict said...

i'd like to add that Sacramento's leading PR firm, Runyon Saltzman and Einhorn, are headquartered at 1 Cap Mall - mere steps away from the Towers project.

i would imagine more than a few of their staff are eyeballing Saca's project as their next place of residence.