Wednesday, January 24, 2007
“Approved” Capitol Mall High-rise Ready to Go
If you’ve driven down Capitol Mall in the last few months, you probably noticed lots going on. The latest high-rise to gain approval to be built on the mall is 500 Capitol Mall. It’s a sleek 24-story building that has a façade of granite and blue glass. This design is more main stream than the original proposal which was a 29-story tower that was capped by a semblance of the Athenian Parthenon. The “Parthenon” design was greeted with little praise. Its black glass and white columns that replicated the Parthenon in Greece looked as if it belonged in Las Vegas.
The new tower is designed by Sacramento architect Ed Kado, and the construction costs are expected to be $115 million and take 22 months to complete. This building is unique in that it will be built on speculation. This means that whether tenants are signed up to move in or not, the tower will be built. The developer Angelo G. Tsakopoulos will be paying a majority of the money out of his own pocket and won’t be relying on a banks terms to pre-lease a certain percentage of the office space before the money to build is released.
Site work is scheduled to begin in February and the steel structure is expected to rise this November. Capitol Mall will be quite impressive in a couple years if all five of the towers slated to be built actually rise… this one will be a nice addition.
The tower at 396 feet tall will also feature Sacramento's first elevated restaurant over looking the city from its top two floors and crowned by a skylight.