Tuesday, February 13, 2007

Nassi Enters Into Contract for Aura Land

First part of the agreement to obtain the 10M loan for Aura from the city is complete.

Nassi has entered into escrow for the portion of Lot A that he will build Aura on. Having complete financing by March 31st is the sticking point to actually purchasing the land though.

Next on the list is to finalize complete financing and go back to the city for final approval of the 10M loan.

Nassi mentions in the aricle that everything is complete, but given how many times we have heard it would break ground in the 'next two months', I have to wait until I see the site fenced off.


Nassi secures Aura land
Sacramento Business Journal - 4:18 PM PST Tuesday, February 13, 2007
by Michael Shaw

Denver developer Craig Nassi reached an agreement Tuesday --- the last day before a city of Sacramento deadline expired -- to purchase the land for the Aura condominium project at 601 Capitol Mall, after falling out of contract last summer with David Taylor, the landowner of the Aura site.

The city council had given Nassi just seven days to resolve the land issues for Aura, a 36-story, 268-luxury condo project designed by architect Daniel Libeskind, in order to qualify for a $10 million loan approved last week.

Nassi, owner of BCN Development, must have financing in place by March 31 under the agreement with Taylor, which entered escrow Tuesday.

"We won't sell to him unless he's got all the financing," Taylor said.

Reached by phone, Nassi said he's closing the loans and construction could begin in a few weeks.

"Everything is done," he said. "We just needed to get the land back under contract. The financing is done, it's there."

Work was supposed to begin months ago. Rising construction costs have made money for high rises scarce and led to several delays.

The land deal with Taylor requires Nassi to provide an immediate sum, two additional payments in March and a closing amount on March 31, Taylor said. He declined to say how much Nassi will pay for the land.

Nassi gave credit to city manager Ray Kerridge and assistant city manager John Dangberg for helping make the project happen.

"We've got a great downtown redevelopment agency," he said referring to the Kerridge and Dangberg. "They put in 50 to 60 hours each in the past week to get the deal finalized."


anonymous 2 said...

I agree, not until the site is fenced off will I believe it's actually getting built. Actually, I'll need to see the structure rise before I breath a sigh of relief. Now that the Towers project has stopped six months into construction, it's hard for me believe in much of what we hear or read any more :(

LivingInUrbanSac said...

Nassi has one big advantage Saca didn't have though, Nassi has locked in prices and has a "Guaranteed Maximum Price" with Plant Construction. I've never heard the term "Guaranteed Maximu Price" before, but I imagine that should prevent Nassi from seeing big cost increases, if any.

I think once we do see it breakground, it's good to go.

Anonymous said...

How is Nassi's Permit going?

No, the Construction Permit?

Does Nassi have Construction Documents, or does he just have more hot air?

Does Nassi have a "Permit" for something in his hands, NOW, or is the "next few weeks" for construction starting, more hot air?

The Owner of the property looks very dubious of the financial status and building skills of this character Nassi. Why should the City trust a rather shady character like Nassi?

LivingInUrbanSac said...

- How is Nassi's Permit going?

Some of the permits are ordered and ready to go.

He needs to own the land first. Also, I can't imagine he would spend the money on permits until everything is completely final.

-The Construction Permit?

See above

-Does Nassi have Construction Documents?

No clue, but I have imagine yes

-Does Nassi have a "Permit" for something in his hands, NOW, or is the "next few weeks" for construction starting

See above

-The Owner of the property looks very dubious of the financial status and building skills of this character Nassi. Why should the City trust a rather shady character like Nassi?

Taylor and the city wants to see is all funding close by March 31st for the loan and land to close escrow. I find that a very reasonable condition. If that doesn't happen, deals off.

td said...

i've read numerous articles published and heard from several other sources (including this fine site) that the permits have been waiting at city hall for months now - Nassi need only pick them up.

and yes, of course, he needs to actually own the land ;)

Anonymous said...

So basically this entire thing with Nassi is a big mystery and all the "reporting" is nothing but idle gossip...

Who is the Architect for the Construction Documents? Because Danny Boy sure is not competent enough...Who is the Structural Engineer?....and all the rest...

Is Nassi actually paying anybody, or is this another scam-0-rama like Saca where even the Architect didn't get paid?

Entire thing sounds like BS and idle gossip...

LivingInUrbanSac said...

Call Nassi and ask him yourself...

td said...

anonymous, why don't you just search for on second before you get all accusatory. the answers are readily available.

Stantect is collaborating with Libeskind. The structural engineering is provided by Buehler & Buehler