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."