Thursday, March 29, 2007

A Letter from John Saca

Dear Future Homeowner,

I would like to thank-you for your continued patience over the past few months and for your commitment to The Towers on Capitol Mall. Your support via e-mails, phone calls and letters has been overwhelming and validates all of the hard work and effort that has gone into The Towers. You, the Buyers, are ultimately what will make this project a reality. Please know that we have been working diligently to resolve the issues stalling the project and we remain dedicated to building the vision we all share. The Towers continues to receive tremendous support from City leadership because they realize there is no single project as important or as pivotal to the growth of Downtown Sacramento as ours.We are in discussions with several potential equity partners and hope to make an exciting announcement soon regarding the revival and immediate continuation of our project. In order to give us the flexibility and time we need to finalize the necessary financing for the project and resuming construction, we respectfully request that all buyers cooperate with us and agree to the attached addendum. The enclosed Addendum asks that you agree to restate the effective date of your agreement to May 1, 2007 and extends the date for removal of the construction financing contingency (found in Section 6 of your purchase agreement) to August 31, 2007. Upon signing the attached Addendum your contract remains in force and fully binding. Failure to execute this Addendum within the time set forth below, could result in cancellation of your contract and return of your deposit. Therefore, your timely cooperatio n is necessary and greatly appreciated. Thank you in advance for continuing to share my vision and being willing to stand by The Towers through all of the ups and downs that any project of this size and significance would face. Please click here to print out and sign the Towers Extension Addendum and return it to the Sales Office at 455 Capitol Mall, Ste#135 Sacramento, CA 95814 on or before April 17, 2007. We have also sent this information via regular mail with a pre-paid addressed envelope. Feel free to contact The Towers Sales Team at (916) 443.2200 if you have any questions or concerns regarding this matter. The Sales Office is open Tuesday through Saturday from 9AM to 5PM.

Again, I sincerely appreciate your cooperation, support and dedication to The Towers and being a part of this historical, world-class building.

Sincerely,
John Saca President, Towers on Capital Mall, LLC.

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After I read this letter to the future home buyers, it secured my belief that the Towers will be built as originally proposed. It also let me know that my sources of info on the towers have been right on the money.

The only thing that I see that might be another set back is if not enough buyers’ sign the Towers Extension Addendum and choose to back out of the deal this way. They were only 13 away from the magic 50% mark about a month ago.

3 comments:

william said...

I would imagine that this extension request was reviewed by the state DRE before Saca could distribute for signature.

Although I have never had to make this kind of request on any project, I have requested changes or addendum to my CCRs or disclosures et. al. after I have begun selling. It is a process that is thoroughly scrutinized and requires several layers of approval.

What this tells me is that he and his legal team was able to convince the state that, with buyer permission, keeping the deposits results in no damage to the buyer.

That means that there are no significant changes to the project as originally proposed (still 615' high)and that the requested time appears sufficient to resolve all issues pertaining to construction resumption.

It is a very good sign.

Way to go Saca!

LivingInUrbanSac said...

Someone I know who bought a unit sent that to me as well.

With buyers now having the option, I think he will see some buyers back out. I'd love to find out how many of the 380ish still move foreard

I've heard a couple rumors on this project over the last couple of weeks. I'll be interested to see which one, if any are true. One has been pretty consistant, so we'll see.

Anonymous said...

Great!

I have been sitting on the sidelines waiting to hear what happens next before buying one. Just one more reason to stop by and have a look!