Monday, June 16, 2008

Zeiden out of K Street proposals?

Way back in the days Joe Zeiden was going to being rehabing and developing the 700 block of K Street into a retail stretch...not anymore?

Looks like Zeiden might be out of the K Street proposals. The city in closed session tomorrow is authorizing negotiations with Zeiden to acquire what looks like the parcels he owns.

With the downturn in the economy, retail can't be doing too well. It just took too long to materialize.

I've heard quite a few rumbling recently that Mohanna has put together a proposal with credible developer who will run the project. Mohanna will step into the background and let them run with it (If true, Thank God)

I also heard he is asking for a huge subsidy, so we'll see what happens when news actually comes out. I won't believe anything until it is 100% completed, and even then I still won't.

There are quite a few items under Closed Session regarding this, but here is the one I am referring to above. The other I can't tell what they are regarding specifically other than the pending litigation.
Tuesday, June 17, 2008
City Hall – 915 I Street- First Floor Council Chamber
Closed Session - City Council

i) Pursuant to Government Code section 54956.8 for a matter pertaining to real property negotiations. Authorization to negotiate with Joseph Zeiden of Zeiden Properties, LLC for the acquisition of the following Assessor's Parcel Numbers: 006-0096-04, 006-0096-018 and 006-0096-019. The purpose is to confer with the City's chief negotiators, John Dangberg and Leslie Fritsche, regarding the price, terms and conditions of the acquisition.

1 comment:

LivingInUrbanSac said...

This is good news (I think)...Looks like Zeiden does want to sell his property to the city, but is still committed to the project (so he says), he just wanted to get out of the holding costs due to the delays.

I'm interested to see if Zeiden will buy back the property if the development happens, or it will be included in some sort of new agreement. Some how I think the later.