Tuesday, March 24, 2009

Developers buy 730 I Street building for $7.8M

The Sacramento Business Journal's reporting that Sacramento Counties selling the Bank of America Building at 730 I St. for $7.8 million. The new owners will either refurbish it into a “first-class commercial project” or raze the building and put up a new one. If the group elects to refurbish the building, it must revamp the exterior with glass, concrete or other contemporary materials and may add a fourth floor.

The developers Ravel Rasmussen Properties and Separovich/Domich Real Estate Development are buying at a great time and I hope they have big plans to replace this building when the market improves. In 2006 D.R. Horton had big plans to build high-rise condos before the housing market went south. In this case I hope the new owners do something that’s a mixed use of both office and housing because downtown really needs more people living and working in the area.


Mike said...

Man, I hope they just raze the building. Seems like such a waste of space to have only a 3 or 4 story building in such a prime location. I wouldn't be surprised if it sat for a year or two though until the market looks a little better.

Gretchen said...
This comment has been removed by the author.
Gretchen said...

Sorry about the deleted post -- had a small correction. The detailing on the old building -- such as the mosaic work and granite exterior -- are quite impressive! Pix: http://www.flickr.com/photos/24047957@N06/sets/72157623205352410/ I hope the developers consider refurbishment of this 1958-1960 Mid-Century modern building.