Thursday, April 23, 2009

10th and K Entertainment Project

With a 45% ground floor vacancy rate, K Street’s health is currently struggling. These spaces have been vacant more than eight years and have seen several projects – all proposed with subsidies - come and go. Currently David Taylor Interests (DSTI) and the CIM Group (CIM) have proposed the following K Street Entertainment Project:

• 1016 K Street: This 3,000 sq ft parcel will feature Dive Bar, a trendy play on a vintage dive bar. Dive Bar will feature an iPod jukebox with a selection of many musical genres.

• 1020 K Street: This 5,600 sq ft parcel will feature Pizza Rock, a high-end pizza restaurant. The restaurant will feature pizza acrobatics and trained pizza artisans.

• 1022 K Street: This 4,300 sq ft parcel will feature Frisky Rhythm, an upscale nightclub targeted to an audience ages 30 and up.

• 1012 K Street: This 12,000 sq ft parcel will undergo building shell and core renovations. No tenant has been identified yet.

Major upgrades will need to be made to make the parcels market ready. Hazardous waste issues, seismic retrofit and utility upgrades, and antiquated infrastructure are just a few of the significant costs present in most K Street projects. Additionally, the tenants will be paying market rate rent and thus not undercutting existing businesses by offering subsidized mortgage rates. Tentative target delivery date is late 2009.

Financing: The total budget for this project is $11.8 million including tenant and developer investment as well as proposed public investment.*

Investment in 1016, 1020, 1022 K Street
Public Investment $3.4 million
Private Developer $3.4 million
Tenant $1.7 million
TOTAL $8.5 million

Est. investment in 1012 K Street
Public Investment $2.0 million
Private Developer $0.24 million
Tenant $1.1 million
TOTAL $3.3 million

Total Public Investment $5.4 million
Total Private Developer $3.6 million
Total Tenant $2.8 million
TOTAL $11.8 million

* The public investment is derived from proceeds of the Sheraton sale in 2008. Under the sale terms, half of the transaction proceeds would be available for DSTI/CIM projects in the JKL Corridor with City Council approval.

Monday, April 20, 2009

Trinity Episcopal Cathedral

This project will be constructed in two phases and includes demolishing the existing church and building a new 1000 seat Cathedral worship facility which the Design Commission approved last week.

A joint venture project is also in the planning stages for a new B Street Theatre in partnership with Sutter Hospital. The theatres planned for across the street from the Cathedral between 27th & 28th Street on Capitol Ave. with 95 condos and a 250 seat theatre.

Friday, April 10, 2009

Sacramento Intermodel Transportation Facility

The proposed Sacramento Intermodal Transportation Facility (SITF) is planned to be developed in three phases and would include the a realignment of existing rail tracks (Phase 1 estimated cost $56,169,000), improvements to the existing Sacramento Valley Station, which includes the current Southern Pacific Railroad Depot (Phase 2 estimated cost $21.9 million), and eventual transformation of the Station into a multimodal transportation center (future Phase 3 estimated cost $261.9 million).

The proposed project site consists of 33 acres, including the existing Station that’s owned by the City and the Cities in the process of acquiring additional land immediately north of the Station for the proposed project. The area to be acquired also contains the approximately 3,300-foot-long UPRR rail corridor (current alignment and proposed realignment) between the Sacramento River and 7th Street.

Phase 1 would be constructed and fully operational in 2010. Phase 2 would start construction in the first quarter of 2011, after the completion of Phase 1, and would be completed in approximately 3 years. The timing of Phase 3 is uncertain and depends on the build alternative selected and availability of funding.

There are two alternatives in building the new terminal building to accommodate projected providers and passengers for the new facility. Alternative 1 is to not move the depot or alternative 2 is to move the depot 300 feet to the north next to the realigned tracks. Moving the Depot would ensure that it would become the anchor for the new Depot District and would generally shorten the connections between passenger modes.
The project has just completed a National Environmental Policy Act Environmental Assessment evaluation and is open to public comment till May 15, 2009. A public informational meeting will be held on April 22, 2009.

Wednesday, April 08, 2009

Wednesday, April 01, 2009

Streetcars Proposed for Capitol Mall

Today the Preservation Commission will meet to discuss a study of bring Streetcars onto Capitol Mall and back to downtown Sacramento. Over the past 30 years, public and private interests have examined the feasibility of streetcar and services that could travel between West Sacramento and downtown Sacramento, but in May 2007 West Sacramento became the lead agency to prepare a draft environmental impact report for the project to gain permits for the project.

With the partnership of West Sacramento, Sacramento, in cooperation with Sacramento Regional Transit (RT) and Yolo County Transportation District (YCTD), a partnership was formed to study the reintroduction of the streetcar and connect the cities and their shared riverfronts. The partnership was also aided by funding from the Sacramento Area Council of Governments (SACOG) Community Design Program to perform a thorough analysis so elected officials, public agencies, citizens groups, and other stakeholders could make an informed decision on the proposed transportation investment.

The feasibility study includes a discussion of the technology, alignment, financing opportunities, and operating plans. The 2.2 mile proposed streetcar alignment would go from Washington/Triangle/Civic Center areas of West Sacramento and cross the Tower Bridge. From there the tracks would travel down Capitol Mall and cross over to K Street where it would then make a loop around the Convention Center heading back to West Sacramento.

The purpose of the proposed project is to improve transit service and local circulation by connecting both West Sacramento and downtown Sacramento with an alternative (non-auto) mode of transit in supporting existing and future development in the Cities of West Sacramento and downtown Sacramento. Approximate cost to build the Streetcar system is between $50 and $60 million.

Click here to see Video of Proposed Streetcars in action.