The clock’s ticking for Bob Leach and his development firm USA Hospitality Inc. Leach has until the end of November to present Sacramento officials with a viable financing package to build a 23-story hotel and a parking garage on city-owned property on 8th Street, between K and L streets.
And just to add some pressure to the $136 million project, the city is working on a concurrent request for proposals for other developers to submit plans for what they can do with the land, which will be released at the end of November if Leach’s plan doesn’t work out.
In addition to racing the deadline to tie up financing, the city also wants Leach to tie in the façade of the adjoining Bel-Vue Apartments — a 99-year-old structure — into his parking garage.
Printed in this weeks Sacramento Business Journal
Well is this a surprise? It appears to me that the city is not thrilled with Bob Leach's proposal and is open to other plans in how this land can be used. I'm sure a hand full of developers are getting lined up for a $31 million subsidy. I'm also certain they will do a better job of using the Bel-Vue facade than attaching it to a parking garage. Good luck Bob.