Monday, March 22, 2010
K Street Projects Revealed
Rubicon’s “The AuthentiCity” Proposal
Both details and rendering have emerged on several proposals put forth to develop both the 700 and 800 blocks of K Street with Sacramento’s Rubicon Partners showing the most ambitious proposal of them all. The Rubicon’s proposal includes building 400 mixed-income residential units and 150 luxury condos, 2,000-seat entertainment setting, grocery store, a 35,000-square-foot farmers’ market, 375-unit hotel and 125,000 square feet of retail spread over two blocks. The developer named this proposal “The AuthentiCity”. This has got to be boldest of the four proposals with a team that has experience doing projects including The Citizen Hotel as well as both 2110 L Street and 1801 L Street which are high-density mixed-use.
700-800 K Street, LLC
David S. Taylor Inc. has proposed a mixed retail-office development for the 700 block of K Street for about 50,000 square feet of retail and 57,000 square feet of office with the storefront façades retained. Taylor’s proposing 54 low- to moderate-income residential units by joining new construction to the existing Bel-Vue apartment building, and 66 market-rate units in a new four-level building with a rooftop courtyard garden. The team, which includes CIM Group, Domus Development and Zeiden Properties, is proposing a total of about 23,000 square feet of retail on the 800 block as well. This projects probably more doable than the Rubicon’s proposal judging by the rending but it’s a safe bet that having David Taylor take on this troubled area means it will get done. Their experience includes Sheraton Grand and 800 J Lofts here in Sacramento.
Mixed Use Development – 700 and 800 Blocks of K and L Streets
Bridge Housing Corp. of San Francisco along with Saca Development and Bagatelos Development, LLC has proposed building 360 “green” housing units, 33,000 sq. ft. of street facing retail, 48,000 sq. ft. of office space, and 34,000 sq. ft. of terraced open space and courtyards on all three development opportunity sites. Bridge Housing has lots of experience but none to speak of in Sacramento.
Promenade on K Street
Sacramento’s D&S Development competing for just one of the parcels and has a concept of 136 housing units in a four-story building known as “Promenade on K Street”. The proposal recommends removing the rear portion of the long narrow retail space to create 37,480 sq. ft. of more desirable retail space. The space created along the alley would become a four-story residential building over podium parking to provide for 136 new affordable housing units. The development team has received Letters of Intent from several retail and entertainment tenants. D&S Development experience includes Old Sac iLofts, Globe Mills, and the Historic Maydestone Apartments set to begin construction in Summer 2010. D&S Development has also lined up financing with Umpqua Bank and Wells Fargo Bank.
The teams will present their projects to a five-member panel Thursday the 25th which could lead to a recommendation to the City Council on a preferred choice by May. The winner could be awarded millions of dollars in redevelopment funds to bring its project to fruition.
More info about the proposals here