Wednesday, September 22, 2010

Hotel Berry Renovation

This $24.5 million project is set to start renovations next month and take a year and a half to complete. The historic hotel at 729 L St. was built in 1929 and since the 1970s, the hotel had been used for affordable housing, referred to as a single-room occupancy (SRO) hotel. The renovation, will outfitted each room with a kitchenette and the ground floor will be remodeled.

In September 2009, the Hotel Berry Project was awarded nine percent tax credits through a competitive process. The Project exchanged the tax credits for an award of American Recovery and Reinvestment Act (ARRA) funds in the amount of $13,561,066 in December 2009. The ARRA award completed the Project's required financing. The necessary agreements have been executed to proceed with disposition of the property by the Redevelopment Agency to the developer Jamboree Housing Corporation (Jamboree). Jamboree will develop and own the Hotel Berry.

In July of 2010 Jamboree submitted plans to the City Building Department and anticipates receiving permits in October of 2010. Construction is expected to begin immediately after building permits are issued with completion estimated by the end of 2011. Sacramento City Ordinance 2006-056 requires that the City maintain an inventory of not less than 712 residential hotel or comparable units. The Hotel Berry is the second largest of the remaining downtown residential hotels and one of nine properties that comprise the City's SRO inventory. Granicus

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