Wednesday, March 30, 2011

L Street Lofts Foreclosure

Developer Sotiris Kolokotronis mixed-use loft project at 18th and L streets has now been scheduled for a foreclosure auction April 13 on the courthouse steps. With only 22 of the 92-unit condominium sold, L Street Lofts LLC has defaulted on a $33 million loan held by OneWest Bank. This foreclosure sale might be one of the biggest bargains in midtown with prices tumbling as much as 50% or more off current asking prices. I’m sure several investors will be waiting to get a piece of the iconic midtown building.

Update 10/22/2011: It was foreclosed on and still has not yet been sold. I understand they would like over $20,000,000 which is higher then the current value according to local developers. The foreclosed value (the loan amount) was about $28,000,000. No one purchased the building at the courthouse so the bank got it.

Friday, March 25, 2011

Federal Funds Secured for Station Retrofit

The Sacramento Valley Station has locked in $10.4 million by the California Transportation Commission to structurally retrofit the depot with work expected to begin this summer. The $11 million project will have the remaining about due to paid for by federal funds, making up the difference.

The project calls for reinforcing the building to meet seismic standards as well as needed upgrades to meet modern accessibility standards. The city already has completed a structural investigation and engineering.

According to the Sacramento Business Journal; the Sacramento Valley Station is being turned into an intermodal hub that will handle Amtrak and Capitol Corridor service as well as light rail and bus services. The retrofit project is just the beginning of the larger project to create a hub for transportation.

City officials are seeking another $20 million federal allocation to put utilities and plumbing on the second and third floors of the depot to convert those to Class A office space. It’s all part of Phase II of the intermodal station project.

Phase I, the track relocation, took a major step forward at Tuesday’s City Council meeting. Granite Construction was awarded a $41.5 million contract at for the related track relocation project..

Work on the retrofit project is expected to begin this summer and wrap up by the fall of 2013.

Tuesday, March 15, 2011

The Gateway on Fremont Park

Tomorrow the Design Commission will look over this project in an advisory roll. CADA (which is exempt from requiring Planning and Design Review entitlements from the City) is requesting a review and comment in the form of Advisory Conditions for Approval.

This proposed building will accommodate 5,847 square feet of commercial space and 30 residential units. The proposed 30 units would include 11 one bedroom units and 19 two bedroom units ranging in size from 925 square feet to 1,535 square feet.

Tuesday, March 08, 2011

24th & T Courtyard Condominiums

This Thursday members of the Planning Commission will approve this controversial six condo project that has surrounding neighbors overwhelming opposed believing it will overburden the on-street parking in the neighborhood, and that the proposed architectural design does not blend with the surrounding buildings. The developer has meet with many of the neighbors to discuss the project in response to concerns over the original proposal for apartment units, so the developer is now requesting condominium units.

The design concept of the buildings is to echo the Prairie style mansions and some of the Art Deco apartment buildings in the neighborhood and by adding interest to the existing buildings with Tudor and Craftsman style architecture. The proposal also adheres to policies within the 2030 General Plan, the Central City Community Plan, Zoning, Multi-Family Design Principles, and Smart Growth Planning Principles.

The Commission has final approval authority for approval of the proposal but its decision is appealable to City Council.

Monday, March 07, 2011

19th & Q Neighborhood Park Site Meeting

Please join councilmember Steve Cohn along with City of Sacramento Parks and Recreation staff to begin discussion on the cleanup and future design of the 19th and Q Street Neighborhood Park site. The meeting will be held on Wednesday, March 23, 2011 from 6:00p.m. to 8:00 p.m. at the CADA Courtyard, 1322 O Street. The meeting will include information on an EPA Brownfield Grant that was awarded to clean-up the future park site and we will begin discussion on what neighbors would envision for the future park. We encourage you to bring children to this meeting! For more information, contact Tin-Wah Wong at 808-5540 or (info provided by CADA)

Thursday, March 03, 2011

Update: 800 Block Project

800 K Street

Yesterday a bigger refined proposal was presented to members of the Preservation Commission in what I believe does a better job of integration into the existing cityscape. This proposed project is a collaborative partnership between David Taylor Interests, Domus Development, and SHRA in an effort to build 200 residential units, 22,000 square feet of retail space,184 parking spaces, and the rehabilitation of the historic Landmark Bel Vue structure.

801 L Street

The City Planning Commission is also scheduled to initially hear this project as Review & Comment on March 10, 2011, and again for final review on May 12, 2011. The final hearing for the project before the Preservation Commission will be at a later date in May.

Historic Landmark Bel Vue structure

Tuesday, March 01, 2011

Zero-energy Homes Coming to R Street

With groundbreaking anticipated for May, this infill project located at 2500 R Street will feature 34 single-family homes with a LEED™ Platinum rating. Each home will contain a solar storage system using the latest in smart grid technology, solar generation and energy storage capability. The goal is to ensure each home generates as much clean energy as it uses, maximizing homeowner utility bill savings.

Pacific Housing Inc. (PHI), a California nonprofit dedicated to developing quality affordable housing, is developing the 2500 R Street project. PHI has selected Sunverge Energy which is located in Stockton as the primary renewable energy technology partner for this project. Here is a product data sheet offering more specifics about this energy solution called Sunverge Solar Integration System (SIS).