Thursday, December 01, 2011

CADA's R Street Warehouse

After 13 years of spearheading the R Street Warehouse project, the Capitol Area Development Authority has not been unable to get it financed. The six-story brick warehouse once had been planned for a $57 million condominium project with 122 units, now they say they are looking at building 100 apartments and a garage for $27 million. The new plans don’t include the warehouse but make plans to construct apartments on the empty lot next door at 12th and R streets.

The project, announced in 1998, are up against a critical deadline. If the project does not break ground by early 2013, they could loose a $5 million grant from the state Department of Housing and Community Development. Two local downtown developers (Bay Miry & Michael Heller) have said they would be interested in taking on the project if current developer Rick Holliday can’t pull this project together.

CADA has recently spent $6.5 million on infrastructure improvements along R Street, including sidewalks and new street pavement.

Sac Bee article here.

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