Tuesday, July 24, 2012

New Courthouse Agreement Paused

I have learned recently from the Office of Court Construction and Management that the Sacramento acquisition phase funds for building a new Sacramento Criminal Courthouse have been re-appropriated but funding is still dependent on the final State budget. There has also been an agreement on price for the preferred site and OCCM real estate staff are now working on the purchase and sale agreement; however, negotiations have been paused. I have a hunch that we won’t see any movement on this project till early next year after the elections and budget issues have been resolved. No renderings of the proposed courthouse have been released.

Thursday, July 12, 2012

Capital Secured for Capitol Lofts

CADA has announced that the Capitol Lofts project (CADA Warehouse), located at 11th and R Streets, was award $18 Million in low-income housing tax credits. The federal tax credits will allow the Capitol Lofts to move forward and start construction within the next seven months.

Next spring, CADA’s development partners, CFY Development and Holliday Development, will be begin constructing 116 mixed-income housing units and 23,000 square feet of commercial retail space. The construction will be completed in the spring of 2015. When finished, you will see a mixed-use, transited-oriented, brownfield, historic adaptive rehab, and infill development project that will continue the transformation of R Street’s Historic District that began with the streetscape project completed earlier this year. The $41 million complex will have underground parking and a courtyard between the warehouse and new construction.

The historic six story warehouse (built in 1895) will be brought back to life; supplemented with new construction on the adjacent ‘pit’ that combines two levels of parking with a multi story 60 ft high new building wrapped in brick. Dwelling Units per Acre: 131.5. Learn more and stay updated by going here, here, and here.

Tuesday, July 03, 2012

Renovated Hotel Berry

Hotel Berry, 729 L Street, Sacramento, CA 95814
Last spring, the 83-year-old Hotel Berry began renovations at a cost of $24.5 million to completely renovate and modernize the historic hotel. The depression-era six-story mixed use hotel had fallen into severe disrepair, but after being bought by Jamboree Housing Corporation in 2007 for $5 million, the agency was able to finance the project with $13.6 million in tax credit equity, $10.1 million in permanent financing from Sacramento Housing and Redevelopment Agency and $500,000 in federal weatherization funds. U.S. Bank provided $5.5 million in construction financing.

Hotel Berry, 729 L Street, Sacramento, CA 95814 - 1926
The historic hotel was built in 1929; the Berry was once a functioning hotel but has been used as low-income housing for single occupants since the 1960s. At that time, there were about 2,300 single-room occupancy apartments in the city. With 104 Single Room Occupancy (SRO) studios and a manager’s unit, the total cost break down per room is $240,000 per unit to renovate.  The hotel is scheduled for completion in the next 4 to 6 weeks and now called The Studios at Hotel Berry.

Hotel Berry, 729 L Street, Sacramento, CA 95814

Hotel Berry, 729 L Street, Sacramento, CA 95814 - 1926