Last night the Sacramento City Council approved a pair of unanimous votes on the financing plan that would allow the 700 K project to move ahead. As stated in the SacramentoBusiness Journal, D&S Development and CFY Development, have said with some financing approvals for tax credits and bond allocations expected in December, construction on the project of apartments and retail should get underway in early 2016.
700 K would have 137 apartments, both affordable and market rate, in a building behind a row of existing retail spaces, totaling 75,000 square feet and up to 14 different businesses. Under the financing plan, developers will repay the city of Sacramento some money being loaned up front that the city would turn around and use to help other hoped-for projects in the downtown core surrounding the new arena site. The total cost of the project is estimated to be from $35.5 million to about $47.7 million.