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| 2005 Aura proposal - 615 Capitol Mall |
Back in 2005 Craig Nassi of BCN Development proposed a 38
story condominium at 615 Capitol Mall. The proposal never got off the ground,
it failed to acquire financing as well as enough people willing to put down
deposits. According The Sacramento Business Journal, the current property owner
has recently applied for an extension of a condominium map for that project. The
original permits were approved in October 2005, suggesting it had a 10-year
lifespan. I highly doubt anything will come of this, as other developers have also
realized, high-rise residential towers in Sacramento don’t add up right now, meaning
there is no clear track record in Sacramento for high-rise condo success and the
history of Aura and others failing to rise proves this. This could be an effort
to sell the property with entitlements already in place?
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