Wednesday, October 21, 2015

Aura Revival?

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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