Monday, November 23, 2015

Powerhouse Science Center

After nearly a decade, it appears the science museum will have the first of two phases of construction completed in fall 2017. The Sacramento Magazines reporting that of the $90 million needed to complete the project, $34 million has been raised from corporate sponsors, government grants and other sources; $7 million more is needed to pay for the first phase of construction. The project promises two buildings with a planetarium and nature center. A bond sale is planned for the end of this year to secure financing with groundbreaking expected for Spring of 2016.

Dreyfuss & Blackford Architects
Developer: Carson Development Company
Science Center: 42,000 sq ft
Learning Center: 5,000 sq ft
Restaurant & Conf. Center: 14,000 sq ft
Completion Fall 2017 

Rendering of Powerhouse Science Center

PG&E Company Sacramento River Power Station 1912

Friday, November 20, 2015

i15 Project Cancelled

i15, a mixed-use project of eight stories at 1431 I St.

After nearly a 1 1/2 years of planning, D&S development has cancelled a mixed-use project planned for I Street. According to The Sacramento Bee, the reason is that the 8000 SF site is to small. The location is now up for sale asking $1.595 million. D&S Development has successfully completed other projects in the downtown area including 16Powerhouse and the now under construction 700 K Street.

Monday, November 16, 2015

Vanir Tower Could Go Taller?

According to the Sacramento Business Journal, the Vanir Tower could go taller. Really? Seems far fetched to me considering they have not spent one cent to start the entitlement process with the city in the year since the the tower was proposed. What's also strange is that the Vanir Group says that entitlement process will take at least two years when in reality it should take no longer than 9 to 12 months.

I've been watching this whole developer/proposal/publicly/flame-out process in Sacramento for over 30 years now and so far this proposal sounds no different than many other developers who stalled out but told the public a different story. I'm using history as my guide, but I hope I'm wrong. The comments I received from my last post about this tower were pretty brutal, one guy told the developer to put your money where your mouth is... maybe they will now?

Thursday, November 12, 2015

700 K Street

Foundation work is underway for the 137 apartments to be built on the alley behind the K Street buildings. This $55 million project will have a combination mixed-rate and affordable housing.

700 K Street Sacramento, CA

700 K Street Sacramento, CA

Thursday, November 05, 2015

Vanir Tower Project "inactive"

Proposed Vanir Tower at 601 J Street - Sacramento, CA

As of yesterday, the Vanir Tower project has not submitted any revised plans to the city after withdrawing them shortly after November of last year. A city planner has labeled the project as "inactive" because they haven’t worked on the project for several months. In my opinion, this is a big indicator that despite being located across the street from new Golden 1 Center, the downtown office market vacancy rate is still to high to absorb a project of this size.  Colliers-Sacramento predicts that Class A asking rates will increase 4% year-over-year due to activity surrounding the Golden 1 Center. As of the end of the third quarter, there is currently 813,617 SF vacant class A office space in downtown and another 586,408 SF vacant class B office space open. Combined, that’s about the size of 3 ½ 25 story towers vacant in downtown. Even with all the improvements the market has shown from several years ago, actual rents are not currently at a level high enough to justify new construction.

Wednesday, November 04, 2015

Second Street & Capitol Mall Connector Update

Construction of the 2nd Street and Capitol Mall Connector Bridge providing a new entrance for cars, bicycles, and pedestrians into Old Sacramento from Capitol Mall at 2nd Street and Neasham Circle. Improvements to the Capitol Mall Bridge over I-5 include the addition of green bike lanes, wider sidewalks, and street planters. The project will also include the construction of wider sidewalks and new railings on the O Street Bridge across I-5 adjacent to the Crocker Art Museum. Expected to be completed in fall of 2016.

2nd Street and Capitol Mall Connector Bridge
2nd Street and Capitol Mall Connector Bridge

Proposed 2nd Street and Capitol Mall Connector Bridge Project