|Proposed tower at 301 Capitol Mall by CIM/CalPERS looking west|
Maybe this was a rushed effort to show me that there was a proposal in response to my post about it a few weeks ago? Probably not J Even though nothing thus far shows this will even happen, the developer has said it could break ground as early as 2018.
CIM plans for the site include a single 420-foot tower, 1.1 million square feet of space in the structure with 550,000 square feet of total office space, 100 apartment on the upper most floors and creative space and retail on the lower floors. It appears to be built to accommodate the states requirement of large open floor plates. Several weeks ago the Board of Equalization hinted it might relocate to this tower from its current headquarter on N Street, since then they have said they now prefer to move to low and mid-rise buildings instead of a tower.
|Proposed tower at 301 Capitol Mall by CIM/CalPERS looking east|
This proposal like the Vanir Tower on J Street are still in the very early stages of development. This proposal will now be competing for tenants against the Vanir Tower to pre-lease. Banks under State/Federal law require that before monies can be lent to build an office building, 50% needs to be pre-leased. Vanir Tower needs to line up about 200,000SF and this tower needs 400,000SF. Occasionally developers will spend their own money to build high-rises like 500 Capitol Mall did and no pre-leasing is required. The Vanir Tower has not started the entitlement process or applied for any permits with the city. This indicates to me that after proposing the tower 15 months ago they have not pre-leased the minimum square footage to move forward. All these proposals emerging right now seem eerily similar to what Sacramento experienced in 2007 before the market collapsed and all but a few were built.
This proposal is far less appealing than I hoped for, but it not usual when the states involved. This site is at the foot of our city's grand entrance as you cross the Tower Bridge on Capitol Mall and deserved something much, much more that this current trendy design which is more awkward than anything else.
|Current condition of the proposed CIM/CalPERS tower site|
Sources: Sactown Magazine & SacBee