week D&S Development submitted plans for an eight-story complex with 73
units at the southwest corner of 15th and Q streets.
of 1430 Q apartment building - HR Group Architects
project called 1430 Q will have 9,000 square feet of retail space on the ground
level and 97 parking spaces underground and on the second level according to the SacramentoBee. Other characteristics the building will feature include colorful porcelain
tile accents on the building’s exterior, a rooftop patio, a third-floor
courtyard, a double-deck bike barn and individual residential storage units. Construction
could begin by the end of the year and be completed by the end of 2017
Rendering of 1430 Q apartment building - HR Group Architects
As if this was real news, the Sacramento Bee is teasing the
idea that the former site of two 53-story towers at Third Street and Capitol Mall
could be the site of a mixed-use tower. The state Board of Equalization has
meet with CIM Group who manages the site for CalPERS about relocating to a new
tower that could be built at the Third & Capitol site. CIM officials showed
conceptual drawings of a mixed-use project to BOE that would include
condominium units on the upper floors, office space in the middle and retail on
the ground floor. The preliminary plans call for a tower in the 20- to 30-story
The Bee then goes on to report that for this deal to work
for BOE, the BOE wants the developer of the new site to assume the bond debt on
the agency’s current headquarters, debt to ease the burden on the state. The
debt would probably total around $20 million or $30 million by the time the
Capitol Mall tower gets built and the agency is ready to move.
Therefore, this whole discussion seems crazy be begin with.
How can the CIM Group stay in business if they are taking on other people’s
debt? It’s safe to say unless the State gives CIM something really unique that
has value in return for the debt. this deal won’t go anywhere. I have been in
contact with CalPERS for 8 years, and their plans for the site have not
changed. Their biggest problem is they can’t find long-term tenants for the
proposal to make it feasible. If BOC wants to try another proposed tower in
downtown, they should call the Vanir Tower Group who has been teasing that they
could build their tower taller because of unexpected interest, but no paper
work has been filled with the Planning Dept. to show this is true.