Friday, July 13, 2018

10th & J Street Proposal Progress?

Over 10+ years ago this corner was getting primed for development, John Saca went through all the planning process and paid for both the entitlements and EIR. Shortly after getting the green light to build the economy started to fall into a recession. Today Sotiris Kolokotronis and Saca Development have come together to develop the land.

Their proposal is still in the early stages but the vision is a 200 room hotel and 250 apartments. With entitlements still in place for the previous project, getting approval from the Planning & Design Committee and financing might be their biggest hurdles. The Sacbee’s reported that last year Saca asked the city for some assistance, so having Kolokotronis join as a partner might give the proposal assistance the city won’t be providing.

The original Metropolitan proposal had 320 condos and 190 hotel rooms with 13,000 sf ground floor retail. With fewer apartments and ten more hotel rooms, my early guess is it might reach 300’. But we won’t know anything till the end of the year when the developers submit their plans to the city. City Council member Steve Hansen is “Cautiously optimistic” that work could begin at this location, and I totally agree. There are a lot of factors that need to come together before this project can succeed, so we better wait till next year before getting to excited.

2 comments:

Mark Sharp said...

This will also fizzle out, again like the last time, the developer has waited to long before starting construction. The market will soon turn and Sacramento will once again have a bunch of proposals that never left the drawing board.

Unknown said...

I think the original proposal was supposed to be 39 stories and contain EITHER 320 condos OR 190 condos and 190 hotel rooms. In terms of the number of units, this proposal has, well... MORE. Does that necessarily mean the building will be around the same height or taller? No, but I think the reporting should be corrected.

I am inclined to agree with Mark Sharp. I think any proposal that has not already been started, or at least approved, by now is going to have trouble getting built. Also, larger projects that have been approved, but don't have funding at this point, are also going to have trouble.