The Civic Tower - Proposal From Times Past

Civic Tower proposal in Sacramento 1989

The Civic Tower
North West corner of 10th & H Street
27 Story tower/ 370 ft
Architect James R. Loen
365.935 sq. ft.
9000 sq. ft. ground floor retail
490 parking spaces

Proposed 1989 and died in 1991 due the tight financing forces and the Federal government mandate that banks cut back their real estate lending as well as new pre-leasing requirements.

In late 1989 the Civic Tower was proposed at the corner of 10^th & H Streets in downtown Sacramento. The project was a 27-stories office building with 356,935 sq. ft. of office space with 9,000 sq. ft. of ground floor retail and 490 parking spaces. The proposals footprint was .587 acres with the merging of four parcels into one. It was probably canceled for similar reasons as other did during this time, slowing in economic growth and credit shortages, which historically made large, high-rise development projects difficult to finance. Back in the mid 1980’s, the laws changed when financing proposed office buildings, before financing could be released for any new construction office building, the barrower must have 60% of rentable property pre-leased. Of course, if the proposal is self financed, it removes the owner from having to meet any of these financial guidelines. 

Civic Tower proposal in Sacramento 1989

Civic Tower proposal in Sacramento 1989

Civic Tower proposal in Sacramento 1989

Civic Tower proposal in Sacramento 1989

Civic Tower proposal in Sacramento 1989

Benvenuti Tower - Proposal From Times Past

The Benvenuti tower proposal at 7th & L Street in Sacramento

 

The Benvenuti tower proposal was first proposed in 1989 at the former Greyhound terminal at 7^th & L Streets in downtown Sacramento. The 31-story high-rise proposal by Joseph Benvenuti was part of a broader economic trend to invest more development in downtown Sacramento. Joseph was also involved in the development of three Sacramento landmark projects: the Hyatt Hotel, the Emerald Tower, and the Renaissance Tower. Joseph was also an original and majority owner of the Sacramento Kings when they relocated from Kansas City, and played an integral role in the development and construction of both Kings' arenas. The late 1980s and early 1990s did experience a slowing in economic growth and credit shortages, which historically made large, high-rise development projects difficult to finance. However, the specific 1989 proposal failure cited as being due to a recession is not mentioned specify.