700 K Breaks Ground This Week

Starting this week abatement and clean-up of the existing, rundown retail buildings on the 700 block of K Street will begin. Once that's done, demolition will get underway of the buildings behind the storefronts, to clear the way for a six-story apartment building with 137 units and 12 to 15 street front retail equaling 75,000 square feet. 

Construction should take 18 to 24 months and open about the same time or soon after the new arena. The total cost of the project is estimated to be from $35.5 million to about $47.7 million.

Downtown Sacramento Property and Business Improvement District

Next Tuesday the Sacramento City Council will pass a Resolution to renew the Property and Business Improvement District (PBID) which was originally approved in 1995 and again in 2005.

The PBID purpose is to serve the public interest by providing a higher level of safety, maintenance, and economic development services that are above and beyond what the City currently provides. Safety and maintenance activities include daily street guides, trash abatement, and graffiti removal. Business development services provide marketing, outreach, and other activities to convey a positive image and to attract new business to the Downtown corridor in an effort to increase economic development and revenue.

There are 460 parcels in the PBID service area. The total PBID assessment budget for the first year is approximately $2,716,642. Link