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.
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2 comments:
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.
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.
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