550-Foot-Tall Tower Proposal

CalPERS & CIM Group latest proposed drawing
 for 301 Capitol Mall

The internet is already getting worked up into a frenzy about this new proposal for the former Towers site at 301 Capitol Mall. The SacBee’s reporting that this project would have 100 apartment and 737,000 square feet of office space in addition to some retail and an elevated public park. CalPERS has said they will commit $550 million to build a mixed-use tower along with CIM Group.

CalPERS & CIM Group latest proposed drawing for 301 Capitol Mall

If you read the Sacramento Bee article, they say in the second paragraph to not expect any new construction cranes coming soon because the developer still needs to find enough tenants to lease (at least 50%) the tower before starting construction. In addition, no timeline has been mentioned for construction, so there is still no certainty this will actually be built. Unlike the 2016 proposal, CalPERS has committed a financial investment to move this process forward, so that is a positive.

I do prefer this proposal to the previous one in 2016, but it seems to be lacking something. The absence of other materials other than blue glass is underwhelming.