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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.
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| 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.
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