The Bank Culinary Palace

The Bank - 629 J Street - built in 1912

The historic Mills Bank building at Seventh and J streets has been transformed into fast-casual kitchens.  The 30,000 square foot building will have seven kitchens, several private event rooms, and 68 self-serve beer and cider taps. The main floor has stayed original including golden ceilings, light fixtures and in the basement circular vault doors to the taproom.  The tenant include the Poke Bros., Chocolate Fish Coffee, Mama Kim’s, Preservation & Co., Station 8, Platypus Pizza and street taqueria. Today The Bank opens to the public, I’m looking forward to the experience.

Tower 301 @ 301 Capitol Mall

Proposed Tower 301 mixed-use high-rise at 301 Capitol Mall, Sacramento CA

The Sacramento Business Journal reporting that CalPERS along with developer CIM are submitting plans for their 33-story mixed use tower for 301 Capitol Mall.  This means the developer is pursuing entitlements while also pushing a marking campaign to attract possible tenants. It’s noted in the article that the project would not be built unless an anchor tenant is found. Big projects like this traditionally need to lease 50% of the building before financing is released for construction, in this case 368,500 SF will need to be leased of the 737,000 SF proposed tower.

Proposed Tower 301 mixed-use high-rise
at 301 Capitol Mall, Sacramento CA

 

 

 

 

 

 

 

 

 

 

Developer CIM made some modifications from the previously released version; one hundred apartments that were originally on the top floors of the high-rise are now down at the second through fourth floors facing L Street to the north. The apartment would also be smaller in square footage and more affordable than is typical is such a project.

This proposal does not stand out to me. It is a tall vertical glass box with no distinguishing features. Yeah, it better than a hole in the ground or nothing, but I thought $550 million would create something more. It would not have to be tall, just unique and something that gives people a sense of place verses just another high-rise like the one we see here. Something tells me the market will flush this proposal out also, CalPERS has waited to long to get this going and the market will creator as we have seen before. How likely is it they will pre-lease over 350,000 SF?

Proposed Tower 301 mixed-use high-rise at 301 Capitol Mall, Sacramento CA

Colliers 3Q 2018 Sacramento Multifamily

Colliers International Q3 Sacramento Multifamily Forecast Report

Colliers Internationals Sacramento report showed record sales volume and elevated occupancy. But even with thousands of new units being delivered and in development, construction is still well below pre-2009 when an average of 2,500 units a year were delivered from 2005 to 2008.  Occupancy in the central city has declined 150 basis points over the last 12 months to 94 percent. 285 new units have been completed in Downtown and Midtown since October 2017.

On page 7 of the report Colliers goes into detail of all the residential developments the city can look forward to. The forecast looks good, hopefully developers will continue to be bullish in 2019.

http://www.colliers-sacramento.com/MarketReports/2018_Q3_Multifamily_FINAL.pdf

Natural Resources Building @ 8th & P Streets

Piles are being drilled into the ground at the P Street Natural Resources Building. It’s impressive to visit the work site, the entire block is in use for either preparation or construction of the tower. While there taking the photos, I spoke to someone working on the project asking where tower crane or cranes were going to be placed. The answer surprised me, I was told no tower cranes would be used to build this tower, but one giant mobile crane because the proposed tower was not designed to built with a tower crane. Strange to hear, but that’s how it was explained to me.

OxBlue webcam the Natural Resources Building
construction site at 8th & P Streets

The OxBlue cameras are currently the best was to view the towers progress, but I snapped a few photos anyway. 

Corner P & 7th Streets of Natural Resources Building construction

Corner P & 7th Streets of Natural Resources Building construction

7th Streets view of piles waiting to be drilled
into the foundation of Natural Resources Building

Seen from O Street of Natural Resources Building construction

Seen from O Street of Natural Resources Building construction

From 8th Street of Natural Resources Building construction

From 8th Street of Natural Resources Building construction drilling piles

From 8th & P Streets of Natural Resources Building construction

View from 15th & R Streets of where Natural Resources Building
will rise in the skyline

15Q Progess & Photos

A crane has gone up since I last took photos in July and it appears the 5^th floor has also been completed. 1430 Q is part of the R Street Corridor of development with 8 floors, 75 rental apartments and 9,000sf of retail space.

1430 Q Street, Sacramento CA 95811 - 15Q mixed use 8-story building

1430 Q Street, Sacramento CA 95811 - 15Q mixed use 8-story building

1430 Q Street, Sacramento CA 95811 - 15Q mixed use 8-story building

1430 Q Street, Sacramento CA 95811 - 15Q mixed use 8-story building

1430 Q Street, Sacramento CA 95811 - 15Q mixed use 8-story building

1430 Q Street, Sacramento CA 95811 - 15Q mixed use 8-story building

1430 Q Street, Sacramento CA 95811 - 15Q mixed use 8-story building

1430 Q Street, Sacramento CA 95811 - 15Q mixed use 8-story building