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| 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.
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| 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?
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| Proposed Tower 301 mixed-use high-rise at 301 Capitol Mall, Sacramento CA |
I also can't believe this is the best CalPERS can offer for this site on Capitol Mall. Have you seen some of the other dynamic high-rises cities are getting lately when developers spend $500 million or less? For some reason Sacramento just does not inspire architects. The Emerald Tower just across the street should be the bench mark for other high-rises for the city. A beautiful building at the foot of Capitol Mall.
ReplyDeleteYeah, I do love the Emerald Tower. I also wonder why this city seems to get average high-rises? But the Renaissance Tower stands out to me also :)
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