Waterfront Days this Memorial Day Weekend

Sacramento Waterfront Days appears to be what Gold Rush Days in Old Sacramento use to celebrate. It seems to be almost identical minus the dirt covered streets and ends on Sunday. This three-day event takes place on Front Street, The Embarcadero, and the 1849 Scene all along the Sacramento River.  The heritage celebration features a wide variety of crowd-favorite entertainment, all free to experience and enjoy. Guests in Old Sacramento Waterfront will be entertained by talented period musicians performing live throughout the district in addition to a Shakespearian Comedic Play.  Experience the Gold Rush Fire Brigade (as seen at the Rose Bowl Parade), and other Old West theatrics, family-friendly melodramas, history re-enactments, horse-drawn carriages, canons, gold panning, hands-on children’s arts and crafts activities, the popular Tent City depicting daily life during the Gold Rush, and much more.

Friday, May 24th 
Education Day
1 PM: “Quest for the Gold Spike” Melodrama at the Eagle Theatre*
7 PM: Waterfront Days Bar Crawl
Saturday, May 25^th
10-5 PM: Outdoor Heritage Festivities
1 & 3 PM: “Quest for the Gold Spike” Melodrama at the Eagle Theatre*
6-10 PM: Brad Johnson & The Killin’ Time Band (Embarcadero)
Sunday, May 26^th
10-5 PM: Outdoor Heritage Festivities
1 & 3 PM: “Quest for the Gold Spike” Melodrama at the Eagle Theatre*
6-10 PM: The Rob Staley Band (Embarcadero)

Railyards Lot 48 Mixed-Use

Railyards Lot 48 Mixed-Use rendering looking south

This Thursday the 23^rd, a public hearing on this project will be at the  SacramentoPlanning & Design Commission. The development is intended to provide the first housing opportunities within the Railyards at the Southeast corner of 6th Street and Railyards Boulevard just east of the historic central shops and north of the Sacramento Valley Station. The Railyards area is just starting to develop, with backbone infrastructure still to be installed. The closest buildings to the project site include the large industrial edifices in the central shops area, and a mix of residential and government building south of the railroad in downtown.

Aerial site view of lot 48 in Railyards

No cost has been made public to build this project. 6 levels 75 feet tall 309 multi-unit dwellings, 69 of which are designated as income-restricted units and 4000SF retail.

Contextual aerial of Railyards

 

Historical context of the Railyards in the early 1900's

Changing Sacramento Skyline

Two high-rises will soon add a little bulk to the Sacramento skyline. In about two months the steel frame will be completed for the State Natural Resources building to the left of the twin state office towers pictured below. Also,  just to the right of the pyramid building the Sacramento courthouse will also begin sometime this year or next year.

Downtown Sacramento skyline as seen from levees near Davis

Look closely to see the crane for the State Natural Resources Bldg. 

Downtown Sacramento as seen from West Sacramento

Downtown Sacramento as seen from West Sacramento



Sacramento High-Rise Availability - 1Q 2019

Floor-by-floor Class A office space available in downtown Sacramento

This is encouraging news… downtown Sacramento Class A office vacancy rate is now 8.1%. Of the 16 existing high-rise buildings downtown, most are more than 90% leased. Colliers International has done the research to show floor-by-floor availability where the current asking rate per square feet is $3.19. Presently the only new office space under construction downtown is by the State of California, but these will not increase available space for the private sector. The lack of office space availability in downtown has edged up the asking price per-square-foot, but not enough to justify building a new high-rise.

Floor-by-floor Class A office space available in downtown Sacramento

How much do prices have to rise before it would be profitable to build a high-rise office downtown? Four years ago in 2015, Greg Levi a managing director with Jones Lang LaSalle Sacramento was quoted saying "Though rents are rising, though, they’re not high enough to bring construction cranes just yet. The highest rents, around $3.10 a square foot, are still about 40 cents below what a brand-new building would have to charge,” Levi said. So essentially Greg’s saying that rents would have to rise an additional 40 cents a square foot before it would be profitable to build this high-rise downtown… that’s a 13% increase. In the last four years construction material costs have also gone up so I think the 40 cent increase is now not enough and rents would possibly have to rise even higher that, maybe as much as $3.50SF for construction to pencil out. With the economy staying strong, we might reach a point where the private sector jumps in to build. 301 Tower is marketing its proposed tower on Capitol Mall but the Vanir Tower on J Street has ghosted and no one has heard a peep from them in months.

Sacramento skyline market vacancy and asking rate 1Q 2019

Sacramento market statistics 1Q 2019



800 Block of K Construction

800 K Street and 8th Street

The project is moving along, although very slow. It appears work on the 110 year old Bel-Vue apartment building is still receiving renovations to bring it back to life.

Bel-Vue apartment getting exterior work done

8th Street looking north towards the Bel-Vue apartments

8th & L Street where the one of the structures are collapsing



Rendering of 800 K/L block properties mixed-use development

State Natural Resources Building Construction

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

As you can see, no tower crane is being used to construct the 21-story tower. As odd as this might sound, using a crawler crane is the method Turner Construction has chosen to erect the structure. I believe this ones main boom can reach a height of 473 feet. These photos were taken last week on Tuesday, April 23^rd. As of today if you go to the webcam, the tower is now erecting steel on the 3^rd thru 6^th floors (as seen in second photo). At the current pace of work, this high-rise will be topped-out by early summer if not sooner. Be sure to check the webcam for updates here.

The new State Natural Resources Building on 8^th and O Streets will be LEED Silver certified, 21-stories, 320 ft. tall, 838,000 SF at a cost of $597 million and expected to be completed in the Summer of 2021.

Natural Resources Building at 8th & O Streets to be 21-stories 5-2-2019

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

Natural Resources Building at 8th & O Streets
to be 21-stories 4-23-2019

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

Natural Resources Building at 8th & O Streets to be 21-stories 4-23-2019

19J Construction

Just like that, 19J has taken down the tower crane and the scaffolding is also being removed. I'm glad Mohanna was able to see this though.

19J Mo Mohanna residential tower on J Street Sacramento, CA



19J Mo Mohanna residential tower on J Street Sacramento, CA

19J Mo Mohanna residential tower on J Street Sacramento, CA

19J Mo Mohanna residential tower on J Street Sacramento, CA

19J Mo Mohanna residential tower on J Street Sacramento, CA

New O Street Office Building Construction

New O Street State Office Bldg. 1215 O Street - 11-story midrise

This might seem like a duplicate post, but there are two different state office buildings being built on O Street just a few blocks from each other. This one is located at 1215 O Street between 12th & 13th Streets on O Street. An 11-story midrise with 360,000SF at a cost of $274 million. Groundbreaking was held in September of last year and is scheduled to be completed early 2021.

New O Street State Office Bldg. 1215 O Street - 11-story midrise

New O Street State Office Bldg. 1215 O Street - 11-story midrise

New O Street State Office Bldg. 1215 O Street - 11-story midrise

New O Street State Office Bldg. 1215 O Street - 11-story midrise

New O Street State Office Bldg. 1215 O Street - 11-story midrise

Rendering of New O Street State Office Bldg. 1215 O Street - 11-story midrise

Rendering of New O Street State Office Bldg. 1215 O Street - 11-story midrise