In a partnership between Southern Land Company and the Sacramento Kings, a 28-story mixed-use luxury high-rise has been proposed at Capitol Mall and 3rd Street in Sacramento. What makes this project unique is that it would be constructed with mass timber. To learn more about this largely untested method, click here.
The Southern Land Company purchased the 2.56-acre site yesterday with great fanfare from nearby Crocker Art Museum and Sacramento Mayor Darrell Steinberg. The proposal would have 28-floors, 225 luxury apartments and 80,000 sf office space. Construction could begin as soon as 2023 and completed in 2025. At this time, neither a cost estimated or rendering have been given for the proposal.
I think this proposal is ridiculous at a time when nearly 2 million square feet of office space has been put back on the market in the last 18 months. Also, with so many others similar high-rise proposals failing over the years, I wonder what makes the developer this time think 225 high-end renters will want to reside there? Sacramento has successfully built and filled many mid-rises up to six stories, but not high-rises where the costs to build are much greater. Kings press release.
Yup, the timing of this proposal seems eerily similar to what occurred between 2005 and 2008, high-rise living but not enough people interested so the banks could loan the money. I believe the developer will need get creative to find funding unless it’s self financed.
ReplyDeleteFrom reading articles about this proposal I understand it as the proposed 28 story tower is not mass-timber, but rather only the 6 story office building would be mass-timber.
ReplyDeleteBoat Club, you might be right. It will be intresting to see what the details are?
ReplyDeleteThis developer supposedly has much more experience getting projects like this built in midsized markets when compared to those from the past..but we shall see if it turns out to be all smoke and mirrors or not.
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