The lengthy history of 301 Capitol Mall can be exhausting, but as of last Friday, CalPERS will now sell the property and cancel the proposed 33-story mixed-use high-rise. For the last 16 years, CalPERS has spent nearly $70 million buying and maintaining the property, and now after three failed attempts to build at the site, it will be sold. The city block now resembles a wildlife refuge where raccoons and other habitat are thriving.
55 years of history at 301 Capitol Mall |
In 2016 CalPERS teamed up with CIM Group and proposed a
30-story mixed-use building, the odd stacking of the tower was not accepted
well by the public and later canceled. By late 2019 another proposal was
offered that was as CalPERS teamed up with the development form Hines. This
proposal was to be Sacramento’s tallest if built at 33-stories and 557 feet
tall. It was seen as a better design, but as 2020 took hold and the pandemic
pushed people to do more work from home, it became apparent there was no interest
in more office space downtown. Currently, the Sacramento office market is in
its eight straight quarter occupancy losses, millions of square feet are available
and it might take many years to lease them back up to pre-pandemic levels.
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