Capitol Towers an Historic District?

Tonight the Sacramento Preservation Commission will hold a public hearing to recommend the Capitol Towers superblock within N Street, P Street, 5^th and 7^th Streets be registered as a historic district. The applicant, Sacramento Modern (SacMod,) requested the nomination of the Capitol Towers complex for listing in the Sacramento Register of Historic & Cultural Resources (Sacramento Register.) The Preservation Director found significant features and characteristics of the Capitol Towers superblock meet several criteria for eligibility and recommends consideration and action. Click here  to view all the “historic” reasons.

The proposed Sacramento Commons project includes two high-rise (24 story) apartment buildings with 550 total units (275 apartments per building), 12 live/work units, 21,000 square feet of ground floor retail / support services, 604 parking spaces, and an open space plaza. Two 206 mid-rise (7 story) apartment units, 8,000 square feet of ground floor retail / support services, 916 parking spaces, and 30 live/work units. One Hotel/Condo/Retail  300 room hotel, 110 condominium units, 37,000 square feet of retail / support services, and 639 parking spaces in a 24-story mixed use building, and 4 live/work units. 

Sacramento Commons

The current Capitol Towers apartment mega block on 7^th Street is slowly going through the review and entitlement process for a pair of 25 story high-rises and 22 story building. The Sacramento Business Journals reporting that the developer, Kennedy Wilson Inc., has released some renderings of the project. No public hearings have been scheduled yet. The proposal includes 1,200 new apartment and all ground floor villas would be demolished. Hopefully this project can break ground before the market correction.

Capitol Towers Sold for $64 million

Beverly Hills-based real estate investment firm Kennedy Wilson has purchased Capitol Towers, completed in 1960, downtown Sacramento complex that includes a 409-unit apartment tower and low-rise garden apartments.

The Southern California company and its partners bought the property at 1500 Seventh St., for $64 million, with $50 million in financing from HFF/Freddie Mac at 3.51 percent, fixed for seven years.

A partnership controlled by the Bond Cos., a nationally known developer with offices in Los Angeles and Chicago, bought Capitol Towers in June 2007. Property records show the partnership borrowed $43 million on the parcel the same day it changed hands.

Capitol Towers has 203 units in its 15-story tower and 206 villa units surrounding the tower. The villa portion is zoned for up to 1,290 units, and the tower features six ground-floor retail outlets.

Source: Sacramento Bee