621 Capitol Mall
500 Capitol Mall
Saturday, June 23, 2007
Friday, June 15, 2007
Saca Round 2 - The Metropolitan
I guess he must have gotten out The Towers with his skin still attached. That was quicker than expected, The Metropolitan goes before Design Review and Planning Commission this month for comment and review.
I think it was a couple years ago, Saca and his father bought the corner of 10th and J and proposed The Metropolitan. This one would obviously cost much less to build, and I imagine units would cost less as well. Since my guess is him and this father will be building it, there might not need to be any need for a equity partner since I'm sure the family is very well off and could front the equity required. Given the last relationship with CalPERS, that might be the only way right now.
I really admire his balls and tenacity. He's going to be catching so much shit from the media and people who wanted him to fail in The Towers so badly. He will never live it down until he can get one completed, even then probably not.
I'm sure he learned quite a bit (though some would say he DIDN'T learn) in his his failed attempt at The Towers, so hopefully he can use that to his advantage here. I'm sure there are some people who put deposits down at The Towers that would not buy here, but I think he still has some loyal buyers among that group. Since there are much fewer units (esp if they do the hotel option), it could be easier to sell the required amount.
That block of J Street is one ugliest in downtown as well. With 800j opening and the retail going in soon, JDV on the way, the new lounge, and a couple eateries like Sukura and Kabul Kabob already in the area, the project would add a lot of synergy to the area.
While this building is much smaller than The Towers, its still a large project. If he is really going to move forward on this, he needs to find a way to make it happen, even if it means downsizing the project if necessary. The record for number of holes in DT is not a record I'm sure he wants to have.
_______________________________________________________________________________________
Saca eyes new heights after selling Towers stake
City committee to look at 39-story condominium project next week
Sacramento Business Journal - June 15, 2007
by Michael Shaw
Developer John Saca says he's still in the high-rise business.
While a little bruised from the unsuccessful effort to save The Towers on Capitol Mall, Saca is forging ahead with another downtown Sacramento project -- a 39-story condo tower at 10th and J streets.
The Metropolitan, which if built at its projected 420 feet, would be taller than any building in the capital today, is on the agenda of the city of Sacramento's Design Commission for Wednesday.
This week, Saca sold his interest in The Towers to his equity partner, the California Public Employees' Retirement System, ending what became a futile attempt to save the project by landing more financing and buying out CalPERS.
The pension fund and its development partner, CIM Group Inc., haven't decided what they will build on the property, but it won't be the twin 53-story luxury condominium towers that Saca started building before cost overruns halted construction in January.
"(CIM) has been very clear to us they're interested in a spectacular project that's mixed-use," assistant city manager John Dangberg said.
In an interview this week, Saca sounded a little disheartened about the fate of his pet project, but said he expects to find success the second time around. He blamed the plunging real estate market for The Towers' failure, deflecting claims that he overreached or lacked enough experience. The Towers was Saca's first foray into high-rise construction and would have dominated the capital's skyline.
"Lenders started tightening up. It became evident that this was really the only solution," he said of selling his interest in The Towers project to CalPERS. "We couldn't find another partner."
He noted that buyers put down deposits on almost 400 condos at The Towers, with a value of more than $270 million, showing a strong interest in the concept. The deposits are being refunded.
While The Towers struggled, Saca didn't abandon plans for The Metropolitan.
"He's moving forward quite aggressively with that project," Dangberg said. He said the experience with The Towers hasn't diminished Saca's standing in the city's eyes.
The 320-condo project is smaller in scale and far less expensive than the $500 million-plus for The Towers.
Bruce Slaton, a real estate agent who specializes in Sacramento's condo market, said it makes sense for Saca to explore another high-rise, because there seems to be a demand for downtown luxury living. But with no benchmark high-rise for comparison, all the support and demand are meaningless if the projects aren't financially viable, Slaton said.
With The Towers dead, and with it Saca's proposal for an InterContinental Hotel supported by an $11 million city subsidy, Saca said he's exploring the idea of putting a hotel in The Metropolitan. He has not approached the city for a subsidy and hasn't shared his funding sources for the building other than to tell city officials he has the resources lined up to build it, assistant city manager Mary Hanneman said.
Saca declined to say how much he was paid to depart as the managing partner in The Towers partnership.
"I'll be OK," Saca said of the impact from his personal stake in the project, both financially and in reputation. "Obviously, I lost thousands of hours of time and a lot of money."
I think it was a couple years ago, Saca and his father bought the corner of 10th and J and proposed The Metropolitan. This one would obviously cost much less to build, and I imagine units would cost less as well. Since my guess is him and this father will be building it, there might not need to be any need for a equity partner since I'm sure the family is very well off and could front the equity required. Given the last relationship with CalPERS, that might be the only way right now.
I really admire his balls and tenacity. He's going to be catching so much shit from the media and people who wanted him to fail in The Towers so badly. He will never live it down until he can get one completed, even then probably not.
I'm sure he learned quite a bit (though some would say he DIDN'T learn) in his his failed attempt at The Towers, so hopefully he can use that to his advantage here. I'm sure there are some people who put deposits down at The Towers that would not buy here, but I think he still has some loyal buyers among that group. Since there are much fewer units (esp if they do the hotel option), it could be easier to sell the required amount.
That block of J Street is one ugliest in downtown as well. With 800j opening and the retail going in soon, JDV on the way, the new lounge, and a couple eateries like Sukura and Kabul Kabob already in the area, the project would add a lot of synergy to the area.
While this building is much smaller than The Towers, its still a large project. If he is really going to move forward on this, he needs to find a way to make it happen, even if it means downsizing the project if necessary. The record for number of holes in DT is not a record I'm sure he wants to have.
_______________________________________________________________________________________
Saca eyes new heights after selling Towers stake
City committee to look at 39-story condominium project next week
Sacramento Business Journal - June 15, 2007
by Michael Shaw
Developer John Saca says he's still in the high-rise business.
While a little bruised from the unsuccessful effort to save The Towers on Capitol Mall, Saca is forging ahead with another downtown Sacramento project -- a 39-story condo tower at 10th and J streets.
The Metropolitan, which if built at its projected 420 feet, would be taller than any building in the capital today, is on the agenda of the city of Sacramento's Design Commission for Wednesday.
This week, Saca sold his interest in The Towers to his equity partner, the California Public Employees' Retirement System, ending what became a futile attempt to save the project by landing more financing and buying out CalPERS.
The pension fund and its development partner, CIM Group Inc., haven't decided what they will build on the property, but it won't be the twin 53-story luxury condominium towers that Saca started building before cost overruns halted construction in January.
"(CIM) has been very clear to us they're interested in a spectacular project that's mixed-use," assistant city manager John Dangberg said.
In an interview this week, Saca sounded a little disheartened about the fate of his pet project, but said he expects to find success the second time around. He blamed the plunging real estate market for The Towers' failure, deflecting claims that he overreached or lacked enough experience. The Towers was Saca's first foray into high-rise construction and would have dominated the capital's skyline.
"Lenders started tightening up. It became evident that this was really the only solution," he said of selling his interest in The Towers project to CalPERS. "We couldn't find another partner."
He noted that buyers put down deposits on almost 400 condos at The Towers, with a value of more than $270 million, showing a strong interest in the concept. The deposits are being refunded.
While The Towers struggled, Saca didn't abandon plans for The Metropolitan.
"He's moving forward quite aggressively with that project," Dangberg said. He said the experience with The Towers hasn't diminished Saca's standing in the city's eyes.
The 320-condo project is smaller in scale and far less expensive than the $500 million-plus for The Towers.
Bruce Slaton, a real estate agent who specializes in Sacramento's condo market, said it makes sense for Saca to explore another high-rise, because there seems to be a demand for downtown luxury living. But with no benchmark high-rise for comparison, all the support and demand are meaningless if the projects aren't financially viable, Slaton said.
With The Towers dead, and with it Saca's proposal for an InterContinental Hotel supported by an $11 million city subsidy, Saca said he's exploring the idea of putting a hotel in The Metropolitan. He has not approached the city for a subsidy and hasn't shared his funding sources for the building other than to tell city officials he has the resources lined up to build it, assistant city manager Mary Hanneman said.
Saca declined to say how much he was paid to depart as the managing partner in The Towers partnership.
"I'll be OK," Saca said of the impact from his personal stake in the project, both financially and in reputation. "Obviously, I lost thousands of hours of time and a lot of money."
Tuesday, June 12, 2007
Possible Retail tenants for the Crystal Ice?
Taking a look the Retail West website for the Crystal Ice buildings on R Street between 16th and 19th, they have a listing of some business that look like may be part of the project.
Banana Republic, Market Hall, Barnes and Noble, American Appeal, Aveda, Anthropologies and Green Sacramento. A couple seem to be small business from other cities like Manzana and Market Hall. Green Sacramento is obviously local.
Originally where Green Sacramento is was going to be a La Bou Bakery, but maybe things have changed.
_____________
__________________________________________
If these are actually tenants, that is a pretty impressive list of retailers Freidman was able to sign, or at least mayebe have a letter of intent to open.
Taken from "wburg" on another website on the reuse of the building and street:
"SOCA hosted a history tour of R Street last month that included a walk inside the Crystal Ice plant led by Mark Friedman. I thought it went pretty well, and the tour through the plant was really fun. He has some great ideas about adaptive reuse of the current structure--about two-thirds of the existing structure would remain, with modifications, although the eastern portion of the building is probably not stable enough to be preserved. I'm hoping for as much preservation of the interesting urban grit along that street as possible--especially the in-street track and the loading docks."
Banana Republic, Market Hall, Barnes and Noble, American Appeal, Aveda, Anthropologies and Green Sacramento. A couple seem to be small business from other cities like Manzana and Market Hall. Green Sacramento is obviously local.
Originally where Green Sacramento is was going to be a La Bou Bakery, but maybe things have changed.
_____________
__________________________________________
If these are actually tenants, that is a pretty impressive list of retailers Freidman was able to sign, or at least mayebe have a letter of intent to open.
Taken from "wburg" on another website on the reuse of the building and street:
"SOCA hosted a history tour of R Street last month that included a walk inside the Crystal Ice plant led by Mark Friedman. I thought it went pretty well, and the tour through the plant was really fun. He has some great ideas about adaptive reuse of the current structure--about two-thirds of the existing structure would remain, with modifications, although the eastern portion of the building is probably not stable enough to be preserved. I'm hoping for as much preservation of the interesting urban grit along that street as possible--especially the in-street track and the loading docks."
Saca bought out of The Towers Project
I was really rooting for Saca to pull a rabbit out his hat on this, but that will no longer be the case. I admire his entrepreneurial guts to try something like that, and really was pretty close to pulling it off.
The housing market, the change at CalPERS, construction costs, and inexperience was too much to overcome for this project. I just hope he got a decent deal from CalPERS on his way out.
I've always said make the first floor the best floor, but I really would have loved to see those buildings in the skyline.
CIM and CalPERS have been working together for a while now, so I assume this partnership will be a little smoother. Looks like the time frame is around 18 months to put something new together for the site.
We all know the new plan will not be nearly as grandiose as what Saca planned. An article a short time ago mentioned how office space would be in the mix, but I hope that housing the hotel and quality retail space will be in the plans as well.
CalPERS and CIM will build for max profit, and not the so much the impact, but with the site at the foot of Capitol Mall and The Tower Bridge, let's hope they come up with something good.
_____________________________________________________________________________________
CalPERS buys Saca out of Towers
Sacramento Business Journal - 10:45 AM PDT Tuesday, June 12, 2007
by Michael Shaw
The California Public Employees' Retirement System has acquired the Towers on Capitol Mall project, the pension fund announced Tuesday. It has reached an agreement with its former partner, developer John Saca, to buy his interest in the project.
Saca notified the pension fund that he did not intend to exercise an option to purchase CalPERS interest in the stalled Towers project.
Just what will be built at the site isn't clear.
CalPERS is partnering with its national development partner, CIM Group of Los Angeles, to develop the site and a plan will be developed over the next 18 months.
CIM will first work to resolve outstanding debt, CalPERS spokesman Brad Pacheco said.
_______________-
Press Release from CalPERS
CalPERS TO ACQUIRE TOWERS PROJECT
SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today announced it has reached agreement with local developer John Saca to acquire his interest in the Towers on Capitol Mall, LLC (Towers LLC). This action follows Saca’s notification that he will not exercise his option to acquire CalPERS interest in Towers LLC. “After careful analysis, we decided that our beneficiaries’ best interest is served by acquiring the site and designating our national development partner CIM Group of Los Angeles to serve as lead developer,” said Ted Eliopoulos, CalPERS Senior Investment Officer for Real Estate. “This is a particularly well-located site that can be transformed into a successful development. We are pleased that our long standing partner, CIM Group has agreed to lead our future effort.”
“As the first order of business, CIM will resolve issues with outstanding creditors and complete the first phase of site preparation and then, over the next 18 months, focus on creating a viable development program for this important site.”
“I want to take this opportunity to recognize John Saca’s great entrepreneurial spirit and complete dedication to this project on behalf of CalPERS. While the project experienced unfavorable economic and market conditions, John was a committed partner who explored every avenue to get this project built,” Eliopoulos added.
CIM is one of CalPERS largest urban investment partners, with a long and successful track record nationally in delivering quality real estate projects. Under the new arrangement, CalPERS will continue to be a passive investor in the project. CIM will serve as lead developer and managing member. “Through his vision, Mr. Saca brought focus to the terrific potential of this important site,” said John Given, a Principal at CIM. “We believe that, by taking a step back and working closely with the City and all stakeholders involved, we can develop a program that will serve all of those in the community who want to see this site achieve its potential.” CalPERS has notified the city of Sacramento of its plans and received a favorable response. “ We are grateful to John Saca for his wonderful vision for this site, for his tenacity to try to make this project a reality against a changing economic climate. At all times, he had the interests of the city and its citizens at heart,” said Ray Kerridge City Manager.
“We are also lucky to have an institution such as CalPERS in our community,” Kerridge added. “We appreciate the leadership that CalPERS has demonstrated. Given its strategic location, this site can become another crown jewel for the development of downtown Sacramento. Rather than walking away from the project and the commitments made by Towers on Capitol Mall, LLC, CalPERS took decisive action in taking control of the site and involving CIM, a development group that we at the City have worked with successfully in the past.”
The housing market, the change at CalPERS, construction costs, and inexperience was too much to overcome for this project. I just hope he got a decent deal from CalPERS on his way out.
I've always said make the first floor the best floor, but I really would have loved to see those buildings in the skyline.
CIM and CalPERS have been working together for a while now, so I assume this partnership will be a little smoother. Looks like the time frame is around 18 months to put something new together for the site.
We all know the new plan will not be nearly as grandiose as what Saca planned. An article a short time ago mentioned how office space would be in the mix, but I hope that housing the hotel and quality retail space will be in the plans as well.
CalPERS and CIM will build for max profit, and not the so much the impact, but with the site at the foot of Capitol Mall and The Tower Bridge, let's hope they come up with something good.
_____________________________________________________________________________________
CalPERS buys Saca out of Towers
Sacramento Business Journal - 10:45 AM PDT Tuesday, June 12, 2007
by Michael Shaw
The California Public Employees' Retirement System has acquired the Towers on Capitol Mall project, the pension fund announced Tuesday. It has reached an agreement with its former partner, developer John Saca, to buy his interest in the project.
Saca notified the pension fund that he did not intend to exercise an option to purchase CalPERS interest in the stalled Towers project.
Just what will be built at the site isn't clear.
CalPERS is partnering with its national development partner, CIM Group of Los Angeles, to develop the site and a plan will be developed over the next 18 months.
CIM will first work to resolve outstanding debt, CalPERS spokesman Brad Pacheco said.
_______________-
Press Release from CalPERS
CalPERS TO ACQUIRE TOWERS PROJECT
SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today announced it has reached agreement with local developer John Saca to acquire his interest in the Towers on Capitol Mall, LLC (Towers LLC). This action follows Saca’s notification that he will not exercise his option to acquire CalPERS interest in Towers LLC. “After careful analysis, we decided that our beneficiaries’ best interest is served by acquiring the site and designating our national development partner CIM Group of Los Angeles to serve as lead developer,” said Ted Eliopoulos, CalPERS Senior Investment Officer for Real Estate. “This is a particularly well-located site that can be transformed into a successful development. We are pleased that our long standing partner, CIM Group has agreed to lead our future effort.”
“As the first order of business, CIM will resolve issues with outstanding creditors and complete the first phase of site preparation and then, over the next 18 months, focus on creating a viable development program for this important site.”
“I want to take this opportunity to recognize John Saca’s great entrepreneurial spirit and complete dedication to this project on behalf of CalPERS. While the project experienced unfavorable economic and market conditions, John was a committed partner who explored every avenue to get this project built,” Eliopoulos added.
CIM is one of CalPERS largest urban investment partners, with a long and successful track record nationally in delivering quality real estate projects. Under the new arrangement, CalPERS will continue to be a passive investor in the project. CIM will serve as lead developer and managing member. “Through his vision, Mr. Saca brought focus to the terrific potential of this important site,” said John Given, a Principal at CIM. “We believe that, by taking a step back and working closely with the City and all stakeholders involved, we can develop a program that will serve all of those in the community who want to see this site achieve its potential.” CalPERS has notified the city of Sacramento of its plans and received a favorable response. “ We are grateful to John Saca for his wonderful vision for this site, for his tenacity to try to make this project a reality against a changing economic climate. At all times, he had the interests of the city and its citizens at heart,” said Ray Kerridge City Manager.
“We are also lucky to have an institution such as CalPERS in our community,” Kerridge added. “We appreciate the leadership that CalPERS has demonstrated. Given its strategic location, this site can become another crown jewel for the development of downtown Sacramento. Rather than walking away from the project and the commitments made by Towers on Capitol Mall, LLC, CalPERS took decisive action in taking control of the site and involving CIM, a development group that we at the City have worked with successfully in the past.”
Saturday, June 09, 2007
Thursday, June 07, 2007
The Sacramento Museum of History, Science and Technology, The Unity Center, The Crocker, The Studios for Performing Arts, and Indian Heritage Center
Lot of stuff going on this past week in the culture scene in Sacramento.
- The Sacramento Museum of History, Science and Technology takes a big step.
- The Capitol Unity Center receives another big gift from an Indian tribe.
- The Crocker Art Museum Expansion is on the receiving end of more incredible generosity by the Raley /Teel and Friedman families to the tune of 10 Million.
- The Teel family does it again donating 5 Million to the Studios for the Performing Arts building.
- The Indian Heritage Center find a home on the river in West Sacramento
________________________
- The Sacramento Museum of History, Science and Technology
A couple months ago I posted a piece on Sacramento Museum of Art, Science, and Human Perception (SMASHp), well it looks like it will be taking one more step forward.
Next week the city will be approving a one-year ERN for the museum to be placed at the old PG&E site on Jibbom Street.
There is no mention of how much this would cost, but it says that many companies have expressed interest in supporting the museum, including Wells Fargo, Teichert, and PG&E.
- Captiol Unity Center
Tribe gives $1.5 million to Capital Unity Center
By Stephen Magagnini - Bee Staff Writer
Friday, June 1, 2007
The Capital Unity Center got a little closer to its $20 million goal Thursday when the Rumsey Band of Wintun Indians pledged $1.5 million to the proposed center for diversity and tolerance.
.....
The Capital Unity Center, which will be at the corner of 16th and N streets, will be an interactive multimedia learning experience dedicated to inclusion, diversity and dialogue across racial, ethnic, gender and religious lines.
- The Crocker Art Museum Expansion
Huge boost for museum
Crocker's top benefactors pitch in an extra $10 million for coming expansion
By Bobby Caina Calvan - Bee Staff Writer
Two of the Crocker Art Museum's biggest boosters are reaching deeper into their pockets, each pledging an additional $5 million for a major expansion that would triple the size of a facility struggling to accommodate its burgeoning collection and supersized ambitions.
The $10 million infusion was announced at a fundraiser at Cal Expo on Saturday night, as the museum prepares to break ground next month on its new $85 million wing and launch a broader appeal for cash among the general public.
To date, the museum's capital campaign has relied on a relatively small group of benefactors -- 164, by the museum's count -- who have contributed $80 million of the $100 million goal.
The biggest contributor has been the Joyce and Jim Teel Family Foundation -- a product of the Raley's grocery fortune -- which announced on Saturday that it would add $5 million to its earlier pledge of $8 million.
Mort and Marcy Friedman, who chair the museum's fundraising campaign, also announced they would donate another $5 million to the effort, bringing their total contributions to $10 million.
- The Studios for Performing Arts
Joyce Raley Teel is giving 5M to the Studios for the Performing Arts building at 14th and H to be named "The E. Claire Raley Studios for the Performing Arts".
City Council Staff Report
- Indian Heritage Center
W. Sac lands culture center
City will donate riverfront site for American Indian museum after drive for new capital location stalls
By M.S. Enkoji - Bee Staff Writer
Prime riverfront property in West Sacramento, once offered for a new governor's mansion, will house a state museum and center for California's American Indian heritage and culture.
West Sacramento has agreed to donate 43 acres on the Sacramento River for the California Indian Heritage Center, which had tried for at least two years to locate in Sacramento along the American River.
- The Sacramento Museum of History, Science and Technology takes a big step.
- The Capitol Unity Center receives another big gift from an Indian tribe.
- The Crocker Art Museum Expansion is on the receiving end of more incredible generosity by the Raley /Teel and Friedman families to the tune of 10 Million.
- The Teel family does it again donating 5 Million to the Studios for the Performing Arts building.
- The Indian Heritage Center find a home on the river in West Sacramento
________________________
- The Sacramento Museum of History, Science and Technology
A couple months ago I posted a piece on Sacramento Museum of Art, Science, and Human Perception (SMASHp), well it looks like it will be taking one more step forward.
Next week the city will be approving a one-year ERN for the museum to be placed at the old PG&E site on Jibbom Street.
There is no mention of how much this would cost, but it says that many companies have expressed interest in supporting the museum, including Wells Fargo, Teichert, and PG&E.
- Captiol Unity Center
Tribe gives $1.5 million to Capital Unity Center
By Stephen Magagnini - Bee Staff Writer
Friday, June 1, 2007
The Capital Unity Center got a little closer to its $20 million goal Thursday when the Rumsey Band of Wintun Indians pledged $1.5 million to the proposed center for diversity and tolerance.
.....
The Capital Unity Center, which will be at the corner of 16th and N streets, will be an interactive multimedia learning experience dedicated to inclusion, diversity and dialogue across racial, ethnic, gender and religious lines.
- The Crocker Art Museum Expansion
Huge boost for museum
Crocker's top benefactors pitch in an extra $10 million for coming expansion
By Bobby Caina Calvan - Bee Staff Writer
Two of the Crocker Art Museum's biggest boosters are reaching deeper into their pockets, each pledging an additional $5 million for a major expansion that would triple the size of a facility struggling to accommodate its burgeoning collection and supersized ambitions.
The $10 million infusion was announced at a fundraiser at Cal Expo on Saturday night, as the museum prepares to break ground next month on its new $85 million wing and launch a broader appeal for cash among the general public.
To date, the museum's capital campaign has relied on a relatively small group of benefactors -- 164, by the museum's count -- who have contributed $80 million of the $100 million goal.
The biggest contributor has been the Joyce and Jim Teel Family Foundation -- a product of the Raley's grocery fortune -- which announced on Saturday that it would add $5 million to its earlier pledge of $8 million.
Mort and Marcy Friedman, who chair the museum's fundraising campaign, also announced they would donate another $5 million to the effort, bringing their total contributions to $10 million.
- The Studios for Performing Arts
Joyce Raley Teel is giving 5M to the Studios for the Performing Arts building at 14th and H to be named "The E. Claire Raley Studios for the Performing Arts".
City Council Staff Report
- Indian Heritage Center
W. Sac lands culture center
City will donate riverfront site for American Indian museum after drive for new capital location stalls
By M.S. Enkoji - Bee Staff Writer
Prime riverfront property in West Sacramento, once offered for a new governor's mansion, will house a state museum and center for California's American Indian heritage and culture.
West Sacramento has agreed to donate 43 acres on the Sacramento River for the California Indian Heritage Center, which had tried for at least two years to locate in Sacramento along the American River.
Thursday, May 31, 2007
Crocker Art Museum Expansion
Looks like the long anticipated Crocker Art Museum expansion is finally ready to proceed this year. Ground breaking is set for July 26th.
The project is will run about 71.6M, financed by a bunch of different sources
CRCIP: $2M
CA Prop 40 Grant: $2M
Sac County CAMA Grant: $2.5M
SHRA Downtown BOnd: $8M
SHRA Tax Incerment: $1M
CRCIP Loan: $12M
Crocker Art Museum Association (CAMA): $44.1M
Total: $71.6M
The new wing will be named the "Teel Family Pavilion"
Here is a cool rendering from Sactown Mag.
____________________
___________________
....and a couple others from the architects based out of NY, Gwathmey-Siegel.
____________
_________________
_________________
Gwathmey-Siegel have quite a museums under their belt, including the Guggenheim.
This design is much more conventional than the Guggenheim design, not surprising though. I can see how some people in Sacramento would object to something a little too non-conventional given the historical nature of The Crocker and knowing how the preservation community can be on issues like that. The architect even mentioned in the Sactown Mag article how they had a rough go the first time before the design review from preservationists. There was no mention really of what those issues were though,so I don't know I would have sided with.
While I would have liked to have seen something maybe a little more daring, I think it's still a nice looking addition. Clean and straight forward. Most importantly though, once completed in spring 2010, The Crocker will have 100K more worth of exhibit space, cafe, store, meeting rooms and more.
There is a link to the city staff report for what looks like some last minutes details.
Crocker Art Museum Expansion and Renovation Project Staff Report
The project is will run about 71.6M, financed by a bunch of different sources
CRCIP: $2M
CA Prop 40 Grant: $2M
Sac County CAMA Grant: $2.5M
SHRA Downtown BOnd: $8M
SHRA Tax Incerment: $1M
CRCIP Loan: $12M
Crocker Art Museum Association (CAMA): $44.1M
Total: $71.6M
The new wing will be named the "Teel Family Pavilion"
Here is a cool rendering from Sactown Mag.
____________________
___________________
....and a couple others from the architects based out of NY, Gwathmey-Siegel.
____________
_________________
_________________
Gwathmey-Siegel have quite a museums under their belt, including the Guggenheim.
This design is much more conventional than the Guggenheim design, not surprising though. I can see how some people in Sacramento would object to something a little too non-conventional given the historical nature of The Crocker and knowing how the preservation community can be on issues like that. The architect even mentioned in the Sactown Mag article how they had a rough go the first time before the design review from preservationists. There was no mention really of what those issues were though,so I don't know I would have sided with.
While I would have liked to have seen something maybe a little more daring, I think it's still a nice looking addition. Clean and straight forward. Most importantly though, once completed in spring 2010, The Crocker will have 100K more worth of exhibit space, cafe, store, meeting rooms and more.
There is a link to the city staff report for what looks like some last minutes details.
Crocker Art Museum Expansion and Renovation Project Staff Report
Wednesday, May 30, 2007
The Crest to become a Performing Arts Center?
I was listening to the K Street streetscape plan this last Tuesday on the city website when something caught my ear. One of the speakers was Jim Brennan, his company are the ones renovating the Atkins Building(?) at 10th and K (NE corner)into office condos and ground floor restaurant space. He said they have also acquired the Kress Building, 920, 924, 930 K Street (which are the 3 buildings on south-west most section of 10th and K) and the most intriguing, The Crest Theater.
He said they are looking to reposition The Crest into a performing arts center.
He's a Juilliard School graduate that has done projects in the Gaslamp, SOMA and says was one of the drivers behind the Louise Davies Symphony Hall in SF, along with work on the Opera House and Ballet Building.
We know The Crest shows a lot of films, speakers, music, comedy, festivals, some live theatre, and other events, but seeing The Crest as a performing arts center as well would be a pretty darn cool thing in my mind.
The main auditorium could be a nice mid-sized venue between the community center theatre, music circus, memorial auditorium, which are too big for most, and places like Thistle Dew or The Geery. An upgrade (I don't mean a major structural change for you preservationists) could maybe allow the main stage to be another midsized venue for more live theatre performances that seems to be really needed in this city.
The only thing I have to go on is what I heard from him speaking for 3 minutes, so there isn't much to go off of. There was no mention of the actual plans or ideas, but I would really like to find out what they are.
I'm very interested to see if they will still keep all the events that currently take place and will be able to make it work for another live performances as well. The other possibly I thought was maybe they were thinking of taking The Crest Cafe that is part of the building and turning it into a small theatre, that seems less likely though.
The only thing I was able to find was something off the Carrier Johnson website that lists "Crest Theater Mixed-Use Development | Sacramento, CA"
The Davies Hall was the work of 15 years of effort in a city with lots of corporate money and wealthy people, along with 5M (1980s money) from Louise Davies, 10M from the city, and other funds from companies and people. Any type of performing arts venue takes a long time to come to fruition in any city, let along a smaller one like Sacramento.
As I have mentioned before, philanthropy has been on the rise over the last few years, let's see if that pays off here.
He said they are looking to reposition The Crest into a performing arts center.
He's a Juilliard School graduate that has done projects in the Gaslamp, SOMA and says was one of the drivers behind the Louise Davies Symphony Hall in SF, along with work on the Opera House and Ballet Building.
We know The Crest shows a lot of films, speakers, music, comedy, festivals, some live theatre, and other events, but seeing The Crest as a performing arts center as well would be a pretty darn cool thing in my mind.
The main auditorium could be a nice mid-sized venue between the community center theatre, music circus, memorial auditorium, which are too big for most, and places like Thistle Dew or The Geery. An upgrade (I don't mean a major structural change for you preservationists) could maybe allow the main stage to be another midsized venue for more live theatre performances that seems to be really needed in this city.
The only thing I have to go on is what I heard from him speaking for 3 minutes, so there isn't much to go off of. There was no mention of the actual plans or ideas, but I would really like to find out what they are.
I'm very interested to see if they will still keep all the events that currently take place and will be able to make it work for another live performances as well. The other possibly I thought was maybe they were thinking of taking The Crest Cafe that is part of the building and turning it into a small theatre, that seems less likely though.
The only thing I was able to find was something off the Carrier Johnson website that lists "Crest Theater Mixed-Use Development | Sacramento, CA"
The Davies Hall was the work of 15 years of effort in a city with lots of corporate money and wealthy people, along with 5M (1980s money) from Louise Davies, 10M from the city, and other funds from companies and people. Any type of performing arts venue takes a long time to come to fruition in any city, let along a smaller one like Sacramento.
As I have mentioned before, philanthropy has been on the rise over the last few years, let's see if that pays off here.
Friday, May 25, 2007
Saca misses CalPERS buyout deadline
Not surprising given all the buzz recently. I have to imagine another option will be bought and they will keep working it, but a missed deadline is a missed deadline.
The only good news is, everything I have heard says Mohamed and the Saca's are good family friends, so Saca catches a big break there.
"but a real estate investor (Mohamed)who holds the loan for the land purchase said Friday that he has no plans to foreclose on the project."
Nassi and now Saca both keep missing deadlines, we'll see where this all ends up. Over the weekend I drove by the Aura site and they had demolished the remainder of the parking lot. Considering Nassi was just granted another extention, I can't think it's any kind of groundbreaking.
______________________________________________________________________________________
Saca misses CalPERS buyout deadline
Sacramento Business Journal - 2:06 PM PDT Friday, May 25, 2007
Developer John Saca will not meet Friday's deadline to buy out The California Public Employees' Retirement System's $25 million investment in the Towers on Capitol Mall project, Saca said on Friday.
Saca, the managing partner of the project, had worked out a deal last month to pay back CalPERS, which had pledged $100 million overall. The two partners have been at odds on how to proceed under cost overruns that are estimated between $70 and $100 million.
"We're still working on it," Saca said of dissolving the partnership with CalPERS and securing new financing. "We're not going to pull it off today."
CalPERS spokeswoman Pat Macht said there are no provisions to extend the buyout agreement beyond Friday.
"If he doesn't act on his option today and has another idea he wants to come back with, that will be considered," Macht said. Saca likely will have to pay more money for a new option if he pursues one, though Macht declined to discuss any possible terms.
In the meantime, Saca and CalPERS remain estranged partners.
The Towers on Capitol Mall is a 53-story, 800-unit condo development that broke ground last year. Work stopped before the foundation was poured.
Saca indicated earlier this year that the project is $35 million in debt, including a $22 million loan for the land purchase and a owed to contractors who have done site work.
The project has defaulted on that loan, but a real estate investor who holds the loan for the land purchase said Friday that he has no plans to foreclose on the project.
The only good news is, everything I have heard says Mohamed and the Saca's are good family friends, so Saca catches a big break there.
"but a real estate investor (Mohamed)who holds the loan for the land purchase said Friday that he has no plans to foreclose on the project."
Nassi and now Saca both keep missing deadlines, we'll see where this all ends up. Over the weekend I drove by the Aura site and they had demolished the remainder of the parking lot. Considering Nassi was just granted another extention, I can't think it's any kind of groundbreaking.
______________________________________________________________________________________
Saca misses CalPERS buyout deadline
Sacramento Business Journal - 2:06 PM PDT Friday, May 25, 2007
Developer John Saca will not meet Friday's deadline to buy out The California Public Employees' Retirement System's $25 million investment in the Towers on Capitol Mall project, Saca said on Friday.
Saca, the managing partner of the project, had worked out a deal last month to pay back CalPERS, which had pledged $100 million overall. The two partners have been at odds on how to proceed under cost overruns that are estimated between $70 and $100 million.
"We're still working on it," Saca said of dissolving the partnership with CalPERS and securing new financing. "We're not going to pull it off today."
CalPERS spokeswoman Pat Macht said there are no provisions to extend the buyout agreement beyond Friday.
"If he doesn't act on his option today and has another idea he wants to come back with, that will be considered," Macht said. Saca likely will have to pay more money for a new option if he pursues one, though Macht declined to discuss any possible terms.
In the meantime, Saca and CalPERS remain estranged partners.
The Towers on Capitol Mall is a 53-story, 800-unit condo development that broke ground last year. Work stopped before the foundation was poured.
Saca indicated earlier this year that the project is $35 million in debt, including a $22 million loan for the land purchase and a owed to contractors who have done site work.
The project has defaulted on that loan, but a real estate investor who holds the loan for the land purchase said Friday that he has no plans to foreclose on the project.
Thursday, May 24, 2007
East End Gateway Update
As you know, I am very big on the 16th Street, so I will try to always update people on anything going on along that street, no matter how big or small.
A couple months ago, CADA choose Ravel Rasmussen for site 3 and SKK for site 2 at 16th and O. With SKK wanting both sites or none, CADA has decided to give both sites to Ravel Rasmussen.
I was unable to attend the meeting, so if anyone has details I'd appreciate any info.
From the agenda on May 18th it looks like CADA and Ravel Rasmussen have entered into a Exclusive Right to Negotiate, but I don't know for how long, but lets hope it doesn't take as long as sites 1 and 4 have with Lambert Development.
From the original proposals, Ravel Rasmussen has proposed about 69 rentals and 13K in retail space.
I really wanted to see some ownership housing on these sites, so let's hope sites 1 and 4 have them. From what I have heard, Lambert Development is doing just that.
The last CADA meeting I attended a couple months ago extended the ERN for site 4 until September, for which they expect to have a DDA in place. Let's hope they are right, but given the slow progress until now, I'll believe it when I see it.
A couple months ago, CADA choose Ravel Rasmussen for site 3 and SKK for site 2 at 16th and O. With SKK wanting both sites or none, CADA has decided to give both sites to Ravel Rasmussen.
I was unable to attend the meeting, so if anyone has details I'd appreciate any info.
From the agenda on May 18th it looks like CADA and Ravel Rasmussen have entered into a Exclusive Right to Negotiate, but I don't know for how long, but lets hope it doesn't take as long as sites 1 and 4 have with Lambert Development.
From the original proposals, Ravel Rasmussen has proposed about 69 rentals and 13K in retail space.
I really wanted to see some ownership housing on these sites, so let's hope sites 1 and 4 have them. From what I have heard, Lambert Development is doing just that.
The last CADA meeting I attended a couple months ago extended the ERN for site 4 until September, for which they expect to have a DDA in place. Let's hope they are right, but given the slow progress until now, I'll believe it when I see it.
Friday, May 18, 2007
Tower Bridge Pedestrian/Bicycle Improvements Project
The project, which started in January, will take approximately 18 months to complete and will widen sidewalks from an existing 3 feet to 10 feet. The project will enhance pedestrian and bicycle safety, in addition to accommodating future development planned along both riverfronts.
Wednesday, May 16, 2007
Tuesday, May 15, 2007
Sacramento Metropolitan Arts Commission (SMAC) - Cultural Business Plan
We recently had a discussion around the arts and theater scene in Sacramento. Here is your chance to participate in the future.
Closed mouths don't get fed...take the survey.
______________________________________________________________________________________
The Sacramento Metropolitan Arts Commission (SMAC) is creating a new Cultural Business plan and wants to hear from you. As part of its year-long planning process SMAC is launching two internet surveys: one for the general public, and one for arts organizations and individual artists.
Take the general public arts & culture survey
Take the survey for arts organizations and individual artists
he surveys take only a few minutes to complete and will be used in helping develop the new Plan. To encourage you to take the surveys, SMAC has acquired some “thank you” prizes, including tickets to several of Sacramento’s premiere performing arts organizations. Everyone who completes the survey will be automatically entered in the drawing.
To learn more about SMAC’s business planning process: Click here
Thanks for your time.
Sincerely,
Rhyena Halpern, Executive Director
_____________________________________________________________________________________
- Notes from April 17 Business & Civic Leaders Roundtable notes
- Notes from April 17 Commission-Staff Retreat notes
- Notes from April 17 Multicultural Artists and Culturally Specific Arts Organizations Roundtable
-Notes from March 12, 2007 Commission-Staff External Environment Exercise
- Notes from March 12, 2007 Commission-Staff External Environment Exercise
- Notes from March 12, 2007 Cultural Arts Awards Grantee Town Hall Meeting
Closed mouths don't get fed...take the survey.
______________________________________________________________________________________
The Sacramento Metropolitan Arts Commission (SMAC) is creating a new Cultural Business plan and wants to hear from you. As part of its year-long planning process SMAC is launching two internet surveys: one for the general public, and one for arts organizations and individual artists.
Take the general public arts & culture survey
Take the survey for arts organizations and individual artists
he surveys take only a few minutes to complete and will be used in helping develop the new Plan. To encourage you to take the surveys, SMAC has acquired some “thank you” prizes, including tickets to several of Sacramento’s premiere performing arts organizations. Everyone who completes the survey will be automatically entered in the drawing.
To learn more about SMAC’s business planning process: Click here
Thanks for your time.
Sincerely,
Rhyena Halpern, Executive Director
_____________________________________________________________________________________
- Notes from April 17 Business & Civic Leaders Roundtable notes
- Notes from April 17 Commission-Staff Retreat notes
- Notes from April 17 Multicultural Artists and Culturally Specific Arts Organizations Roundtable
-Notes from March 12, 2007 Commission-Staff External Environment Exercise
- Notes from March 12, 2007 Commission-Staff External Environment Exercise
- Notes from March 12, 2007 Cultural Arts Awards Grantee Town Hall Meeting
Saturday, May 12, 2007
10th and K Progress
A few months ago we heard that the old Woolworth Building would contain a cabaret theatre venue for the California Musical Theatre, along with a (Carnegie Deli style, yum!) restaurant and lounge by Paragary for phase I of the project by Taylor and the CIM Group. If you have walked by the site recently you can see the building boarded up (well more boarded up than it used to be) with interior demo taking place.
Phase two was going to be a 14-story 130 unit mixed use building on the remaining site, looks like that number has jumped up based on Bob Shallits latest column to 21 stories and 158 units.
CIM and David Taylor are hoping to have the DDA in place by December and thus acquire the 3 remaining parcels at 10th and K that the city has own for 10 years or so. Previous attempts at development over the years included a huge multiplex, a California News Station start up, an Old Navy, and most recently before this a CineArts Theatre.
This is a pretty darn solid team though. Taylor has completed a lot of buildings in downtown and CIM is a deep pocketed national developer with many projects under their belt, including 800J here in downtown. PLUS they have their own financing arm of their company that makes financing pretty easy for them.
The building across the street the rest of article mentions is also undergoing renovation. I've always found that building kinda interesting, but not really in a good way. It's an odd looking building with very few windows. Seems like that would be a draw back to some potential buyers, but then again being so close to the Capitol is a big advantage.
Pieces are slowly coming together on K Street. The addition of Ella's in the new Cathedral Building, along with these projects should add some foot traffic and synergy to the area. I still want to see another small theater somewhere on K Street though. There was also talk of KHTK locating on the 1100 or 1200 block. I'm sure Imax, Pyramid Brewery (GOOD beer, eh food), The Crest (old faithful), Ambrosia (good, but could be so much more), Chops (pretty good steaks) and others are counting the days down. I personally really want to see the marquee the new theatre will have. I love those things!
Now if the city can just get the 700 and 800 block out of the courts...
__________________________________________________________________________________
Bob Shallit: Condos join plan for 10th, K revival
By Bob Shallit - Bee Columnist
Developers working on a cabaret and restaurant complex at the corner of 10th and K have even bigger plans for three adjacent parcels: They want to build a 21-story condo tower there.
The developers -- David S. Taylor Interests and the CIM Group of Los Angeles -- have an exclusive right to negotiate with the city for the three parcels, on the south side of K Street between 10th and 11th.
If a just-launched environmental study finds no serious problems, Taylor and CIM hope to sign a development agreement and acquire the parcels in December, says Elle Warner, a VP with Taylor Interests.
Early plans, from architect WRNS Studio of San Francisco, call for a "green" building with 158 for-sale units, Warner says. Most would be about 900 square feet but larger penthouses would occupy the top two floors. No prices have yet been set.
Other downtown condo projects have run into financing problems. But Warner says her group is optimistic.
"There's never been a question about demand," she says. "It's really about putting it all together."
At some point, she adds in reference to the prospects of downtown housing taking off, "the stars will line up."
* * *
Taking off: Meanwhile, work has begun on the cabaret project at the southeast corner of 10th and K -- and at an office condo project on the key intersection's northeast corner.
Removal of hazardous materials began three weeks ago at the future cabaret site, formerly the Woolworth building. The hope, Warner says, is to begin construction this summer on a 200-seat venue for the California Musical Theatre along with a restaurant and lounge to be run by Randy Paragary.
Across the street, at 1001 K, interior demo work is nearly done and the Trancas Fund of St. Helena soon will be launching a building rehab and facelift. End result: Five stories of office condos above a first-floor restaurant, says Jerry Fournier, regional manager for project contractor J.B. Olsen.
City officials have tried for years to spark development at 10th & K. Amazingly, it's finally happening.
Phase two was going to be a 14-story 130 unit mixed use building on the remaining site, looks like that number has jumped up based on Bob Shallits latest column to 21 stories and 158 units.
CIM and David Taylor are hoping to have the DDA in place by December and thus acquire the 3 remaining parcels at 10th and K that the city has own for 10 years or so. Previous attempts at development over the years included a huge multiplex, a California News Station start up, an Old Navy, and most recently before this a CineArts Theatre.
This is a pretty darn solid team though. Taylor has completed a lot of buildings in downtown and CIM is a deep pocketed national developer with many projects under their belt, including 800J here in downtown. PLUS they have their own financing arm of their company that makes financing pretty easy for them.
The building across the street the rest of article mentions is also undergoing renovation. I've always found that building kinda interesting, but not really in a good way. It's an odd looking building with very few windows. Seems like that would be a draw back to some potential buyers, but then again being so close to the Capitol is a big advantage.
Pieces are slowly coming together on K Street. The addition of Ella's in the new Cathedral Building, along with these projects should add some foot traffic and synergy to the area. I still want to see another small theater somewhere on K Street though. There was also talk of KHTK locating on the 1100 or 1200 block. I'm sure Imax, Pyramid Brewery (GOOD beer, eh food), The Crest (old faithful), Ambrosia (good, but could be so much more), Chops (pretty good steaks) and others are counting the days down. I personally really want to see the marquee the new theatre will have. I love those things!
Now if the city can just get the 700 and 800 block out of the courts...
__________________________________________________________________________________
Bob Shallit: Condos join plan for 10th, K revival
By Bob Shallit - Bee Columnist
Developers working on a cabaret and restaurant complex at the corner of 10th and K have even bigger plans for three adjacent parcels: They want to build a 21-story condo tower there.
The developers -- David S. Taylor Interests and the CIM Group of Los Angeles -- have an exclusive right to negotiate with the city for the three parcels, on the south side of K Street between 10th and 11th.
If a just-launched environmental study finds no serious problems, Taylor and CIM hope to sign a development agreement and acquire the parcels in December, says Elle Warner, a VP with Taylor Interests.
Early plans, from architect WRNS Studio of San Francisco, call for a "green" building with 158 for-sale units, Warner says. Most would be about 900 square feet but larger penthouses would occupy the top two floors. No prices have yet been set.
Other downtown condo projects have run into financing problems. But Warner says her group is optimistic.
"There's never been a question about demand," she says. "It's really about putting it all together."
At some point, she adds in reference to the prospects of downtown housing taking off, "the stars will line up."
* * *
Taking off: Meanwhile, work has begun on the cabaret project at the southeast corner of 10th and K -- and at an office condo project on the key intersection's northeast corner.
Removal of hazardous materials began three weeks ago at the future cabaret site, formerly the Woolworth building. The hope, Warner says, is to begin construction this summer on a 200-seat venue for the California Musical Theatre along with a restaurant and lounge to be run by Randy Paragary.
Across the street, at 1001 K, interior demo work is nearly done and the Trancas Fund of St. Helena soon will be launching a building rehab and facelift. End result: Five stories of office condos above a first-floor restaurant, says Jerry Fournier, regional manager for project contractor J.B. Olsen.
City officials have tried for years to spark development at 10th & K. Amazingly, it's finally happening.
Monday, May 07, 2007
Streetcar Update
I love walking, but everyone in a while it's nice to get a lift.
Central City Opinion and I received an email asking us to spread the word about the upcoming city council meetings regarding the Streetcar Feasibility.
- City of West Sacramento Council Meeting: May 9th
- Presentation to RT and Yolo County Transportation District: May 14
- City of Sacramento Council Meeting: May 22
Central City has started a discussion on the subject and raises lot of good questions. Head over there now and give your impute.
This is a very important topic on the future of transportation within the central city and West Sacramento. As we see more and more development with the central city and West Sac, we need to have a more efficient way to get people from one place to another for sort trips without having them get in their cars. Light Rail is good for longer trips, but Streetcars similar to Portland Streetcars work great for shorter distances.
Central City Opinion Streetcar Discussion
">Link to Streetcar Feasibility Study
Central City Opinion and I received an email asking us to spread the word about the upcoming city council meetings regarding the Streetcar Feasibility.
- City of West Sacramento Council Meeting: May 9th
- Presentation to RT and Yolo County Transportation District: May 14
- City of Sacramento Council Meeting: May 22
Central City has started a discussion on the subject and raises lot of good questions. Head over there now and give your impute.
This is a very important topic on the future of transportation within the central city and West Sacramento. As we see more and more development with the central city and West Sac, we need to have a more efficient way to get people from one place to another for sort trips without having them get in their cars. Light Rail is good for longer trips, but Streetcars similar to Portland Streetcars work great for shorter distances.
Central City Opinion Streetcar Discussion
">Link to Streetcar Feasibility Study
Thursday, May 03, 2007
Sunday, April 29, 2007
Sacramento Museum of Art, Science, and Human Perception
I stumbled onto this and thought I would put it out here for people to see.
Sacramento needs more big time museums and exploratoriums, and I think the old PG&E is a perfect location for one. Close to Old Sac and downtown, right on the river, next to the water intake and accompanying water feature, and right by new park area.
As I commented a while ago, I think old buildings like these make for great public and civic spaces. I really like the Riverfront Pavillion, cafe and store in the site plan. It also looks like part of the site will be reserved for a future project, possibly for a residential tower in the future, but will be used for parking in the meantime.
I remember that when the city was requesting proposals for the site a while ago, Mike Heller proposed turning the building into a museum that would hold the collection of the Wayne Thiebaud family, which I thought was a nice idea at the time, and still think something along those lines would be a great addition to the city.
I know Sacramento has many other smaller history places like The California History, Womens, Military, Wells Fargo, Discovery, Towe, Aviation and others I am sure I'm forgeting, but The Crocker and The Railroad Museum are places that I think are on another level from the other places mentioned, and I'd like to see more at this level.
The Crocker is about to go through a huge expansion that has taken a lot of years to fund and materialize. I have to imagine something like this would cost a ton of money and a lot of time to put together as well.
Philanthropy has been increasing at a brisk pace over the last few years in Sacramento, lets see how that trend possibly helps this.
The Sacramento Children's Museum seemed to have some momentum going a short time ago, but nothing new has come out recently other than apparent frustrations by the the organizers.
______________________________________________________________________________________
Sacramento Museum of Art, Science, and Human Perception (SMASHp)
Modeled on San Francisco’s highly respected and hugely popular Exploratorium. SMASHp will be a publicly-owned science museum located in the old PG&E Building on the Sacramento River. SMASHp may be inspired by the Explortorium but it's own exhibits will be modeled on science museums from around the world. And many of the exhibits will be created by visual and performing artists as well as scientists and educators thus creating an unique environment that will stimulate the senses and appeal to people who are not normally turn-on by science.
The former Pacific Gas and Electric Co. building, next to the new Jibboom Street Park, is currently vacant and the city is looking for someone to rehabilitate of the historic building for commercial and/or community use. We propose transforming it into a unique 21st-century science museum. The building’s Renaissance/Baroque ornamentation provides a museum-like quality and in some ways recalls the Palace of Fine Art Building in San Francisco which houses the Exploratorium.
The historic building made of reinforced concrete has a large open interior space that is ideal for a wide variety of scientific exhibits. Natural light will filter through skylights and windows to illuminate the interior during the day and the building will be dramatically lit at night.
The museum's entrance will be through the neo-classical portal on the west side (riverfront) of the PG&E building. The western orientation will increase activity along riverfront and as the Railyards Project Area is developed the wisdom of this orientation will be further reinforced.
A small but architecturally striking pavilion will be constructed northwest of the museum's entrance and will house the museum’s store and café which will have outside terraced where visitors will be able to dine alfresco while overlooking the Sacramento River.
Several specially landscaped spaces throughout the site will include ‘smart art’ pieces.
The area north of the museum will be reserved for a future museum tower –a mix-use residential high-rise, however, until that time the site will be used for museum parking.
The Sacramento Museum of Art, Science and Human Perception is destined to be the one of Sacramento’s most popular tourist destinations- attracting many people to the area each year and energizing the existing Sacramento River Parkway trail that connects Old Sacramento to Discovery Park and helping to make the Sacramento Riverfront truly world-class.
How will SMASHp be financed?
Corporate Donors
Public Utility
City and County of Sacramento
University of California
State and Federal
Sacramento needs more big time museums and exploratoriums, and I think the old PG&E is a perfect location for one. Close to Old Sac and downtown, right on the river, next to the water intake and accompanying water feature, and right by new park area.
As I commented a while ago, I think old buildings like these make for great public and civic spaces. I really like the Riverfront Pavillion, cafe and store in the site plan. It also looks like part of the site will be reserved for a future project, possibly for a residential tower in the future, but will be used for parking in the meantime.
I remember that when the city was requesting proposals for the site a while ago, Mike Heller proposed turning the building into a museum that would hold the collection of the Wayne Thiebaud family, which I thought was a nice idea at the time, and still think something along those lines would be a great addition to the city.
I know Sacramento has many other smaller history places like The California History, Womens, Military, Wells Fargo, Discovery, Towe, Aviation and others I am sure I'm forgeting, but The Crocker and The Railroad Museum are places that I think are on another level from the other places mentioned, and I'd like to see more at this level.
The Crocker is about to go through a huge expansion that has taken a lot of years to fund and materialize. I have to imagine something like this would cost a ton of money and a lot of time to put together as well.
Philanthropy has been increasing at a brisk pace over the last few years in Sacramento, lets see how that trend possibly helps this.
The Sacramento Children's Museum seemed to have some momentum going a short time ago, but nothing new has come out recently other than apparent frustrations by the the organizers.
______________________________________________________________________________________
Sacramento Museum of Art, Science, and Human Perception (SMASHp)
Modeled on San Francisco’s highly respected and hugely popular Exploratorium. SMASHp will be a publicly-owned science museum located in the old PG&E Building on the Sacramento River. SMASHp may be inspired by the Explortorium but it's own exhibits will be modeled on science museums from around the world. And many of the exhibits will be created by visual and performing artists as well as scientists and educators thus creating an unique environment that will stimulate the senses and appeal to people who are not normally turn-on by science.
The former Pacific Gas and Electric Co. building, next to the new Jibboom Street Park, is currently vacant and the city is looking for someone to rehabilitate of the historic building for commercial and/or community use. We propose transforming it into a unique 21st-century science museum. The building’s Renaissance/Baroque ornamentation provides a museum-like quality and in some ways recalls the Palace of Fine Art Building in San Francisco which houses the Exploratorium.
The historic building made of reinforced concrete has a large open interior space that is ideal for a wide variety of scientific exhibits. Natural light will filter through skylights and windows to illuminate the interior during the day and the building will be dramatically lit at night.
The museum's entrance will be through the neo-classical portal on the west side (riverfront) of the PG&E building. The western orientation will increase activity along riverfront and as the Railyards Project Area is developed the wisdom of this orientation will be further reinforced.
A small but architecturally striking pavilion will be constructed northwest of the museum's entrance and will house the museum’s store and café which will have outside terraced where visitors will be able to dine alfresco while overlooking the Sacramento River.
Several specially landscaped spaces throughout the site will include ‘smart art’ pieces.
The area north of the museum will be reserved for a future museum tower –a mix-use residential high-rise, however, until that time the site will be used for museum parking.
The Sacramento Museum of Art, Science and Human Perception is destined to be the one of Sacramento’s most popular tourist destinations- attracting many people to the area each year and energizing the existing Sacramento River Parkway trail that connects Old Sacramento to Discovery Park and helping to make the Sacramento Riverfront truly world-class.
How will SMASHp be financed?
Corporate Donors
Public Utility
City and County of Sacramento
University of California
State and Federal
Wednesday, April 18, 2007
Studios for the Performing Arts
Studios for the Performing Arts
14th and H Street (Empty lot next door to the Music Circus)
5 Stories - 48,000 square feet of rehearsal, office, and classroom space for The Sacramento Ballet, Sacramento Opera, Sacramento Philharmoic Orchestra, and California Musical Theatre.
The project is ~25M, with 9M coming from the city (money from the CIP done last year), 5M loan, and 11M in donations.
Project is currently under going 11.5M fund raising efforts. Project is expected to be completed in 2 years. From what I understand the lease run out for the Ballet school in 2 years, so they need to have the space ready by then.
Here is how the major donor requests break out:
Lead Donor: $5M Requested: Naming Rights (They said this one is imminent)
Ballet School Naming Rights: $1.5 - 2M
Studio One Naming Rights: $1 - 1.5M
Studio Two Naming Rights: $1 - 1.5M
They have also raised 550K (at time of the last council report) in pledges from other donors.
14th and H Street (Empty lot next door to the Music Circus)
5 Stories - 48,000 square feet of rehearsal, office, and classroom space for The Sacramento Ballet, Sacramento Opera, Sacramento Philharmoic Orchestra, and California Musical Theatre.
The project is ~25M, with 9M coming from the city (money from the CIP done last year), 5M loan, and 11M in donations.
Project is currently under going 11.5M fund raising efforts. Project is expected to be completed in 2 years. From what I understand the lease run out for the Ballet school in 2 years, so they need to have the space ready by then.
Here is how the major donor requests break out:
Lead Donor: $5M Requested: Naming Rights (They said this one is imminent)
Ballet School Naming Rights: $1.5 - 2M
Studio One Naming Rights: $1 - 1.5M
Studio Two Naming Rights: $1 - 1.5M
They have also raised 550K (at time of the last council report) in pledges from other donors.
Monday, April 16, 2007
Saca buys out CalPERS
I heard this was coming anytime now, but with so many rumors about the project it's hard to know what is true or not. I even heard that CalPERS only got the 25M back with no return, I have no way to verify if it is true or not though.
From the tone of the article is sounds like the new partner(s) are just around the corner. Saca seems to keep pushing back the obstacles on this project, even if it is taking longer that he hoped. The current obstacle would have to be getting those new contracts signed, 250 seems like a nice start, and getting the new equity partners signed.
From what I understand Joe Mohamed and Saca have known each other for years and land under default is not an issue. Given the timing of when Mohamed bought the note on the land right before it went into default, that sounds like a believable rumor..maybe we see him jump in as part of the new team of investors.
I am still concerned about more cost increases though. If it was 70M over budget a few months ago, it could be more by now. There was an article a little while ago about him locking in some prices, but I'm not sure if that is still the case.
EDIT: MORE INFO -
This latest Bee article sounds like CalPERS will only get the 25M back I mentioned above. Not a done deal yet though.
http://www.sacbee.com/103/story/155909.html
"Saca has until May 25 to come up with about $25 million needed to reimburse CalPERS for the money it had spent on the project before construction stalled earlier this year."
_____________________________________________________________________________________
Saca buys out CalPERS stake in Towers project
Sacramento Business Journal - 2:59 PM PDT Monday, April 16, 2007
by Michael Shaw
Developer John Saca has bought out California Public Employees' Retirement System's interest in the Towers on Capitol Mall skyscraper project, allowing him to retain ownership and search for other partners, Saca said Monday.
Terms were not disclosed.
The move may allow the project to move forward if additional financing can be found to cover increased construction costs and to replace CalPERS' $100 million contribution. Although CalPERS did not disclose its financial involvement to date, sources familiar with the project had previously said it had contributed $25 million before work stopped in January.
The two sides butted heads on how to proceed under overruns estimated at least $70 million. Saca said they had reached an "amicable settlement."
The split comes a year after the pension giant announced its intention to invest in the condo towers, with officials calling it "a good investment." Saca called the partnership "a perfect match" at the time.
The relationship soured, though, after it became apparent that the original budget of $500 million wouldn't be enough to build The Towers. Personnel changes at CalPERS may also have played a role -- a strong backer of the project, Mike McCook, left the role of senior real estate investment adviser.
The foundation has yet to be poured and The Towers already owes about $35 million in loans to contractors for work already done. Unpaid contractors have filed liens and lawsuits against the project.
Real estate investor Joe Mohamed purchased the $22 million loan from First Bank that the Towers partnership used to purchase the land on Capitol Mall.
Saca said Monday he is working with Mohamed to pay off the loan or extend it.
Saca said he hoped to be able to pay remaining debts within a few weeks.
"We are working hard to bring in another partner and hope to have a new deal announced within a week or so," Saca said in a news release.
Saca said more than 250 condo buyers have signed agreements that extend deadlines for completion of the project.
"CalPERS has been fair and reasonable coming to this settlement," Saca said. "Neither party foresaw the significant changes in circumstances that have affected this project."
"Over the last several months, I have been inspired and humbled by the hundreds of supportive phone calls and e-mails from citizens all over the Sacramento area," Saca wrote. "They believe in this project; our buyers believe in this project."
The Towers consists of two 53-story towers with 800 condo units and a 230-room InterContinental Hotel.
From the tone of the article is sounds like the new partner(s) are just around the corner. Saca seems to keep pushing back the obstacles on this project, even if it is taking longer that he hoped. The current obstacle would have to be getting those new contracts signed, 250 seems like a nice start, and getting the new equity partners signed.
From what I understand Joe Mohamed and Saca have known each other for years and land under default is not an issue. Given the timing of when Mohamed bought the note on the land right before it went into default, that sounds like a believable rumor..maybe we see him jump in as part of the new team of investors.
I am still concerned about more cost increases though. If it was 70M over budget a few months ago, it could be more by now. There was an article a little while ago about him locking in some prices, but I'm not sure if that is still the case.
EDIT: MORE INFO -
This latest Bee article sounds like CalPERS will only get the 25M back I mentioned above. Not a done deal yet though.
http://www.sacbee.com/103/story/155909.html
"Saca has until May 25 to come up with about $25 million needed to reimburse CalPERS for the money it had spent on the project before construction stalled earlier this year."
_____________________________________________________________________________________
Saca buys out CalPERS stake in Towers project
Sacramento Business Journal - 2:59 PM PDT Monday, April 16, 2007
by Michael Shaw
Developer John Saca has bought out California Public Employees' Retirement System's interest in the Towers on Capitol Mall skyscraper project, allowing him to retain ownership and search for other partners, Saca said Monday.
Terms were not disclosed.
The move may allow the project to move forward if additional financing can be found to cover increased construction costs and to replace CalPERS' $100 million contribution. Although CalPERS did not disclose its financial involvement to date, sources familiar with the project had previously said it had contributed $25 million before work stopped in January.
The two sides butted heads on how to proceed under overruns estimated at least $70 million. Saca said they had reached an "amicable settlement."
The split comes a year after the pension giant announced its intention to invest in the condo towers, with officials calling it "a good investment." Saca called the partnership "a perfect match" at the time.
The relationship soured, though, after it became apparent that the original budget of $500 million wouldn't be enough to build The Towers. Personnel changes at CalPERS may also have played a role -- a strong backer of the project, Mike McCook, left the role of senior real estate investment adviser.
The foundation has yet to be poured and The Towers already owes about $35 million in loans to contractors for work already done. Unpaid contractors have filed liens and lawsuits against the project.
Real estate investor Joe Mohamed purchased the $22 million loan from First Bank that the Towers partnership used to purchase the land on Capitol Mall.
Saca said Monday he is working with Mohamed to pay off the loan or extend it.
Saca said he hoped to be able to pay remaining debts within a few weeks.
"We are working hard to bring in another partner and hope to have a new deal announced within a week or so," Saca said in a news release.
Saca said more than 250 condo buyers have signed agreements that extend deadlines for completion of the project.
"CalPERS has been fair and reasonable coming to this settlement," Saca said. "Neither party foresaw the significant changes in circumstances that have affected this project."
"Over the last several months, I have been inspired and humbled by the hundreds of supportive phone calls and e-mails from citizens all over the Sacramento area," Saca wrote. "They believe in this project; our buyers believe in this project."
The Towers consists of two 53-story towers with 800 condo units and a 230-room InterContinental Hotel.
Monday, April 09, 2007
Midtown Rundown
Here's a few pictures from two of midtowns biggest construction projects.
Sutter Medical Center Expansion
Capitol view from 17th Street
L Street Lofts
L Street Lofts from the alley.
L Street Lofts on L Street. 
Sutter Medical Center Expansion
Capitol view from 17th Street
L Street Lofts
L Street Lofts from the alley.
L Street Lofts on L Street.
Our City
Subscribe to:
Posts (Atom)
Posts
