Sacramento Proposal/Approval/Construction Thread - III

[homebucket]

Originally Posted by TWAK

Sweet!



Sac Bee

Wow! This would be awesome.

[innov8]

If this Lot X proposal gets built, it will beat the odds of nearly every other
residential high-rise proposal Sacramento has had. Actually, several
economist have looked at the theory that completion dates of skyscrapers
foretell upcoming recessions… but if you apply that theory to Sacramento,
I would say it aligns more with the possible ground breaking of a residential
high-rise because that has been the going trend since the early 1990’s. The
2008 recession killed off at least five proposed residential high-rise. The
2001 recession sunk at least two mixed use high-rise proposals. The 1991
recession knocked off Metro Place at 800 J Street, Capitol Plaza 15th & L
Street, Capitol Towers at 7th & O Street and the Centrage project where the
Mckinley Village is now.

This almost seems predicable; Lot X will get canceled as the grip of inflation
chokes off the economy or other world events. This is only my humble
opinion using history as my guide. But if this project is self-financed, it could
rise regardless of the economy and be completed when the market’s
rebound. 500 Capitol Mall (Sacramento’s only self-financed office high-rise)
thrived in 2009 when completed as the recession was near it's end.

I wish the Lot X developer lots of luck and hope to see it rise to its full
32-story height.

[urban_encounter]

Originally Posted by innov8

If this Lot X proposal gets built, it will beat the odds of nearly every other residential high-rise proposal Sacramento has had. This almost seems predicable; Lot X will get canceled as the grip of inflation chokes off the economy or other world events. This is only my humble opinion using history as my guide. But if this project is self-financed, it could rise regardless of the economy and be completed when the market’s rebound. 500 Capitol Mall (Sacramento’s only self-financed office high-rise) thrived in 2009 when completed as the recession was near it's end.

I wish the Lot X developer lots of luck and hope to see it rise to its full
32-story height.

Yeah I agree 100%. I think it’s highly unlikely that this project goes forward in size and scope.

Now I will say that if there’s anything helping to move this project forward, it’s that the Southern Land Company has plenty of experience building residential high rise projects in cities across the country.

As you noted Innov8; if the project is self financed, it might avoid what is most assuredly going to be a major recession on the near horizon that would dry up financing for projects like this in an unproven market like Sacramento.

Lastly, Sacramento rents are through the roof and have continued to climb. Limited supply of rental and purchase properties and Bay Area migration are pushing rents for one and two bedroom rentals up into the stratosphere. Whether it will be enough to make this project pencil out, is anyone’s guess, especially since developers can build the same project in SF, LA or SD and charge double for rent leases.

It’s a nice project especially in relation to Crocker Park. It should age gracefully if it gets built. I don’t think we would be saying the same thing if Saca’s twin towers had been built.

Wishing the Southern Land Company luck. As history in this town shows, they’re going to need it.

[Schmoe]

The cynicism is thick, and I confess to having the same gloomy thoughts. Sacramento development history has killed my enthusiasm for proposals in this town.

Praying this one breaks the curse.

[sactivity]

Sacramento is good at drawing pictures of skyscrapers. (and stadiums, and bridges, and.....)

[snfenoc]

Large-Scale Development Planned for 2031 K Street.

D&S Development has submitted an application to build a new mixed-use housing project on the northwest corner of 21st and K Streets.

The project's name is K21 (Mixed Use).

K21 Mixed Use includes 296 housing units. 233 of the units would be studio, 50 one-bedroom, and 13 two-bedroom apartments. The drawings show 4 live-work lofts on the first floor. (I don’t know if those are separate from the 296 units or not.)

There would be 8000 square feet of retail on the first floor. The application describes this retail space together as “sales.” This could indicate a market. However, the site drawings show the retail space broken up into 8 spaces of around 900 square feet per space (some larger and others are smaller), plus leasing office space.

There would be 163 parking spaces on 3 levels (one basement level.)

Total height is 91 feet.

The site consists of three parcels, one of which the developer does not own yet. D&S is working to purchase the other parcel.

Currently, one parcel has a 1-2 story office building (1950s era) that is 7000-7500 square feet. The other parcels appear to be surface parking.

There is no timeline or estimated cost. According to the developer, construction is, “some time out.”

I don't love the design. However, there are so many undeveloped or under-developed sites in Downtown and Midtown, and so much demand for housing, this plan is better than nothing.

[CAGeoNerd]

Not an April Fools joke:
"Republic FC Prepares New Vision for Downtown Stadium to Ignite a New Era of Development in Sacramento"
https://www.sacrepublicfc.com/news/2...in-sacramento/

[snfenoc]

Scope expanded for Lot X proposal
By Ben van der Meer
Staff Writer, Sacramento Business Journal
Apr 2, 2022, 12:57pm EDT
https://www.bizjournals.com/sacramen...-proposal.html

... But now that the developer has formally filed plans, it's noteworthy again, because the scope has even gone up a bit from the original concept of 28 stories and 225 units.

The formal application for 201 N St., submitted in March, proposes a 32-story, 368-foot-tall building of 248 units...

Given its sheer size, the Lot X project will have a lot of skepticism about whether it will happen. But it's already a bigger proposal than when it started. That's a pretty good sign Southern Land, an experienced urban developer making its first move in Sacramento, is bullish on the concept.

[innov8]

I’m trying to imagine what rents might go for at 201 N Street?

Just a couple blocks away, the Fredrick, a 5-story rental completed just a few months
ago is asking a pretty steep monthly rate. A studio, 559sf, starting at $1,939.00 to
$4,037.00. One bedroom, 612sf, $2,245.00 to $2,963.00 Two Bedroom, 935sf,
$3,440.00 to $4,104.00. These aren’t even the highest prices, just starting rates if
available at all and most pricing you have to call the Fredrick to learn more. Rents are
always off the charts when talking about high-rise living, it might make the Fredrick
pricing structure seem like a bargain if people are willing to pay those prices?

[urban_encounter]

Originally Posted by innov8

I’m trying to imagine what rents might go for at 201 N Street?

Just a couple blocks away, the Fredrick, a 5-story rental completed just a few months
ago is asking a pretty steep monthly rate. A studio, 559sf, starting at $1,939.00 to
$4,037.00. One bedroom, 612sf, $2,245.00 to $2,963.00 Two Bedroom, 935sf,
$3,440.00 to $4,104.00. These aren’t even the highest prices, just starting rates if
available at all and most pricing you have to call the Fredrick to learn more. Rents are
always off the charts when talking about high-rise living, it might make the Fredrick
pricing structure seem like a bargain if people are willing to pay those prices?

It might be for Bay Area tech hipsters with mountains of cash to spend due to their SF and Silicon Valley salaries combined with what they’re not spending on rents in the Bay Area. Either that or those studios would have two or three roommates.

[CAGeoNerd]

Did they update that rendering with the additional units/height? It looks the same to me, but says it's updated

As far as rents, I think they may be hoping that FINALLY some of the area's wealthy elites or state capitol politicians would want to live in an exclusive high rise downtown rather than in a mansion up in El Dorado Hills or Land Park/Fab 40s. The rest will be youth blowing their high salaries for a few years.

[Valley Proud]

Originally Posted by sactivity

Sacramento is good at drawing pictures of skyscrapers. (and stadiums, and bridges, and.....)

Amen to that. Pretty pictures of stuff that never gets built. Been saying that for decades

[Valley Proud]

Originally Posted by snfenoc

Scope expanded for Lot X proposal
By Ben van der Meer
Staff Writer, Sacramento Business Journal
Apr 2, 2022, 12:57pm EDT
https://www.bizjournals.com/sacramen...-proposal.html

8 foot ceilings? JMJ! How about some altitude! Wells Fargo building has been the tallest for over 30 years now!

[Valley Proud]

Heck, raise it by a thousand feet! What's the difference, it's never going to get built anyways!

[innov8]

Are you curious about where private and venture capital are investing on the
west coast? The Bay Area, with San Francisco receiving the most year-to-date
at over $4 billion, Sacramento around $400 million. Snfenoc has been saying
this for years.

Read more here: Northwest Colliers Q2 Market Insights

[Pistola916]

https://www.sacramentocourthousecons...on.com/updates

[urban_encounter]

Originally Posted by innov8

Are you curious about where private and venture capital are investing on the
west coast? The Bay Area, with San Francisco receiving the most year-to-date
at over $4 billion, Sacramento around $400 million. Snfenoc has been saying
this for years.

Read more here: Northwest Colliers Q2 Market Insights

It looks like $4.0 million. Not $400 million.

[NikeFutbolero]

The site for the Metropolitan is up for sale.

[snfenoc]

Too good to be true?

Attorney for Yamanee project optimistic for start in next year
By Ben van der Meer – Senior Reporter, Sacramento Business Journal
Aug 24, 2022
https://www.bizjournals.com/sacramen...-attorney.html

Six years after it got approved, an attorney who's worked with the developer for the Yamanee project in Midtown Sacramento said he believes it could start making progress soon.

Last month, city planners extended the 14-story project's entitlements to June 2024, after a developer's representative asked for that time period to get necessary construction contracts and financing.

"There's definite interest, and housing is hot," said Matt Keasling of Taylor & Wiley, a law firm assisting developer Ryan Heater with the project. "We'd love to see it move forward."

...

"It took awhile to land back on its feet," Keasling said, adding he'd like to see it start coming out of the ground in the next year.

The article reports that multiple lawsuits, which tried to block the project, set the timeline back three years. Then, the COVID pandemic happened, which interfered with just about all private economic activity. Those reasons were listed by the developer in his application to extend the project's entitlement deadline.

Last month, the city extended the entitlements until June 2024.

Yamanee would add 14 floors, 134 condos, and more rich people to J street. It would be some nice infill.

Because of our reaction to COVID, Sacramento restaurants, shops, and gathering places took a big hit. We need more people living, working, and playing in the central city.

Also, if a project like Yamanee is successful, maybe it could help other developers see that a 4 to 8 story box isn't the only option?

However, I still think Yamanee and the tower that Nikki Mohanna is planning on 9th and K Streets are not likely to get built. Tall buildings are really expensive, and Sacramento just doesn't have enough private money. If loftier buildings were possible, I think we'd see them by now.

Also, I am not a fan of articles like this one. It's not news. It's not definite. It's just wishful thinking. There's no word from the actual developer. The article quotes an attorney who assisted the developer. And all he said was, "We'd love to see it [Yamanee] move forward [this year]."

Well, I'd love to be 22 again. I'd love $5 billion. I'd love a Porsche 911 Turbo S. Forget the Porsche, I'd love a bigger d**k. It doesn't mean any of that is gonna happen.

(I know, I know... Some of you will say, "But Steve, no one is a bigger d**k than you." Yes, I walked into that joke, but I said it first, so save your jokes.)

Is "Van Der Meer" Dutch for, "King of Wishful Thinking?"

[urban_encounter]

Originally Posted by snfenoc

Too good to be true?



The article reports that multiple lawsuits, which tried to block the project, set the timeline back three years. Then, the COVID pandemic happened, which interfered with just about all private economic activity. Those reasons were listed by the developer in his application to extend the project's entitlement deadline.

Last month, the city extended the entitlements until June 2024.

Yamanee would add 14 floors, 134 condos, and more rich people to J street. It would be some nice infill.

Because of our reaction to COVID, Sacramento restaurants, shops, and gathering places took a big hit. We need more people living, working, and playing in the central city.

Also, if a project like Yamanee is successful, maybe it could help other developers see that a 4 to 8 story box isn't the only option?

However, I still think Yamanee and the tower that Nikki Mohanna is planning on 9th and K Streets are not likely to get built. Tall buildings are really expensive, and Sacramento just doesn't have enough private money. If loftier buildings were possible, I think we'd see them by now.

Also, I am not a fan of articles like this one. It's not news. It's not definite. It's just wishful thinking. There's no word from the actual developer. The article quotes an attorney who assisted the developer. And all he said was, "We'd love to see it [Yamanee] move forward [this year]."

Well, I'd love to be 22 again. I'd love $5 billion. I'd love a Porsche 911 Turbo S. Forget the Porsche, I'd love a bigger d**k. It doesn't mean any of that is gonna happen.

(I know, I know... Some of you will say, "But Steve, no one is a bigger d**k than you." Yes, I walked into that joke, but I said it first, so save your jokes.)

Is "Van Der Meer" Dutch for, "King of Wishful Thinking?"

I can’t speak for Yamanee, although I like their persistence in fighting through the legal red tape. I’m surprised that they didn’t throw in the towel.

I will say that if anyone can get their project across the finish line, I think it will be Nikki Mohanna. She’s already built one project at 19th & J street and seemingly without a lot of issues. Time will tell.