Sacramento: 301 Capitol Mall: A New Plan for The Towers Site

[Trojan]

Has the Towers even had a huge signing party like Aura had?

[innov8]

I'm not worried one bit... it's funny that Construction Guy can still
show up from time to time and get a few of us stirred up. My sources
for EPIC say there is a vary strong chance of it being built, they have
soft deposits on it as we speak. It has only been 40 days since CalPERS
announced that they were going to invest in the Towers on Capitol Mall.

Originally Posted by Trojan

Has the Towers even had a huge signing party like Aura had?

They had an open house party but not a signing party... they are low keying it.

[sactivity]

The strung up a big red banner on one corner of the site saying something about the "third wave" sales event coming soon -- or something like that!

[foxmtbr]

^Well that's good news!

[friedpez]

According to the Business Journal, Saca will release his next batch of 50 units (after the current one) in the fall. By that logic, I would assume that he has already sold quite a number of units, because if he hasn't, there'd be no reason to sell 50 units every 4 months, especially with 700 total units. Just a thought...

[Majin]

I honestly dont know what the hell Saca is waiting on if people have already signed contracts stating that he needs to top out in 2 years or else their contracts are void.

If he doesnt at least start back up site prep within the next few weeks, those contracts are as good as void.

Sorry Brandon, Los Lobo, and whoever bought units in the tower. It looks like you signed thosed contracts and turned over your hard deposits for nothing.

[innov8]

^ Oh, wait... I think I hear something. No, no, nevermind

[Majin]

Ok I'm being serious though. Brandon and Los Lobo signed contracts stating that the building has to top out in two years. Well if Saca doesnt at least start back up site prep soon, doesnt it seem like he wouldnt even come near meeting that goal? This is afterall a 54 story twin tower.

[urban_encounter]

Originally Posted by Majin

Ok I'm being serious though. Brandon and Los Lobo signed contracts stating that the building has to top out in two years. Well if Saca doesnt at least start back up site prep soon, doesnt it seem like he wouldnt even come near meeting that goal? This is afterall a 54 story twin tower.

Well, I think you make a good point. However I'm fairly certain they already know what date they plan to start construction in order to meet those contract deadlines.


Remember, one reason that Saca's phasing his permits was to allow him to start construction sooner. I would suspect that we will see activity on the site by the end of June if not sooner.

There is no way he can make the deadline. You see, he is going to take 6 months just to drive the piles (according to UE). That only leaves him 18 months to do the foundations, pour the ground floor slab, and raise the structure 54 floors (gotta do the roof). Plus the clock is already ticking and he hasn't even pulled a permit. Just kidding. Gotcha!




Actually he has plenty of time left. Site prep prior to piles should take one month. Allow six to eight weeks for piles. Allow another month for foundation completion. Allow another month to finish ground floor. Two weeks to get second floor, then one floor per week after that. That's only 76 weeks to top out. The contracts allowed 104 weeks (is this correct?). Assuming he is out of the ground by midNovember (rain season) weather delays should be minimal. To minimize the construction delays he should start site prep by June 1st. However, it appears to me that he's got aobut 28 weeks from the signing of the first contract until he really needs to start construction or risk defaulting on the first sales contracts that committed to topping out in two years. Assuming first contracts were signed about April 15th, that puts drop dead date about November 15 before he is at risk of defaulting on the buyer's contracts. But realistically he should start construction before October 1st.

[enigma99a]

Originally Posted by urban_encounter

Well, I think you make a good point. However I'm fairly certain they already know what date they plan to start construction in order to meet those contract deadlines.


Remember, one reason that Saca's phasing his permits was to allow him to start construction sooner. I would suspect that we will see activity on the site by the end of June if not sooner.

But doesn't Saca have a huge area to dig out before the pile driving can begin? That's going to take a while. However I think he is using pre-cast concrete in the construction, so maybe that will shave the time. I think it will go fast once both tower cranes start working

The precast concrete he is using is part of the exterior, or curtain wall. The structure is all cast in place concrete.

[innov8]

Originally Posted by enigma99a

But doesn't Saca have a huge area to dig out before the pile driving can begin?

The area you speak of is not as big as you think... when site work starts
I will scan in a diagram of the foundation area so we can all get a better
idea of what they will be working on. Most of the digging will be happening
along the L Street side.

[brandon12]

I have it from a very good source inside the project that the 50 units sold is "Not true at all". Everything is ok and they are working steadily toward getting all of the contracts signed.

I know from my own personal experience that each contract signing takes over two hours of face to face time, plus I would imagine another two hours of prep time on the part of the sales agents. Each contract signing includes a binder 5 inches thick of documents, etc. In all honesty, it's much more complicated than buying a single family home because of all the HOA stuff and precontruction sales technical jargon.
I promised not to reveal my source so you all can take it at face value. But suffice it to say, I'm not worried.

[snfenoc]

If only 50 units sold is one end of the rumor extreme, I will provide the other end:
My brother is in the loan business (who isn't these days?). He knows a person working for one of Saca's preferred lenders (either that, or this person actually works on the Saca sales team - I am not completely sure). Anyway, this friend told my brother a little more than 80% of the units are sold. Now, I am a bit skeptical of this number - we know Saca will hold back a significant number of units for future sales events, so he can get top dollar - only 20% leftover seems a tad low to me (but I know shit about developing condo towers, so I could be wrong). Maybe they have soft deposits on 80% of the units? I don’t know, but my brother seemed pretty adamant, 80% have been SOLD.

So, there it is... According to one inside source, more than 80% of the condos are sold. I doubt it is an earth shattering scoop, but it at least shows other, more positive rumors are out there.

[innov8]

HA! Well that sounds nice Those number don't add up if you compare them
to the number of units they released for the last two sales events. In any
case, all this won't matter come June sometime when dirt is being removed
from the site

[snfenoc]

Originally Posted by innov8

HA! Well that sounds nice Those number don't add up if you compare them
to the number of units they released for the last two sales events.

How many have been realeased so far?

[innov8]

The first release back in July was 250 units and then the second release
in November was another 200. The third wave as they call it... will put
another 50 on the market.

[snfenoc]

Well, maybe 80% of the released condos have been sold.

[ltsmotorsport]

Yeah, the 80% number sounds like refundable deposits rather than actual sales. And the 50 sold that has been floating around sounds like either a misinformed or sick sales person.

That still doesn't explain why they keep waiting to finish up on the site prep and start really driving piles. With so many to get through, and them knowing how that site turns into a lake in the winter with the river right next door, just seems like they should get goin'.