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

[foxmtbr]

Originally Posted by brandon12

Also, I just quickly looked at the Fortune 10, and it looks like CALPERS compares nicely with most of them with the exception of Citigroup. for heaven's sake, they have $1.5T (that's a T) in assets. I would imagine there's only a few dozen countries on Earth (if that) that could match that! I looked for a list of assets by nation, but couldn't find it. Oh well, off topic, but thought it was interesting.

That's a nice chunk of change!

[urban_encounter]

Originally Posted by Los_Lobo

One thing Brandon and I received from the Open House party last week were our finalized floorplans. Apparently, the architechs were able to shrink the core of the building and increased the size of many of the units. Many units get larger as they go up in the building. They also added 2 floorplans to Tower I (a variation of #12 and #5)

Brandon's condo (#5) was increased by about 10% and has been reconfigured. His balcony is now off the livingroom and sticks out from the building. His kitchen is now more centrally located as opposed to being tucked into the wall. My condo (#13) is actually 7 sf smaller. The balcony no longer goes out to a sharp point but is wider and not as deep (I'm not sure I like it but it is still a good size and I can live with it). My kitchen has been more centrally located with a nicer (more dramatic, in my opinion) entryway. I definitely like the layout more.

Are we to assume costs for each unit will go up in size as the floor plans have???

[urban_encounter]

Developments planned near light-rail stations

From the Sacramento Business Journal - 2:57 PM PST Tuesday
by Mike McCarhyStaff writer/Sacramento Business Journal

Sacramento Regional Transit has taken another step towards developing surplus land near its light-rail stations into transit-oriented communities.

The agency has picked Costa Pacific Communities and High Street Residential, a subsidiary of Trammell Crow Co., to develop two transit-oriented communities at the Butterfield and Power Inn light-rail stations.

Costa Pacific, a national leader in master-planning and mixed-use developments, and High Street, a developer of user-friendly urban neighborhoods, have joined forces to develop these two high-density, mixed-use communities.

Regional Transit officials have been working to develop its surplus land for several years, partly to encourage ridership by offering a mix of services at the stations.

"The Power Inn and Butterfield facilities are surrounded by underutilized SRT land," said Fred Arnold, the agency's director of real estate. "We are proud to partner with Costa Pacific and High Street to develop the areas to their full potential for public use."

The Power Inn and Butterfield light-rail stations are on the Folsom line of the Sacramento light rail. The Power Inn site is about 14 acres and is adjacent to Granite Regional Park.

The site will include an estimated 270 residences within a mixed-use community. The Butterfield site, adjacent to the California Franchise Tax Board complex, is about 3 acres and will also feature commercial, retail and residential uses.

Costa Pacific Communities, widely recognized for co-developing Orenco Station in Hillsboro, Ore., (voted "America's Community of the Year" in 1999 by the National Association of Homebuilders), is the Northwest's leader in new home design and planned communities.

Costa Pacific is also overseeing the development of the 500-acre, 2,500-residence Villebois Community in Wilsonville, Ore. The company focuses on specific guiding principles such as connectivity, sustainability and diversity that are appropriate for a particular community.

Founded in 1948, Trammell Crow Co. is one of the world's largest diversified commercial real estate services companies. The company provides building management, brokerage, project management, development and investment services to investors in and users of commercial real estate. Residential development is orchestrated through its wholly owned subsidiary, High Street Residential, which is focused on restructuring old or creating new urban neighborhoods to provide more environmentally sound, user-friendly communities.

The company is traded on the New York Stock Exchange under the ticker symbol TCC.

[Los_Lobo]

Originally Posted by urban_encounter

Are we to assume costs for each unit will go up in size as the floor plans have???

Well, what we've been told is that people who have had significant changes to their condo can have first dibs at picking out another unit if they want. I'm assuming they'll try to raise prices on some units (#6 has about 200 sf + a den now) but I'm not sure. Maybe it'll depend on your negotiating skills (in which case Brandon should be fine ). Maybe they'll make up for it in the next round of sales. We should know soon......

[sactivity]

The balcony no longer goes out to a sharp point but is wider and not as deep ...

Seems that this would change the look of the exterior of the building significantly. I right admired the "points" on the edges of the buildings. So are we to assume no more points???

[Los_Lobo]

Originally Posted by sactivity

Seems that this would change the look of the exterior of the building significantly. I right admired the "points" on the edges of the buildings. So are we to assume no more points???

Certainly no more points like it used to have. What they've done to my balcony is kinda as if they grabbed the two sides and "stretched" it out some so the unit next to mine has a gradual slant to their balcony now and the west side of my balcony now goes a little further west. Now on the north side of the building, Brandon's balcony now sticks out some from the building (not in a point though). I guess you could say I'm disaPOINTed with my new balcony.....

[innov8]

I know there have been quite a few interior changes but these
exterior changes are beginning to make me wonder how much the
final product will look like the model at their sales office. I do hope
they will release a few more renderings with the updated design.
I’m sure they will still be a great couple of towers, now I’m just curious
how the balcony change it’s presents… hopefully not much.

[northbay]

urban encounter, nice new avatar.

^looks like theres hella news - gotta catch up on it later during lunch break, as for now - off to work dreaming of new tall phalic symbols for sac

[northbay]

^^ wow. i have grown so attached to the current design - but i will suspend judgement until a new rendering is released.

as for the clearance: yeee!

[urban_encounter]

Originally Posted by northbay420

urban encounter, nice new avatar.

Thanks northbay...

[Urbanist]

Originally Posted by Los_Lobo

One thing Brandon and I received from the Open House party last week were our finalized floorplans. Apparently, the architechs were able to shrink the core of the building and increased the size of many of the units. Many units get larger as they go up in the building. They also added 2 floorplans to Tower I (a variation of #12 and #5)

Brandon's condo (#5) was increased by about 10% and has been reconfigured. His balcony is now off the livingroom and sticks out from the building. His kitchen is now more centrally located as opposed to being tucked into the wall. My condo (#13) is actually 7 sf smaller. The balcony no longer goes out to a sharp point but is wider and not as deep (I'm not sure I like it but it is still a good size and I can live with it). My kitchen has been more centrally located with a nicer (more dramatic, in my opinion) entryway. I definitely like the layout more.

Both my wife and I were out of town for the open house but I was able to go by the Towers office earlier in the week to get the new floorplans and other stuff. Our plan, #13 in Tower 2 got smaller (from 1125 sq.ft. to 1095 sq.ft.). The one big change that we don't like is that the master bedroom is now much smaller while the second bedroom has gotten a bit bigger. They eliminated the extra 1/2 bath which was a good move (never understood the need for 2-1/2 baths in a 2 bedroom unit) and also expanded the master closet. Living room/dining area seems a bit smaller but hard to tell for sure.

Since they are giving us the option to switch to another unit, we are considering checking to see what's available. If we don't find something we like at a price we like we'll pull out. We're still on the list at Aura and have an appointment for next Saturday (at which time we'll get to see the final floor plans and prices) so we might wait to see what happens with that before making a move. My guess is that we'll be in sticker shock after seeing Aura's prices and might go back to Towers to see what's available... Bottom line, we're in no big rush and if neither of these two work for us we'll just wait for the next round of downtown condos/lofts.

[joninsac]

no surprise here -

What's 53 stories high and backed by $200B?
Sacramento Business Journal - March 31, 2006

The most pervasive rumor about John Saca's planned Towers at Capitol Mall is that his deep-pockets investment partner will be the California Public Employees' Retirement System. A city official was even overheard saying with conviction that CalPERS is the player that will help the 53-story project rise at 3rd and Capitol.

A partner would help Saca tap the bank financing he needs. CalPERS is the nation's largest public pension fund, managing more than $200 billion in assets.

The partner is the best- or worst-kept secret in town. Saca won't disclose anything until the deal is inked, although he says that could be any day.

Or maybe the official meant CalSTRS, the State Teachers' Retirement System ...

[snfenoc]

Take a bow Urban.

[Schmoe]

I think the writer got his rumor from this forum. Way to go Jim!

[TowerDistrict]

I just heard a 1,500 sq ft, corner unit, on the 25th floor for...

$900,000 with $600 per month HOA fees.

???

[innov8]

Do you know someone who buying other than the two forumers
who have refundable deposits on this site? I have not heard
it being that steep yet.

[TowerDistrict]

Yes... it was an aquaintence of a friend of mine. They had said that
it was all that and they were happy to get it.

Now that price is three times what the original starting price was to be.
I expected the original prices were waaaay too low. But not like that!!!

I love this project to death, but maybe that's just a wee bit steep?

[Los_Lobo]

Originally Posted by TowerDistrict

Yes... it was an aquaintence of a friend of mine. They had said that
it was all that and they were happy to get it.

Now that price is three times what the original starting price was to be.
I expected the original prices were waaaay too low. But not like that!!!

I love this project to death, but maybe that's just a wee bit steep?

Was it in Tower II? That's $600/sf. Prices weren't that high around the 25th floor in Tower I at the first sales event, but they were in the $500's/sf. By the end of Sunday, when I was there, the upper floors were over the $600/sf range. They were supposed to go higher at the 2nd sales event.

Originally I believe they were quoting prices as "starting in the $350,000's". That would be for the smallest unit (650 sf?) on the lowest floor. Even that is $538/sf. (That's what all this "sticker shock" talk has been about.) I'm just glad I'm not in the 3rd sales event group! And, yes, the true test will be how many non-refundable deposits they'll be getting soon. I know of at least one they'll be getting......

[TowerDistrict]

I don't want to take anything away from anyone like you who would
gladly pay that amount. Hell.. I would if I could. I'm just genuinely
"shocked" by the price jump.

I guess that's why Nassi was so smug when asked about the demand.

Also worth mentioning, is the marketing of floor level. In that sales
people explain that it's not neccesarily the better unit, the higher up
it is. Rather, the lower floors afford a better view of city life, and the
activity at street level. I thought that was an interesting view. Pun
intended.

[Trojan]

So they are taking non-refundable deposits now or... when is the date?