Sacramento: 301 Capitol Mall: A New Plan for The Towers Site - Page 108

creamcityleo79 · #**2141** Posted **May 19, 2007, 3:11 AM**

Quote:

Originally Posted by Phillip

LOL. I expect there are many things we agree on, neuhickman.

I'd be interested to know what they are!

Phillip · #**2142** Posted **May 19, 2007, 3:46 AM**

Quote:

Originally Posted by neuhickman79

I'd be interested to know what they are!

I'm making a list...checking it twice...

innov8 · #**2143** Posted **May 19, 2007, 5:17 AM**

One week till we know the future...

Sacto · #**2144** Posted **May 19, 2007, 7:05 AM**

tuy · #**2145** Posted **May 20, 2007, 9:44 PM**

Quote:

Originally Posted by innov8

One week till we know the future...

Does the we include you? Do you know something we don't? So, an announcement just before the Memorial Day weekend. If it is positive, there will be nice celebrations for some forumers.

bennywah · #**2146** Posted **May 21, 2007, 4:16 AM**

^
may 25th the deadline to pay odd cal-pers $25 million, if that doesn't get paid off or extended than you're looking at some trouble well beyond the current drama.

Scooby · #**2147** Posted **May 21, 2007, 9:52 PM**

Quote:

Originally Posted by TheDerek

yes it would be called equity

Wasn't Saca supposedly trying to take out a loan on the equity of the construction that was already done? can he do it if the construction company has a lien against him?

Any type of financing that takes the property as collateral would require the removal of the lien. Either beforehand, or as a closing condition of the transaction.

Scooby · #**2148** Posted **May 21, 2007, 10:00 PM**

Quote:

Originally Posted by TowerDistrict

If CalPERS had any interest in building a pair of condo towers right now, they'd be 10 stories in the sky. What I don't understand about this whole world of financing, construction and land acquisition, is what can CalPERS do about it? It seems to me they can either walk away with a $25 million loss, or comply with Saca's plan. Or maybe there's some legal action they could impose to take what they think is theirs?

i'm confused... again....

If CalPERS wanted to do the project, and thought that it was profitable, they would have taken control long ago. It would be much more expensive for them to step in now. I agree that they've written it off. CalPERS does this sort of thing all over the state. Basically, I trust their judgement as much, if not more, than Saca's at this point. It's personal for him....it's business for them.

sacindiescene · #**2149** Posted **May 22, 2007, 8:07 PM**

does anyone know all of the projects that have been cancelled?

arod74 · #**2150** Posted **May 22, 2007, 9:57 PM**

Quote:

Originally Posted by sacindiescene

does anyone know all of the projects that have been cancelled?

Check out page 1 of the Sacramento proposal/approval/projects thread indiescene. Its all broken down there nicely by sugit.

JeffZurn · #**2151** Posted **May 22, 2007, 11:12 PM**

Hello everyone, long time reader. At the end of April I thought Calpers was getting bought out, and everything was getting lined up for construction to start back up again. Now it seems as lot of people are talking that the project might not go. Did I miss something from April to now?

TowerDistrict · #**2152** Posted **May 22, 2007, 11:17 PM**

You missed nothing... but there have been a few signs and rumors that things aren't all that positive. We should find out this Friday, which is the dealine for Saca to close the deal with CalPERS.

innov8 · #**2153** Posted **May 22, 2007, 11:22 PM**

Welcome Jeff

If everything had gone as planned, yes... construction would have started
back up again. The deal with CalPERS could be one of two things. One, John
can't round up the money to payoff CalPERS, or Two, CalPERS is being
difficult in letting go of the partnership. It could very well be something
else too? Will should know more or by this weekend like TowerDistrict said, if
the Towers will rise as planned.

Pistola916 · #**2154** Posted **May 23, 2007, 12:10 AM**

I'm just curious if there was no stoppage in January and everything went smoothly, what part of the construction would the project be in? still in the foundation process? steel erection?

ozone · #**2155** Posted **May 23, 2007, 6:25 PM**

Please don't do this to us. I for one am not a masochist.

innov8 · #**2156** Posted **May 23, 2007, 6:50 PM**

Quote:

Originally Posted by Pistola916

I'm just curious if there was no stoppage in January and everything went smoothly, what part of the construction would the project be in? still in the foundation process? steel erection?

I would imagine they would still be working on the podium. It covers nearly
the whole block and it's ten or eleven floors. Also, the towers would be built with
performance-based concrete with no structural steel and each floor
separated by 8 inches of concrete.

JeffZurn · #**2157** Posted **May 23, 2007, 9:41 PM**

If Saca cannot pay off Cal-Pers by Friday, what happens to the project? Does Cal-Pers take over and John is out? Do the two try to work some other deal and extend the timeline?

Sacto · #**2158** Posted **May 24, 2007, 5:10 PM**

^ I don't really care what goes on behind the scenes as long as the Towers get built in a timely manner...

innov8 · #**2159** Posted **May 25, 2007, 3:36 PM**

Today's the day CalPERS and John are supposed to close the deal.
The sales office has been closed for three weeks and nothings been
said publicly about what's going on. Hopefully will hear something today,
if not, it might be for the better because an agreement is still being reached
for the buy out.

sugit · #**2160** Posted **May 25, 2007, 8:27 PM**

Anyone else finding themselves checking the Business Journal and Sac Bee every 15 damn minutes looking for something?