BY RYAN LILLIS
RLILLIS@SACBEE.COM
The infamous hole in the ground is getting a new owner
April 8, 2022
After 16 years of ownership, CalPERS has decided to sell 301 Capitol Mall, the empty lot at the entryway to downtown Sacramento that has been vacant for years, Marcie Frost, the pension fund’s CEO, told The Sacramento Bee on Thursday.
CalPERS has asked Hines, which has managed the site for CalPERS since 2019, to find a broker and begin the process of selling the land. Hines expects to have a broker in place by the end of April, CalPERS officials said.
The sale would put an end to a winding chapter for CalPERS, which spent $70 million buying and maintaining the property but ultimately fell short of landing the signature development project city leaders have long sought.
The fund first partnered with Saca Development of Sacramento on a plan to construct two 53-story condo towers that would have been the tallest residential buildings on the West Coast at the time. Construction began in 2006 but ended the following year as the recession took hold.
http://www.sacbee.com/news/local/article260211910.html