Sacramento Proposal/Approval/Construction Thread - III - Page 61

TowerDistrict · #**1201** Posted **May 16, 2007, 4:14 PM**

right right... but isn't what's pictured above on the 900 block? across from Ceasar Chavez park on the west side of the Citizen Hotel? Or was the original 14 story tower the smaller one pictured above? If that's the case, the larger one has never formally been mentioned, no?

i'm confused...

innov8 · #**1202** Posted **May 16, 2007, 5:52 PM**

Quote:

Originally Posted by TowerDistrict

right right... but isn't what's pictured above on the 900 block? across from Ceasar Chavez park on the west side of the Citizen Hotel? Or was the original 14 story tower the smaller one pictured above? If that's the case, the larger one has never formally been mentioned, no?

i'm confused...

Yeah, the larger one has never been formally mentioned. Those renderings were
a great find by joninsac... and I hope after after the southeast corner gets
going with the now 21 story to replace the original 14 story, then will hear
more about phase two that's pictured above.

uzi963 · #**1203** Posted **May 16, 2007, 9:06 PM**

those May deadlines for the towers and aura are fast approaching. anyone have info on where either of those projects currently are as far as the paperwork and legal issues go?

please, factual information, not the doom and gloom opinions of the naysayers out there.

arod74 · #**1204** Posted **May 16, 2007, 10:25 PM**

Quote:

Originally Posted by uzi963

those May deadlines for the towers and aura are fast approaching. anyone have info on where either of those projects currently are as far as the paperwork and legal issues go?

please, factual information, not the doom and gloom opinions of the naysayers out there.

Thats the problem. Unless John Saca or Craig Nassi join the forum there isnt going to be any factual information available unless a public statement is made. Besides without the speculation what fun would we have????

Phillip · #**1205** Posted **May 17, 2007, 4:03 AM**

Quote:

Originally Posted by uzi963

those May deadlines for the towers and aura are fast approaching. anyone have info on where either of those projects currently are as far as the paperwork and legal issues go?

please, factual information, not the doom and gloom opinions of the naysayers out there.

These projects aren't being held up by paperwork or legal issues. They're being held up by lack of financing. That is factual information.

enigma99a · #**1206** Posted **May 17, 2007, 8:13 PM**

Quote:

Originally Posted by Phillip

These projects aren't being held up by paperwork or legal issues. They're being held up by lack of financing. That is factual information.

Yep, and lack of financing has been a problem for a long time. Not just with the 301CM and Aura. Imagine you're a bank/investor and some developer in Modesto asks you to do finance a 30 story condo building in downtown Modesto. Won't you be a bit hesitant? Not saying the market isn't there, but it's not proven.

I could be completely wrong, but that's the impression I get

innov8 · #**1207** Posted **May 17, 2007, 9:20 PM**

Here's some not so surprising news to put on top off all the other bad news:
The Capitol Grand Towers EIR schedule is on hold at this time. The developer
is required to pay additional fees for the environmental document preparation
before the project can move forward.

Can the year of the crane get any better for our fair city

Fusey · #**1208** Posted **May 17, 2007, 10:04 PM**

It's starting to feel like we'll have to wait until the next housing boom; then again we could miss that one too.

sugit · #**1209** Posted **May 17, 2007, 11:29 PM**

Quote:

Originally Posted by innov8

Here's some not so surprising news to put on top off all the other bad news:
The Capitol Grand Towers EIR schedule is on hold at this time. The developer
is required to pay additional fees for the environmental document preparation
before the project can move forward.

Shocking...

arod74 · #**1210** Posted **May 18, 2007, 1:50 AM**

woo hoo another extension!!! Seriously, this is as fun as getting underwear for Christmas.

City staff to ask for delay of $10M loan request for Aura
Sacramento Business Journal - 5:08 PM PDT Thursday, May 17, 2007by Michael Shaw

City of Sacramento officials are preparing to ask the City Council on Tuesday to approve another 60-day extension on a $10 million market-rate loan to BCN Development, the developer of the $175 million Aura condominium project downtown.

The deadline on the loan has been extended several times to allow BCN founder Craig Nassi to secure financing.

City staff say the project's lenders and equity partners are still interested in the project, although the partners have not come to terms with the developer.

Nassi is working with Corus Bank as the main lender, which is considering a $131 million loan, according to city staff. WexTrust Capital of Chicago is a possible equity partner, while MeeCorp Capital Markets is a possible mezzanine lender.

creamcityleo79 · #**1211** Posted **May 18, 2007, 2:32 AM**

Quote:

Originally Posted by arod74

woo hoo another extension!!! Seriously, this is as fun as getting underwear for Christmas.

City staff to ask for delay of $10M loan request for Aura
Sacramento Business Journal - 5:08 PM PDT Thursday, May 17, 2007by Michael Shaw

City of Sacramento officials are preparing to ask the City Council on Tuesday to approve another 60-day extension on a $10 million market-rate loan to BCN Development, the developer of the $175 million Aura condominium project downtown.

The deadline on the loan has been extended several times to allow BCN founder Craig Nassi to secure financing.

City staff say the project's lenders and equity partners are still interested in the project, although the partners have not come to terms with the developer.

Nassi is working with Corus Bank as the main lender, which is considering a $131 million loan, according to city staff. WexTrust Capital of Chicago is a possible equity partner, while MeeCorp Capital Markets is a possible mezzanine lender.

Was it innov8 that said that WexTrust would be an equity partner soon TBA? Well, here they are! Good job innov8!

arod74 · #**1212** Posted **May 18, 2007, 4:28 AM**

I saw a tease for tonights 11pm news on ch3 on downtown development. Looks like a rehash but it might be worth a gander...

innov8 · #**1213** Posted **May 18, 2007, 4:41 AM**

Ch. 3 might have a spot on the topping out party that happen
today for 621CM. (it was actually topped out three weeks ago)

Thanks neuhickman79

arod74 · #**1214** Posted **May 18, 2007, 2:47 PM**

Quote:

Originally Posted by arod74

I saw a tease for tonights 11pm news on ch3 on downtown development. Looks like a rehash but it might be worth a gander...

Basically a story on David Taylor and 621cm topping out and a rehash on aura/towers situation. Not much new. They did mention that Taylor had a nice surprise for the front of the building which I assume is either the lighting effects that have been previously mentioned or some sort of artwork..

here is the link on the website http://www.kcra.com/video/13343630/index.html?source=

TowerDistrict · #**1215** Posted **May 18, 2007, 5:00 PM**

I thought the most important comment, was that Taylor clearly stated that downtown is is focus, and that he plans on finishing his career working here. I always love hearing that people are dedicated towards the downtown cause - especially after completing a tough project.

sugit · #**1216** Posted **May 18, 2007, 5:04 PM**

I'm pretty sure he owns quite a bit of property in DT too. While he's working on the 10th and K projects (theatre and the condos), I think he also owns the Kress Building, and the buiding Pyramid Brew is in. I'd be interested to find out what else he owns.

innov8 · #**1217** Posted **May 18, 2007, 5:52 PM**

CalSTRS will start steel erection on Monday.

redvine · #**1218** Posted **May 18, 2007, 10:29 PM**

Quote:

Originally Posted by sugit

I'm pretty sure he owns quite a bit of property in DT too. While he's working on the 10th and K projects (theatre and the condos), I think he also owns the Kress Building, and the buiding Pyramid Brew is in. I'd be interested to find out what else he owns.

Actually, I think the California State Association of Counties owns the Pyramid building (as well as the old PG&E building kitty-corner from it that has the CSAC sign on it).

sugit · #**1219** Posted **May 18, 2007, 10:30 PM**

thanks redvine...

Phillip · #**1220** Posted **May 19, 2007, 2:06 AM**

Who owns 717 K Street? Is that a Mo building? On Craigslist I see a small office for rent there for $205/month, upstairs of the Starbucks. How convenient.

http://sacramento.craigslist.org/off/328912512.html