Sacramento Proposal/Approval/Construction Thread - III

[CAGeoNerd]

Exactly why people wanted the arena to go downtown.. it's already happening... downtown is going to get revitalized and things are going to be transformed and grow upwards very soon! I can't wait to see what it looks like 5, 10 years from now!

[NME22]

Boom! There it is. Not sure why it is so hard for some to see what a downtown arena could do for out city. Hope to see many more articles like this as we get closer to building an arena.

[RainDog]

Originally Posted by CAGeoNerd

downtown is going to get revitalized and things are going to be transformed and grow upwards very soon! I can't wait to see what it looks like 5, 10 years from now!

I think 5-10 years is more than a little optimistic. You might get a shiny tower or two, but I imagine they will be poorly designed at the street level. This has always been my experience in Sacramento (I lived in El Dorado County for 10 years so I would visit the city fairly often). It always blew my mind just how desolate some stretches of downtown are. The vacant store fronts, hold potential. They can be filled. But the numerous office buildings with uninviting or no retail frontage that take up large quadrants of downtown, are going to be a large obstacle when it comes to trying to make downtown inviting. I just recall walking many blocks without passing any interesting retail, only occasional banks and chain shops like Starbucks, Quisnos, that sort of thing. Which of course is not exactly "destination" retail.

I don't mean to be a debbie downer, I just think the city has a long way to go. It seems like they are taking some steps in the right direction, but they will need to execute those plans well for things to really change downtown and I have very little faith in Sacramento's ability to properly execute anything.

I hope I am wrong. I would really like to see Sacramento become something special. I just think if that is ever going to happen, it is going to take at least another 20 years.

[jbradway]

Originally Posted by RainDog

I think 5-10 years is more than a little optimistic. You might get a shiny tower or two, but I imagine they will be poorly designed at the street level. This has always been my experience in Sacramento (I lived in El Dorado County for 10 years so I would visit the city fairly often). It always blew my mind just how desolate some stretches of downtown are. The vacant store fronts, hold potential. They can be filled. But the numerous office buildings with uninviting or no retail frontage that take up large quadrants of downtown, are going to be a large obstacle when it comes to trying to make downtown inviting. I just recall walking many blocks without passing any interesting retail, only occasional banks and chain shops like Starbucks, Quisnos, that sort of thing. Which of course is not exactly "destination" retail.

I don't mean to be a debbie downer, I just think the city has a long way to go. It seems like they are taking some steps in the right direction, but they will need to execute those plans well for things to really change downtown and I have very little faith in Sacramento's ability to properly execute anything.

I hope I am wrong. I would really like to see Sacramento become something special. I just think if that is ever going to happen, it is going to take at least another 20 years.

The less than impressive office buildings are probably government. They are less interested in appearing inviting. Nature of the biggest beast in downtown.

[NME22]

Originally Posted by RainDog

I think 5-10 years is more than a little optimistic. You might get a shiny tower or two, but I imagine they will be poorly designed at the street level. This has always been my experience in Sacramento (I lived in El Dorado County for 10 years so I would visit the city fairly often). It always blew my mind just how desolate some stretches of downtown are. The vacant store fronts, hold potential. They can be filled. But the numerous office buildings with uninviting or no retail frontage that take up large quadrants of downtown, are going to be a large obstacle when it comes to trying to make downtown inviting. I just recall walking many blocks without passing any interesting retail, only occasional banks and chain shops like Starbucks, Quisnos, that sort of thing. Which of course is not exactly "destination" retail.

I don't mean to be a debbie downer, I just think the city has a long way to go. It seems like they are taking some steps in the right direction, but they will need to execute those plans well for things to really change downtown and I have very little faith in Sacramento's ability to properly execute anything.

I hope I am wrong. I would really like to see Sacramento become something special. I just think if that is ever going to happen, it is going to take at least another 20 years.

[Pistola916]

Powerhouse Science Center construction now expected in 2014
Ben van der Meer
Staff Writer- Sacramento Business Journal

Construction on the Powerhouse Science Center on the Sacramento River waterfront should get underway in early 2014, according to the center’s acting executive director.

Ray Burnell, who's also a deputy executive director for the museum's science and exhibits, said public and private support should allow work to start then and will be completed about 18 months later.

The museum’s funding is a combination of new market tax credits, private donations, and bond money through an arrangement with the Sacramento County Office of Education.

"We've come a long way," Burnell said.

The science center, long in the works, will be in what was a Pacific Gas & Electric Co. power station on Jibboom Street, north of the I Street Bridge. When fully developed as two buildings, the center will be 48,200 square feet and will have 55 permanent jobs. The estimated project cost is $78 million.

Earlier this year, an economic impact analysis found the museum would bring in about $14.5 million in outside consumer spending a year after it opens, and create 535 construction jobs.

Otto Construction has the contract to build the center, which has had its start date for construction pushed back at least twice.

[enigma99a]

Old Exploratorium was 80,000 ft so 48,000 isn't bad.

[wburg]

Lots of CADA lots are booming these days...the "Legado de Ravel" apartments are finishing up, that's 80 or so market rate apartments, "16 Powerhouse" is another 50 or so market rate units a block away, the "WAL" project in the old CADA warehouse on R Street is starting construction on its new half (the 12th Street side) and framing up the apartments (that's about 110 units, 75% affordable) and getting ready to start fixing up the B&L building on 11th with a pizza place on the ground floor and offices above. By the end of the year demo and site clearance should start for the Warren at 16th & N, the City Council is reviewing that project for approval of its low-income component (20% will be affordable to someone with an average Sacramento County income, the other 80% market rate.)

I suppose once these go up it's only a matter of time before the other CADA lots get going. Ace of Spades might miss having the lot at 15th and P to park tour buses, which is a CADA lot temporarily surfaced as parking "ground cover." The other lot is the Enterprise car rental place next to Simon's and the day care behind it--hopefully they will be able to transfer their leases to the ground floor of one of the new buildings, but I don't think it will be too long before something else takes over that site.

The other lot on that corner (north side of 16th/17th on N) is more problematic: part is cleared for a project that never happened, and an old school. They both belong to the school district, who is notorious for kind of sitting on old school properties. But if someone made them the right kind of deal to build something new on the vacant lot and fix up the old school (it would make fairly swell apartments/art studios and has a lot of character) it would help connect the dots.

The Fremont Park area the eastern half of CADA's properties) is already the most densely populated part of the city, and it's going to have a few hundred more residents in the next couple of years. Now let's see if there is enough impetus to get some residential conversion in the CBD. Apparently the new zoning code will get rid of the necessity for a conditional use permit to put housing in the central business district (the same restriction used for gun shops and adult bookstores) in addition to much loose parking requirements. Although from what I hear, now it's the banks who insist on lots of parking to provide private-sector loans, just as local government has stopped insisting that urban buildings use suburban parking ratios...

[ltsmotorsport]

I've heard the same concerning lenders. Seems like someone needs to be shown the up-to-date literature/research.

[Surefiresacto]

Awesome design pics of the Convention Center expansion posted on Sac Biz Journal today. I love the new walkway down K St from 13th St to 15th St. Also the ballroom overlooking Capitol Park would be an awesome black tie event space.



http://www.bizjournals.com/sacrament...=image_gallery

[Mr. Ozo]

Originally Posted by Surefiresacto

Awesome design pics of the Convention Center expansion posted on Sac Biz Journal today.[/url]

And absolutely no funding source or way to pay for them. The Convention center still paying off debt from the last remodel until 2021.

Pretty pictures though.

[CAGeoNerd]

I'm sure all of the STOP people will be out in full force gathering signatures to put the convention center on the ballot...

[urban_encounter]

Originally Posted by CAGeoNerd

I'm sure all of the STOP people will be out in full force gathering signatures to put the convention center on the ballot...

Very few of them are actively volunteering to gather signatures. From a grassroots perspective STOP is a joke. It took $100,000 of Chris Hansen's money to get them to 18,000.

But in any event you make a great point and no, i doubt that they will.

[wburg]

The funding source for the Convention Center is the local hotel tax, but the city may be eyeing it as a way to backfill revenue for the arena--it was listed on the term sheet as additional tax revenue to repay arena construction loans. If a new Convention Center expansion gets built and the existing tax revenue gets dedicated to that purpose, it won't be available to repay arena loans if parking/ticket revenue falls short.

[jbradway]

Originally Posted by wburg

The funding source for the Convention Center is the local hotel tax, but the city may be eyeing it as a way to backfill revenue for the arena--it was listed on the term sheet as additional tax revenue to repay arena construction loans. If a new Convention Center expansion gets built and the existing tax revenue gets dedicated to that purpose, it won't be available to repay arena loans if parking/ticket revenue falls short.

It is what they call a waterfall or backstop. It's primary use is to offer better security for the bonds and a better rate. And of course backfill as revenue as you stated.

I personally cant see the city touching the hotel tax for the convention center renovation for a very, very long time.

The good part is the city doesn't have to build any new garages. That's what NY did for Yankee Stadium and got into trouble. They can focus on revenue generating upgrades like smarter pay stations, meters and apps to locate open parking spots, etc.

[wburg]

The city has been using hotel tax for convention center upgrades for a long time--it seems like the interest in using it as backfill revenue is changing spending priorities for that revenue stream. Is there any sort of pro forma showing projected parking revenue? I'm still concerned that the projections seem kind of optimistic, especially considering the city is giving about one-third of its parking inventory to the development team.

[jbradway]

Originally Posted by wburg

The city has been using hotel tax for convention center upgrades for a long time--it seems like the interest in using it as backfill revenue is changing spending priorities for that revenue stream. Is there any sort of pro forma showing projected parking revenue? I'm still concerned that the projections seem kind of optimistic, especially considering the city is giving about one-third of its parking inventory to the development team.

Updated projections were coming this fall last I heard.

[snfenoc]

There is a nice little article in today's Bee about the emerging R Street Corridor.

http://www.sacbee.com/2013/11/02/587...#storylink=cpy

Glad to read the former Crystal Ice plant is still on the developer's radar. I sure hope they include some housing.

Also, it is nice the city approved plans for the Natural Foods Co-Op. However, I wish there were a housing component to it.

[v.o.r.t.e.x]

Originally Posted by snfenoc

There is a nice little article in today's Bee about the emerging R Street Corridor.

http://www.sacbee.com/2013/11/02/587...#storylink=cpy

Glad to read the former Crystal Ice plant is still on the developer's radar. I sure hope they include some housing.

Also, it is nice the city approved plans for the Natural Foods Co-Op. However, I wish there were a housing component to it.

Crystal Ice if I am not mistaken is the portion of R street that will connect Safeway to other businesses down the road. Thats pretty cool, nightclub and grocery store in 6 minute walking distance. Just like real CITY

[Bubb90]

New 8000 seat stadium?