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  #101  
Old Posted Apr 5, 2006, 12:25 AM
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Quote:
Originally Posted by 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.
Well, it's really kinda a stretch to say I'd "gladly" pay that amount. I knew when I walked in exactly what my top limit was......... and then I went over it.

As for the sales people spin on lower floors affording better city views, that makes me laugh (not out loud, though). The whole idea of living in a HIGH-rise is to live, well, high (as in height). Otherwise they'd put the penthouses near the bottom!
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  #102  
Old Posted Apr 5, 2006, 12:47 AM
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Or maybe they DID put the penthouses at the bottom...

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  #103  
Old Posted Apr 5, 2006, 1:07 AM
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  #104  
Old Posted Apr 5, 2006, 1:24 AM
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This is what one of the members on the Design Review Board asked Saca if he would consider doing....(To shorten one of the towers)

Obviously and thankfully he ignored the request.
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  #105  
Old Posted Apr 5, 2006, 3:28 PM
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Bob Shallit: Money may soon talk at condo projects
By Bob Shallit -- Bee Columnist
Published 2:15 am PDT Wednesday, April 5, 2006
Story appeared in Business section, Page D1

Show me the money. That could be the motto of two high-rise condo developers ready to take "hard" deposits from buyers of their competing Capitol Mall projects.
For months, both John Saca and Craig Nassi have been collecting refundable deposits from prospective buyers. Now, in a huge boost for each, they say they have received state approval to begin accepting nonrefundable deposits.

First out of the sales gate is Nassi, the Denver developer planning a dramatic 38-story condo tower, at Sixth and Capitol, designed by acclaimed architect Daniel Libeskind.



He's spending $250,000 on a gala sales event this weekend. Guests will sip Dom Perignon, dine on pricey Russian caviar and oysters and listen to a San Francisco Symphony string quartet while touring a furnished model that includes such standard features as floor-to-ceiling windows, Bulthaup cabinets, oak laminate floors, Miele appliances and subzero freezers that, Nassi says, "cost more than most people's cars."

By the end of the weekend, he says he expects to collect nonrefundable deposits - 15 percent of the sales price - for all 265 units in his Aura Condominiums project. Units will range from the mid-$400,000s to more than $1.5 million for penthouse and larger condos.

"It will be like a game of musical chairs," he says. In other words, some folks may be left standing without a condo when the symphony strikes its last chord.

Meanwhile, Saca, a Sacramento developer, is planning a similar sales event, a spokesman says, now that he's also received state Department of Real Estate approval for his much larger project - a twin-tower, 53-story condo and InterContinental Hotel project at Third and Capitol.

But Saca's spokesman Eric Rasmusson says the developer wants to wait until The Towers project is "out of the ground" before asking people to pony up nonrefundable dollars.

Both projects still lack some important elements, including financing. Nassi says he's close to a deal with a Chicago bank and says he's negotiating with a contractor.

Saca has a contractor, Turner Construction, which recently joined the project after switching over from Nassi's Aura. Saca's financing? Word on the street has Saca getting money from a public pension fund.
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  #106  
Old Posted Apr 5, 2006, 3:37 PM
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Since we're looking @ unit pricing, a buddy of mine reserved a 1400 sq ft corner unit in tower II with west/north views in the high 40 floors for $900k so 1500 sq ft on the 25th floor for $900k seems kinda high. But I guess if demand is getting strong for these units, they can do whatever they want with prices.
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  #107  
Old Posted Apr 5, 2006, 4:16 PM
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Aim high- Are the prices firm when the reservations are made? Is it possible that the price will go up when they sign the final sales contract when they put down non-refundable $$? $643/sf seems pretty good right now for a floor that high.
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  #108  
Old Posted Apr 5, 2006, 4:24 PM
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I sort of retract my amazement after a bit of further reseearch such
as, Seattle, SF, and NYC. Prices for such project routinely reach $1,200+
per sq. ft.

One thing is for sure though... this city better step up to the plate with
the various arts and culture projects. Because "the people" are puting
some serious investments into living here.
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  #109  
Old Posted Apr 5, 2006, 4:33 PM
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My unit will actually cost less than what I was originally quoted since they made it a bit smaller. I believe the only way prices can change is if they increase or decrease the size of your unit. So whatever the price per SQ FT you agreed to when reservations were made is what should remain the same. But nothing is concrete until nonrefundable's are made. But if they do raise prices drastically they might see a lot of fall out & thats the last thing they want, so my bet is price per Sq Ft remains the same.
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  #110  
Old Posted Apr 5, 2006, 4:58 PM
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Quote:
Originally Posted by TowerDistrict
One thing is for sure though... this city better step up to the plate with the various arts and culture projects. Because "the people" are puting some serious investments into living here.
My feelings exactly, and add more entertainment options to that list as well

Last edited by sugit; Apr 5, 2006 at 5:04 PM.
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  #111  
Old Posted Apr 5, 2006, 5:21 PM
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Once more & more people actually call downtown there home we will eventually see more culture, arts, entertainment & things of that nature added into the mix. There will be a high demand when people are in downtown after 5pm during the week & during weekends. Sac is still very raw but with enormous potential. I am willing to invest in that potential in the hopes that it becomes reality & I think thats what is driving the downtown condo craze. People can see 3-5 years down the road what our city can become & want to be a part of that.
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  #112  
Old Posted Apr 5, 2006, 5:39 PM
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About three years ago I wanted to move back to the Bay, especially
San Francisco. My girlfriend who didn't want to, asked why I would
want that instead of staying in Sac, and being a part of something new.

That question really stuck with me, and I'm starting to really feel like
my decision to buy a place downtown was the best decision I ever made.

So cheers to you all, who feel the same as I do now.
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  #113  
Old Posted Apr 5, 2006, 5:45 PM
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Quote:
Originally Posted by TowerDistrict
About three years ago I wanted to move back to the Bay, especially
San Francisco. My girlfriend who didn't want to, asked why I would
want that instead of staying in Sac, and being a part of something new.

That question really stuck with me, and I'm starting to really feel like
my decision to buy a place downtown was the best decision I ever made.

So cheers to you all, who feel the same as I do now.

Sacramento is going to be a fantastic place to live in 5 to 10 years, if the politicians continue to focus on bringing people downtown. There's so much potential that is just now beginning to be tapped. (waterfront, railyards, R street, West Sacramento and high rise condos DT).
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  #114  
Old Posted Apr 5, 2006, 8:05 PM
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I don't see why Saca would want to start construction first before taking non refundables. Any ideas?
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  #115  
Old Posted Apr 5, 2006, 8:18 PM
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I would think to build confidence among everyone who has been
waiting for several months. Now that the excitement has wore off from the
newness of the idea, I would think they’re a lot more people on the fence
about putting up the nonrefundable deposits. Seeing actual progress on the job site
would give those who might not be so sure about the project even
happening another reason to be a believer and be part of the experience.

Just a thought... good question.
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  #116  
Old Posted Apr 5, 2006, 9:38 PM
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Quote:
Originally Posted by enigma99a
I don't see why Saca would want to start construction first before taking non refundables. Any ideas?
I personally don't think he would want to start construction before taking non-refundables. His financing HAS to be linked to sales. That statement by Rasmussen saying Saca wasn't going to collect the 10% yet had me baffled so I called the sales office. They hadn't seen the article in the Bee but the fellow I spoke with said he thought it was a misquote on someone's part. He then tried to set up an appointment with me to sign sales papers. I'm not able to set up an appointment today but told him I'd call him back. Soooo, to make a long story longer, they ARE making appointments to collect the non-refundables for the end of April/beginning of May. Whether the appointments will actually take place in that time frame or not, time will tell........
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  #117  
Old Posted Apr 8, 2006, 2:55 AM
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in the other thread it was posted that calpers is the equity partner, and putting up $100 million to sacas undisclosed amount, and banks were calling, so here comes the big boy of them all to cap mall, and aura looks to sell out or be close by sunday, it was going well when i was there today
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  #118  
Old Posted Apr 8, 2006, 2:49 PM
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CalPERS to back high-rise project
By Gilbert Chan -- Bee Staff Writer
Published 2:15 am PDT Saturday, April 8, 2006
Story appeared on Page A1 of The Bee
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Developer John Saca's long hunt for a deep-pocket partner ended Friday, as he signed on an investor headquartered three short blocks from his ambitious $500 million downtown Sacramento high-rise project.
In a major coup, Saca signed a $100 million deal with the giant California Public Employees' Retirement System to invest in the Towers on Capitol Mall, a massive twin-towered, 804-unit luxury condominium and hotel complex that would dramatically reshape the city skyline and be the tallest residential structure on the West Coast.

CalPERS' investment paves the way for Saca to line up a construction lender and break ground in the next 60 days. He will start asking people who put down $10,000 refundable deposits to make a firm commitment.

"We'll start converting people early next week," Saca said. "We sent documents to them a month ago to give them time to digest this. We're inviting them to come on in, spend two or three hours with our sales staff and go over the details."

The pact answers skeptics who have questioned whether the suburban shopping center developer could secure the financing for a sprawling, 2.1 million-square-foot development at Third Street and Capitol Mall, site of the former Sacramento Union newspaper building.

"This is huge. People were saying no way it will ever work. CalPERS makes this a done deal. It got rid of all of the uncertainty," said Saca, in an earlier interview.

In a rare move, CalPERS will invest directly in the Towers project, taking a minority stake while lending its financial and real estate expertise to the first-time high-rise builder.

The fund's real estate officers, housed a short walk from Capitol Mall, will manage the investment. Normally, CalPERS' real estate deals are negotiated and overseen by outside investment partners.

"It's not a huge gamble for us. He (Saca) has a vision. It's going to be dynamic for the city. We think the long-term prospects for the city are great," said Michael McCook, CalPERS senior investment officer for real estate.

News that CalPERS was planning to invest in Saca's project cheered officials at the city of Sacramento, who are eager to see high-rise living materialize in downtown.

"Now that John's got a very good equity partner, I think that raises the probability very high," said City Manager Ray Kerridge. But he cautioned that the developer still faces rising construction costs that could force him to shrink some components of the 53-story project.

"I would say we're going to get a project there," Kerridge said. "I hope it's as close to John's original vision as possible. The cost of materials is going up and up and up, and who knows what issues are going to arise during construction."

Business leaders also hailed the announcement, saying the project would help fuel efforts to build a vibrant, well-rounded downtown community.

"You begin to get an urban neighborhood active in the day and evening," said Michael Ault, executive director of the Downtown Sacramento Partnership, a business and property improvement district. "This project will reshape how people look at downtown."

CalPERS, the largest pension fund real estate investor in the nation, has been a longtime player in inner city residential complexes, funding developments in major metropolitan centers including Los Angeles, Seattle and San Diego.

The nation's largest public pension fund, with $207 billion in assets, has more than $9 billion invested in real estate nationwide.

Increasingly, city leaders and planners across the country are promoting dense downtown developments to complement shopping and entertainment venues. The trend has spread to Sacramento, where 2,500 condominium units are proposed for downtown and midtown. Also on Friday, developer Craig Nassi began collecting nonrefundable deposits for his 265-unit Aura condo tower planned for Capitol Mall.

Some have questioned whether the market can absorb a surge of new condos and apartments, especially in a softening housing market.

Saca, president of Saca Development, said the demand is there, pointing out that about 5,000 people have been pre-qualified for his condos, and more than 500 potential buyers have put up refundable deposits of $10,000 per unit.

"There is a pent-up demand. People want the amenities and the quality of life you get in a San Francisco, San Diego, Portland or Seattle," Saca said.

More than two years in the works, the Towers features two 53-story towers that would soar over 600 feet and loom about 200 feet taller than the loftiest existing skyscraper, the Wells Fargo bank building across the street.

Plans call for building 804 luxury condos priced from the high $300,000s to $6 million for a penthouse.

InterContinental Hotels, owner of the famed Mark Hopkins Hotel in San Francisco, would have 230 rooms and occupy 12 floors of one of the towers. Target date for completion is the end of 2008.
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  #119  
Old Posted Apr 8, 2006, 2:50 PM
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An absolutely monumental weekend for Sacramento. Congratulations to Saca for his financing achievement, Nassi for his sales event, and Sacramento for the huge change that appears to be just around the corner!
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  #120  
Old Posted Apr 8, 2006, 2:55 PM
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