There's no doubt Yamanee faces an uphill battle, especially when it comes to getting financing. Sacramento does not have a great history with high rise condominiums. (The Sawyer does not count since its development team received help from the city. Also, those 45 residences represent only a fraction of the entire building's use.)
I doubt banks are lining up to risk money on Yamanee - what is likely a $50-60 million project. I really wish the developer was open to something smaller, because I think his chances of success would be much greater. Yes, I think the whole J Street corridor needs more density in terms of housing, office and retail. And I agree that a lot of the buildings along J are just too short, too small and too old - they were built for a different time and a much different city. Unfortunately, the developer's mindset - that only a high rise, luxury condominium works in that location - paints himself into a corner. If Yamanee had been proposed as a six or seven story mixed-income building, which is plenty dense and easy to market, it would have been financed and under construction by now. Also, opposition may have been weaker.
Having said all that, these activists, who won't accept defeat, need to get smacked down. They're basically asserting veto power over every decision that duly elected and appointed officials make. Every project that comes down the pike must meet the approval of these activist control freaks.
The law allows for a variance to be granted, as long as there is good reason. I think that growing the central city, adding housing and attracting the attention of developers, builders and investors are all good reasons to grant Yamanee a variance. The City agrees, the neighborhood association agrees and the court agrees. But that's not good enough for the activists, "RESIST!" is their mantra. They will fight this to the end; simply because they want control. The activists know the court will likely side with the City. However, they also know that Yamanee faces long odds, and their continued pursuit against the project shifts the goal post just a little further away.
I really hope the court slaps them with attorney fees. Frankly, I hope they just plain get slapped. For the sake of property rights, for the sake of freedom and for the sake of the rule of law, I hope they get what is coming to them! Granted, it's probably time to change zoning for major corridors through the central city, but the activists would oppose those changes as well.
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Sincerely,
Steve in East Sac
Last edited by snfenoc; Jan 22, 2018 at 11:54 PM.
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