Originally Posted by ltsmotorsport
Yeah, can't say that I would like to keep the "newest BofA" building, and I agree that I would love to see RT on K street. Didn't somebody buy that building at 8th and I from DR Horton?
DR Horton actually never owned the building. They were to buy it from the county for the development once everything was ready to go, but since the project died a couple years ago, the site was never transfered to them.
CIM made a run at the site after, but nothing came of that either.
Bob Shallit: High-rise hopes fall short again at Eighth and I
Published 12:00 am PST Wednesday, December 12, 2007
Hopes for an office tower and high-rise housing at Eighth and I streets downtown have been dashed again.
The CIM Group, a Hollywood-based developer, has opted out of its plans to buy the parcel, raze the existing building and build a new one, says Rob Leonard, economic development director for Sacramento County, which owns the site.
CIM's move follows a similar decision last year by Texas home builder D.R. Horton to abandon its plans for a 21-story "Library Lofts" project at the same site.
Leonard says CIM's decision was a "sign of the (weakening real estate) market" and an indication that CIM is focusing on other local projects, including a joint venture with CalPERS at the former John Saca high-rise condo site at Third and Capitol Mall.
As for backing out of the Eighth and I streets project, CIM exec John Given says there were "some great ideas but it didn't come together."
What happens now at that location, where a three-story, former Bank of America building now sits vacant?
Leonard says the county likely will hold the land until the market improves.
Meanwhile, he adds, "we've heard from a couple of private and public (entities) that might want to lease the building."