Wednesday, December 13, 2006

Plans for 30-Story Housing Towers 'Subject to Market Conditions'

From the Sacramento Bee:

While Sacramento has big redevelopment plans for K Street, the pedestrian mall's bombed-out appearance worsened in the past week with the demolition of two buildings damaged by a recent fire in the 800 block.
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They are both part of a collection of properties on the 700 and 800 blocks being swapped by the city and two development teams in order to ease the way for two redevelopment projects.
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The former sports store was owned by major downtown property owner Moe Mohanna, who has joined forces with developer John Saca on a plan to build stores topped by 30-story housing towers in the 800 block.
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But with the housing market in a slump, city officials say it could take some time before the development planned by Saca, Mohanna and partner John Lambeth materializes. Large, urban housing projects in Sacramento have typically taken years to finance and build, even in a good market.

Lambeth said the timing of the new development will be dictated by the market. "We'll have (city approvals) in the February time frame and we'll have to evaluate the market at that time," he said. "We'd like to move forward as quickly as possible, but it is subject to market conditions."

2 comments:

Sam Tehrani said...

This is one of the things I hoped while I was in sac: more buildings to add to the skyline.

This bit of news confirms the bubble since its not just residential but commercial development also getting a hit.

Anonymous said...

How about Saca sells his condos in the two towers he's already started before he builds 30 more stories a few blocks away?