Friday, May 04, 2007

There's No Reply At All

From the Sacramento Bee:

Next to the US Bank Tower, Denver developer Craig Nassi hopes to build Aura, a 39-story luxury condominium tower designed by renowned architect Daniel Libeskind that will cost about $177 million.

But Nassi has yet to break ground at 601 Capitol Mall because he hasn't purchased the land from Taylor. Last month, Nassi's deadline passed to line up financing. He has asked for more time, but Taylor said Thursday he won't formally grant an extension without talking directly with Nassi's lenders and equity partners.

Nassi, who has maintained all along that Aura will be built, did not respond to requests seeking comment.

Three blocks west, all is quiet where John Saca's $550 million Towers project is planned between Third and Fourth streets. The foundation work on the ambitious 53-story, twin tower, hotel-retail-condo complex abruptly stopped last fall.

Last month Saca said he reached an agreement to buy out the California Public Employees' Retirement System, his largest investment partner. To close the deal, he must come up with about $25 million by May 25 to reimburse the state pension fund for what has been spent.

The Sacramento-based developer also needs more money from other investors and lenders to restart the project. He has taken deposits on about half of the 800 condos up for sale.

Saca did not return a telephone call seeking comment. Mark Cordano of Sacramento-based Cordano Co. said his company has put its Towers retail marketing efforts "on hold" for now.


REhobbyist said...

The people who lost their Saca and Nassi deposits are luckier than those who bought over the past three years and are now under water. Unless they HELOCed for their deposits!

norcaljeff said...

Maybe Jimmy and John outta partner up and build the Towers themselves if the RE market is so damn peachy.

Happy Sam said...

I though CALPERS was full of 'smart' investment managers