Im Curious?

the towers and aura are just the beginning of condo living trend in downtown. one thing will lead to another. there are only so many that are able to pay $500+/sf. as time passes, many other condos will develop for the rest of us who want to live downtown and be hip, cool urbanist.

maybe my view sounds simplistic, but i’m trying to see the big picture. revitalization doesn’t happen overnight. it needs germination and time.

I’ve never said anything to the contrary. I just wish it weren’t true.

It worked. In less than two days they collected more than enough necessary deposits to sell the entire first tower. I believe more affordable condos will come in the new project Millenia they are building out of the train site four blocks away from the Towers.

The Towers are all about ego, bringing NY Manhattan lifestyle to Sacramento, to building what will be the tallest concrete structures west of the Mississippi. The Towers is about money, valet service, back massages, and five star hotel resorts and indoor olympic size pools.

Not only is he asking $500 a square foot. He will get it, and by the end of 2008 those condos will be re-selling for more tha $700 a square foot.

They are all about ego, not about more housing for Sacramento. That will be the Millenia project that will bring over 4,000 condo units to Sacramento downtown. But the Towers, I cannot wait. Im floor 41, Units 9 and 6.

Article:
http://sacramento.bizjournals.com/sacramento/stories/2005/07/04/story6.html

I agree about the SROs. While I do think some of them have to be moved elsewhere, I hope he can come up with some where good to move them to. (Maybe a new building on North 12th/16th?) You can’t just close them down and not replace them, that will have negative affects on the city and those people. He seems like a very bright guy, so I have to imagine he has something in mind.

His lack of concern for the SROs is a little disconcerting. I wonder if he has an idea of where they might go?

http://sacramento.bizjournals.com/sacramento/stories/2005/07/18/daily4.html?jst=b_ln_hl

Towers on Capitol Mall sells first 250 condos

Developer John Saca has insisted all along that interest was high for his proposal to build two 53-story towers with 765 condominiums and 276 hotel rooms in downtown Sacramento. This weekend, he proved it.

Prospective buyers paid deposits on the first release of more than 250 condominium homes at The Towers on Capitol Mall during a weekend sales event. With the 250-plus condos valued at a total of more than $150 million, that means an average price approaching $600,000. The figure is well above the Sacramento County average of $286,767 in the second quarter, according to The Gregory Group.

The deposits are fully refundable, according to project spokesperson Marcia Neese-Ooley, “until we get a little further along.”

Positioned between the state Capitol and the Tower Bridge on the site of the former Sacramento Union newspaper building, the Towers would be bordered by 3rd, 4th, Capitol Mall, and L streets. The first tower would include more than 300 condominium homes. A luxury hotel, by an as-of-yet unnamed brand, would occupy the first 20 floors. The second tower would have more than 400 residences. Homes at The Towers on Capitol Mall would have up to about 1,600 square feet. Penthouses can be custom designed with flexible square footages.

“This is the largest sales launch we have ever experienced,” said Robert Pontarelli, senior vice president for the Ryness Co., the sales and marketing firm for The Towers, in a press release. “The amenities and location of The Towers has made this the greatest value of any high-rise building in the entire region. This sales event has broken records not only in Sacramento but in the entire state of California.”

Among the selling points for homeowners are: 24-hour room and concierge service, housekeeping, town car service, valet service, valet dry cleaning and a fully staffed lobby. Residents will also have access to a 7,000-square-foot hotel ballroom, conference rooms for functions, a $15 million 40,000-square-foot fitness center with a basketball court, a 10,000-square-foot spa and salon, 80,000 square feet of retail, a business center, privately walled and “lushly landscaped” grounds, a wine cellar with temperature-controlled private lockers, secured garage parking and a rooftop pool with barbecues, an outdoor fireplace and a full kitchen.

The release this weekend was the first of several planned, Ryness said, with an announcement on the next release to be expected “in the next few months.” Only those who register on the Web site, http://www.sactowers.com, and are pre-qualified by one of The Towers’ lenders will be allowed to purchase.

Earlier this month, Saca said construction of his $300 million project is set to start at the end of this year.

In a separate interview two weeks ago, Saca told the Business Journal that he has plans to build two high-rise towers of up to 500 condominiums, plus ground-floor retail, on the 700 and 800 blocks of K Street in downtown Sacramento.

Saca said he won’t build the towers unless the city commits to creating a master plan for the two blocks, including the L Street side, that includes moving out the Greyhound bus station and the downtown hotels where low-income people live.

Given that R Street is a light-rail corridor, its absolutely shameful that it hasn’t been developed. It’s good that it’s finally happening.

Maya, no kidding.