Uneasy Rhetoric

Capital Public Radio reported today that:

The California Medical Association has teamed up with developers Mo Mohanna and John Lambeth to propose a 54-story building. It would have about 200 hotel rooms, another 280 condos, and office space. The site at 12th and J Streets is already under the new partnership’s control. The existing buildings would be leveled.

This is a new plan for the Capital Grand Tower, as far as I can tell. An earlier incarnation had the tower at 38 stories. Fifty-four is much, much larger. I guess the addition of the CMA’s building gave them the footprint to go higher. Which means the condos will be even more “luxurious.”

“We believe strongly in the future of luxury, high-rise condominium living in downtown Sacramento and are anxious to provide a quality product for that market,” Lambeth said. (from the Sacramento Business Journal.)

I’ll be the first to admit that housing Downtown is a good thing — in fact, I think it has been the key element missing from earlier revitalization attempts which focused on making Downtown a “destination.” But I continue to worry about the market for luxury condominiums. Yes, the Aura and the Towers appear to be selling at a brisk pace. Can it continue? I’m still skeptical.