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Saca Defaults On Sacramento Towers Loan


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#1 john

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Posted 14 February 2007 - 10:03 PM

This isn't a good sign. I would really like to see the Towers come to fruition, but construction stopped in January.
http://www.sacbee.co...ory/123744.html


#2 Chad Vander Veen

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Posted 15 February 2007 - 07:43 AM

QUOTE(john @ Feb 14 2007, 10:03 PM) View Post
This isn't a good sign. I would really like to see the Towers come to fruition, but construction stopped in January.
http://www.sacbee.co...ory/123744.html


Actually, word on the street is that this is CalPers bid to force Saca off the project so they can take control and bring in their own peeps. The Towers are still very likely to be built, the sad thing is their creator probably won't be doing to building cause he simply can't afford it.

In related news, the Aura project looks like a lock to be built now.

#3 john

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Posted 15 February 2007 - 08:49 AM

that's good. When I was driving past downtown a couple of days ago I saw something going up. I thought it was the towers but I don't think they got past piledriving?

To be honest, i don't care if Saca builds it or someone else - I'd just hate to see it not go up.

Aura is going to be a nice looking building, too.


#4 Chad Vander Veen

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Posted 15 February 2007 - 08:58 AM

QUOTE(john @ Feb 15 2007, 08:49 AM) View Post
that's good. When I was driving past downtown a couple of days ago I saw something going up. I thought it was the towers but I don't think they got past piledriving?

To be honest, i don't care if Saca builds it or someone else - I'd just hate to see it not go up.

Aura is going to be a nice looking building, too.


You probably saw this:



Which will be this:



#5 mylo

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Posted 15 February 2007 - 09:01 AM

Wow, they're hauling on that thing!
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#6 john

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Posted 15 February 2007 - 09:33 AM

that was it! Thanks. I totally forgot about that one. They are definitely hauling!


#7 DrKoz23

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Posted 15 February 2007 - 01:18 PM

Here is a live web cam of the construction at 621 Capitol Mall. Updates every few seconds.

http://www.621capito...mera/index.html



#8 DrKoz23

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Posted 15 February 2007 - 01:20 PM

CalSTRS is moving along with their 19 story building across the river in West Sac. Should see some vertical movement through the summer.

#9 mylo

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Posted 15 February 2007 - 01:22 PM

This News10 report talks a little more about CalPERS and the suggested "other developer"

http://www.news10.ne...x?storyid=24479


"Ah, yes, those Gucci extremists and their Prada jihad!" --ducky

#10 john

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Posted 15 February 2007 - 01:39 PM

QUOTE(DrKoz23 @ Feb 15 2007, 01:20 PM) View Post
CalSTRS is moving along with their 19 story building across the river in West Sac. Should see some vertical movement through the summer.



Cool - that's one I had not known was coming.


#11 john

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Posted 29 May 2007 - 07:02 PM

The Towers deal looks dead for good. Will this thing get built? It would be a shame to see so much work put in to it and it not go up.

http://www.sacbee.co...ory/198401.html


#12 DrKoz23

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Posted 29 May 2007 - 07:45 PM

QUOTE(john @ May 29 2007, 08:02 PM) View Post
The Towers deal looks dead for good. Will this thing get built? It would be a shame to see so much work put in to it and it not go up.

http://www.sacbee.co...ory/198401.html


Maybe CalPERS will take over without Saca. They could probably still make some money on the project and have $25M invested.

Saca really screwed this one up.

Aura looks dead as well. Looks like 621 and 500 CM will be the only two new towers in downtown... and then there is the CalSTRS building across the river in West Sac.

#13 Chad Vander Veen

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Posted 30 May 2007 - 07:13 AM

QUOTE(DrKoz23 @ May 29 2007, 08:45 PM) View Post
Maybe CalPERS will take over without Saca. They could probably still make some money on the project and have $25M invested.

Saca really screwed this one up.

Aura looks dead as well. Looks like 621 and 500 CM will be the only two new towers in downtown... and then there is the CalSTRS building across the river in West Sac.


Looks like CalPERS will force Saca out and bring in CIM to redesign the project and build it. Hopefully they leave some of its grandness intact.

#14 DrKoz23

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Posted 30 May 2007 - 02:38 PM

QUOTE(c_vanderveen @ May 30 2007, 08:13 AM) View Post
Looks like CalPERS will force Saca out and bring in CIM to redesign the project and build it. Hopefully they leave some of its grandness intact.


From what it sounds like... CIM will scale down the project dramatically. Too bad. The original plans were amazing and would have looked great downtown.

#15 Redone

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Posted 30 May 2007 - 04:23 PM

QUOTE(john @ May 30 2007, 12:02 AM) View Post
The Towers deal looks dead for good. Will this thing get built? It would be a shame to see so much work put in to it and it not go up.

http://www.sacbee.co...ory/198401.html

As long as SACA does the Folsom In and Out, that's all that matters , right ?




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