The Sacramento Towers are now officially a dead deal. Dead in terms of what we were all expecting in height and what had gained International acclaim. This project unfortunately was a financial fiasco, became stalled once construction costs sky rocketed and then PERS backed out.
This would have been the iconic project that would have put Sacramento on the map and changed our skyline. However, as the plans stood, this Towers project is officially dead.
The Sacca offices are closed, locked and empty. The investors whose money has been tied up in escrow with the Title company will be returned by Friday according to the Sacca office. In fact, I am told that Sacca himself has been calling the investors.
The huge ugly hole will have to wait until Cal Pers who will need to make a statement as to what they plan to do with the hole and what if any relationship they will have with Sacca. This statement is said to occur by Wednesday of this week.
My guess is that the project will go forward but not to the extent of the towering towers that we all thought would occur. Stay tuned...I'm sure we will all hear more, later.
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