Sacramento CA, Real Estate lost The Towers...that would have changed our skyline and given us the tallest building on the West Coast.
This would have had quite an impact on our Real Estate and notoriety. Real Estate in Sacramento, CA, in my opinion would have opened itself up to some great potential and opportunities which would have helped seal new business deals.
John Saca and Cal PERS were partners in The Towers. Due to the decline in Real Estate, the increasing cost associated with building and possibly some poor choices on Saca's part, The Towers project failed.
Cal PERS cut off funds to the project, bought out John Saca and will be working with a Southern CA developer, CIM Group on a much smaller scale for the hole in the ground at Capital Mall.
This was quite a blow not only for Sacramentobut to Saca, himself. Just like Trump who went bankrupt, Saca is back in business once again. He is not willing to tuck his head down and walk away from Sacramento.
John Saca has pulled himself up by the boot straps and is attempting to bring Sacramento yet another project as witnessed when listening to him on KCRA Channel 3. John Saca purchased 10th and J Street and owns it free and clear, needs no partners and plans on building a 40 story project of condos with the possibility of a hotel.
This project is called Metropolitan and will cost $200 million versus The Towers cost of $600 million. Although the Metropolitan will not be the tallest on the West Coast, it will be the tallest in Downtown Sacramento if approved by the City Council and Planning Commission.
You have to give John Saca credit. He is a visionary and he sees the potential for Downtown Sacramento. Without visionaries, where would we be? Let's give the guy a chance. He sold more condos in the now defunct Towers than this new project even offers.
Thank you, John Saca for giving this another try and I hope you make it this time! All this in due time...if approved by the City Council and the time line for building, Saca might just have something here...Real Estate will have made its comeback and he should be flying high.
Now, for the City of Sacramento...how about a little vision on your part? Let's try to get some businesses here that can support this type of urban living. Relying on government jobs is not what will make Sacramento. It's time to bring in the "Big Guys" with the "Big Guns." I realize that sometimes it's the chicken before the egg...but we really do need to have "Big Business" if Sacramento is to flourish.
Businesses should be looking at the affordability of re-establishing themselves here in the Sacramento, CA area. Real Estate in Sacramento is certainly much cheaper than San Francisco and the Bay Area. This is the time, to launch a Real Estate and Business partnership here in the Sacramento, CA Downtown area.
I see a great future for Sacramento Real Estate.
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