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Sac Towers Officially Dead
June 11th, 2007 categories: Real Estate, Sacramento
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 CALPers backed out.
This would have been the iconic project that would have put Sacramento on the map and changed our skyline. It would have been the tallest building on the West coast. However, as the plans stand, 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 makes 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.
Update: June 12, 2007
According to the Sac Bee…
and video of KCRA
“The California Public Employees’ Retirement System has announced it is taking over the debt-ridden Towers high rise project on Capitol Mall.
That means the 53-story luxury condo and hotel that local developer John Saca envisioned for the site near the Tower Bridge is dead.”
Cal Pers now owns the hole in the ground since they bought out Sacca today. According to the Sac Bee article, CAL Pers is forming an alliance with CIM Group out of Los Angeles to develop a condominium /hotel project.
All speculation at this point is that it will not be of the quality that would have put Sacramento on the map with Sacca icon. It will take about 18 months before we know what CIM Group expects to develop here in Downtown Sacramento.
Too bad some of these big developers like Tsakopoulos and Craig Nassi couldn’t have pulled their Real Estate resources together with Sacca and produced the quality of what the Towers would have been and helped to put Sacramento on the map.
Related Articles:
Towers and Aura…Deal or No Deal?
Craig Nassi Accomplishes 1st Step
Aura Condos with Sacramento as BANK
Development of Rail Yard in Sacramento
that’s too bad about the project Gena - that’s happening all over the place here in Miami (but our skyline is a different monster altoghether)
It really is a shame. I hate to see it this happen. The Towers would have been a great icon for Sacramento. And the skyline would have been tremendous.
Sorry to hear about Sac Towers. I had thought of buying one when I lived in Sacramento. I just need to make a correction. Sac Towers would not have been the tallest buildings on the West Coast. That title belongs to the 1018 ft (310.3 m) Library Tower in Downtown Los Angeles, the tallest building west of the Mississippi.
Robert, I too, was going to buy one but the homeowner dues each month were out of my league.
The advertising for the Towers stated that it would have been the tallest building West of the Mississippi but doesn’t matter now…won’t be happening.
I do wish him luck, though with his next project and hope it all works out.
Thanks for popping in and for the comment. Drop by any old time.
Jhon saca is just gay we dont need all this bullshit in sac town we like are city the way it is so jhon saca leave us alone and get out and go develop these things in places need of development we have developed enough you moran