Tuesday, August 01, 2006
Sacramento Update
Two towers rising and the possibility of a new castle for Kings have the city stirred up.
Over the past few months, ValleyVue has discussed the possibilities of a number of projects that may be built in the Sacramento downtown in the near future. Two of these projects recently had significant moves towards physical reality.
On the Capital Mall, a project that had many doubters (and in some ways still does) broke ground last week. That project--"The Towers" will feature two amenity filled 53-story residential towers. An exclusive hotel will be included in one of the two towers, along with a restaurant. The Towers will be a dramatic addition to the skyline, easily the tallest buildings in the Central Valley, much less the Capital City. They will be very near the Tower Bridge, across the street from Old Sacramento.
It is hoped the Towers will usher in a more livable downtown (i.e. 24-hour) with an affluent population to mix in with the more economically disadvantaged residents already in the area. Critics believe the project will not be able to make it in Sacramento, believing the city does not have enough affluence to fill the condominiums. The worry is more valid when looking at several other projects planned for downtown which will include other high priced living spaces. Project developer John Saca believes the project will do well, and has broken ground. Many of the units have been sold, and Saca is the first of the developers to start their high-rise condo projects. There is also talk that Saca may be looking to soon build a third tower in another part of downtown Sacramento, one which will have more affordable units. Time will tell on that one, though, as Sacramento's long hot realty market has faded.
A recent ValleyVue article discussed the talks in Las Vegas between the Kings and the local politicians on the subject of building a new arena. The news was promising coming out of Nevada, as both sides compromised on a plan to be brought to voters in November. The vote will occur, as the County Board of Supervisors voted to include the 1/4 cent general sales tax on the ballot.
As a general tax, the Supes hope to gain a simple majority win, rather than a 2/3 majority for taxes that are specific. Obviously, this brings up a legitimate legality question, as one wonders how a tax that WILL go to funding an arena can possibly be thought of as "general." The tax, however, is projected to bring in revenues greater than the price of the arena project. Those extra funds will go to municipalities within the county to be spent as they see fit.
Included in the deal with the Kings/Monarchs will be a contribution by the ownership group towards the project. The Maloofs conceded control over the design and construction of the building to the city and county, which should keep costs from overrunning the $600 million estimate. The owners will however have full control over the building during their lease, including the naming rights. They also will agree the Kings must remain in Sacramento for 30 years.
The Railyards area, where the new arena will be located, will expand downtown Sacramento extensively. City leaders hope the arena will be a catalyst for developing the area, and when completed, will help draw people downtown by the thousands. Much will be said over the coming months about this sales tax proposal, which must be approved by voters to become reality.
Over the past few months, ValleyVue has discussed the possibilities of a number of projects that may be built in the Sacramento downtown in the near future. Two of these projects recently had significant moves towards physical reality.
On the Capital Mall, a project that had many doubters (and in some ways still does) broke ground last week. That project--"The Towers" will feature two amenity filled 53-story residential towers. An exclusive hotel will be included in one of the two towers, along with a restaurant. The Towers will be a dramatic addition to the skyline, easily the tallest buildings in the Central Valley, much less the Capital City. They will be very near the Tower Bridge, across the street from Old Sacramento.
It is hoped the Towers will usher in a more livable downtown (i.e. 24-hour) with an affluent population to mix in with the more economically disadvantaged residents already in the area. Critics believe the project will not be able to make it in Sacramento, believing the city does not have enough affluence to fill the condominiums. The worry is more valid when looking at several other projects planned for downtown which will include other high priced living spaces. Project developer John Saca believes the project will do well, and has broken ground. Many of the units have been sold, and Saca is the first of the developers to start their high-rise condo projects. There is also talk that Saca may be looking to soon build a third tower in another part of downtown Sacramento, one which will have more affordable units. Time will tell on that one, though, as Sacramento's long hot realty market has faded.
A recent ValleyVue article discussed the talks in Las Vegas between the Kings and the local politicians on the subject of building a new arena. The news was promising coming out of Nevada, as both sides compromised on a plan to be brought to voters in November. The vote will occur, as the County Board of Supervisors voted to include the 1/4 cent general sales tax on the ballot.
As a general tax, the Supes hope to gain a simple majority win, rather than a 2/3 majority for taxes that are specific. Obviously, this brings up a legitimate legality question, as one wonders how a tax that WILL go to funding an arena can possibly be thought of as "general." The tax, however, is projected to bring in revenues greater than the price of the arena project. Those extra funds will go to municipalities within the county to be spent as they see fit.
Included in the deal with the Kings/Monarchs will be a contribution by the ownership group towards the project. The Maloofs conceded control over the design and construction of the building to the city and county, which should keep costs from overrunning the $600 million estimate. The owners will however have full control over the building during their lease, including the naming rights. They also will agree the Kings must remain in Sacramento for 30 years.
The Railyards area, where the new arena will be located, will expand downtown Sacramento extensively. City leaders hope the arena will be a catalyst for developing the area, and when completed, will help draw people downtown by the thousands. Much will be said over the coming months about this sales tax proposal, which must be approved by voters to become reality.
