Combined, the five projects would bring about 1,000 new residents into the CBD. These projects would require a total of $25 million in loans, subsidies and land from the city's redevelopment agency. However, the city was overwhelmed with the details of each project and by the end of the night, had only approved two of the projects.
One of the approved projects is an $11 million rehabilitation project at the vacant Ping Yuen housing center at Fifth and I streets. This project will bring 82 senior and low-income apartment units to the area. The proposal calls for approximately $4.3 million in city grants and loans.
The second approved project is a large apartment complex in one of the central city's most blighted sites--a hole in the ground at 18th and L streets. The city has approved developer Sotiris Kolokotronis' proposal for a 176-unit apartment complex with street-side commercial uses. The $32 million project calls for a $4.75 million Sacramento Housing and Redevelopment Agency loan.
According to the city, the other three projects are still being reviewed. These projects include:
--A $42 million, seven-story apartment complex at Ninth and J streets project that includes 200 residential units and street-level stores. This project requires a $15 million subsidy from the redevelopment agency.
--A $21 million, 118-unit apartment complex at 15th and Q streets, which requires $2 million in city redevelopment agency grants and loans.
--A major transformation of a warehouse on R Street between 11th and 12th streets into loft condominiums. The $32.5 million project calls for a $5 million forgivable loan from the city redevelopment agency.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
