Real estate developer The Michaels Organization has broken ground on an apartment project in Downtown Sacramento. The development site is located in an Opportunity Zone, and will cost approximately $60 million.
The project is located at 1990 Third Street on a 2.2-acre site. Once complete, the property will stand five stories have 187 studio apartments and city lofts with a clubhouse, sky lounge, indoor and outdoor co-working spaces and a resort-style pool and spa. It is set to deliver in early 2024.
The Michaels secured the site through a long-term ground lease with a private owner. Bank of the West and Verde Capital provided financing for the project. BDE Architecture, Cunningham Engineering and Brown Construction are also stakeholders in the development.
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Kelsi Maree Borland
