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A Tale of Two Towers on Capitol Mall
Tuesday, April 10, 2007
Even before work stopped on the Towers site in January and John Saca confirmed in February that the developer had defaulted on a $22 million loan, a lot of people had their doubts about Sacramento being able to sustain a project of this magnitude. As new obstacles popped up and CalPERS proved to be less than willing to negotiate a buyout, the storm cloud darkened.Late in March a letter from Saca to the future homeowners at the Towers confirmed what had been hinted at: a new equity partner was being sought (most likely to replace CalPERS). The letter also included an addendum that restated the contract dates to be effective May 1. The team handling the sales is now chasing those addenda down.
Saca will probably release a statement in the next couple days to stave off the media's requests for updates and all the swirling rumors that pop up in the space between official announcements. In that expected statement: John Saca and his partners have secured a new equity partner to replace CalPERS, the Deutsche Bank funding remains in place, and the project will move forward. Keep your ears to the ground...
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Labels: 3rd and Capitol, Central, condos, development, Downtown, John Saca, Towers on Capitol Mall
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posted by Rob McQuade @ 12:19 PM,
