A new mixed-use project proposed in midtown Sacramento also could mark a comeback of sorts for a prominent developer.
Last week, city of Sacramento planners received an application for a four-story building at 19th and Q streets with 72 residential units and just under 2,000 square feet of retail space. The address off the applicant is 1121 18th St., or the office of SKK Developments, the firm founded by Sotiris Kolokotronis.
Read the full Sacramento Business Journal article
Developer Sotiris Kolokotronis has another big midtown project in the works — one that would be constructed on top of the Sacramento Bee’s parking structure at 20th & Q streets.
The developer and newspaper have a purchase agreement under which he would acquire the property but allow employees to continue using the two-story structure, said Bee community affairs director Pam Dinsmore. The deal was first reported Tuesday by the Bee.
Read the full Sacramento Business Journal article
Who can resist a good comeback story? Recent news about property sales on Sacramento’s grid has, arguably, two of them.
For now, the more high-profile one is Sotiris Kolokotronis, who’s assembling empty land around 20th and Q streets for a series of mixed-use projects. The city has an application for a 75-unit project, but most observers believe the final number will be a lot higher — as many as 500 units.
Read the full Sacramento Business Journal article
A conference for developers in Sacramento offered stark proof on Wednesday of how much things have changed in the region since the dark days of the Great Recession.
Presentations at the NAIOP 2016 event included plans for a new private university in Placer County and a downtown office tower. And developers of the Powerhouse 16 mixed-use project said its apartments are essentially all taken only a week after the project was formally dedicated.
Developer Bay Miry of D&S Development saw some lessons about what works in Sacramento.
Read the full Sacramento Business Journal article
Developer Sotiris Kolokotronis on Wednesday detailed publicly for the first time how he plans to add hundreds of new residential units to midtown Sacramento.
Kolokotronis, of SKK Developments, described a four-phase plan to put new housing on various empty parcels around 19th, 20th and Q streets.
The first phase, which could break ground by year’s end, would be a 70-unit, four-story mixed-use project on the northeast corner of 19th and Q streets, he said.
Read the full Sacramento Business Journal article
One of midtown’s most prolific developers has closed on his deal to purchase The Sacramento Bee’s parking garage at the corner of 21st and Q streets in midtown so he can build a 253-unit apartment building on the site.
McClatchy, The Bee’s parent company, said in a memo Thursday that the development group, led by Sotiris Kolokotronis, expects to begin construction in April or May of 2017 and finish the project by the fall of 2018. Kolokotronis’ group purchased the garage for $5.7 million.
With land deals completed and vertical construction coming soon, Sotiris Kolokotronis’ multi-phase Midtown Quarters project is getting underway in Sacramento.
For now, the most visible work is site preparation for what will be 32 ownership townhomes along 20th Street in midtown, north and south of Q Street.
Read the full Sacramento Business Journal article
It is one of midtown Sacramento’s quietest corners, a world away from the hopping nightclubs, restaurants and stores of J and K streets. The industries that once occupied the blocks along Q, R and S streets east of 15th Street mostly departed long ago, leaving a legacy of weedy vacant lots and train tracks.
Now this overlooked part of the central city is about to get a major influx of development. If all goes as planned, it will emerge as one of Sacramento’s most densely populated neighborhoods.
The Sacramento Bee building is being sold for around $51 million in a deal that calls for the newspaper to lease the building back from its new owner.
McClatchy, which owns The Bee, announced Wednesday that the building is being sold to Shopoff Advisors LP, an affiliate of Irvine real estate investment firm Shopoff Realty Investments. Separately, McClatchy announced it is selling the building occupied by The State newspaper of Columbia, S.C., to a different buyer and will lease that property back as well.
More than 150 muralists and street artists descended Saturday on The Sacramento Bee’s parking garage for Wide Open Walls’ Street Art Mural Jam.
Artists, food trucks, and loud pop music filled the top of the garage and surrounding sidewalks, feeling much more like a block party than an art festival.
A development group led by Sotiris Kolokotronis purchased The Bee’s garage in December 2016 for $5.7 million, according to an earlier Bee report. The art created will no longer be accessible when work begins on The Press, a 273-unit apartment building on the site. But the fleeting nature of the art didn’t make the opportunity any less exciting for artists.
“This was a great opportunity a few weeks ago when they said that The Sacramento Bee parking lot wasn’t going to be there in a few months, and they gave us the opportunity to paint here,” said Ten Blair, a participating artist. “Everybody has a different style and they invited everybody from emerging artists to international artists, so when you walk around you get everything. Street Art Global, pretty much.”
Read the full article here.