Sac Biz Journal: COVID-19 not slowing infill developer’s activity

As COVID-19 control measures continue to take a toll on both real estate activity and the economy, the most prominent infill developer in the region said he’s staying busy.

Within the next month, said Sotiris Kolokotronis, work should start on both the 190-unit apartment and retail project on the closed Mansion Inn site in Midtown Sacramento, and the 737-unit Arden Gateway apartment project near the Arden Fair shopping center, also in Sacramento. Building abatement is already underway for the former Mansion Inn hotel, which should be completely demolished by May 1, he said.

Read the full Sacramento Business Journal article

Inside Sac: A View for Rooms – Developer Rebounds with Focus on City Core

The Tsakopoulos name is prominent on some admired Downtown landmarks, with good reason. A gift from Angelo Tsakopoulos in his wife’s honor closed a financing gap at The Sofia B Street Theatre complex on Capitol Avenue. Not far away, he helped fund the Tsakopoulos Library Galleria on I Street.

But another member of the family, Angelo’s nephew Sotiris Kolokotronis, who freely admits he moved from his native Greece to Sacramento because the California capital seemed like a good place to make money, has had more to do with shaping Downtown’s renaissance than just about anyone.

For the irrepressibly upbeat and optimistic Kolokotronis—he took a hard fall in the last recession when the market wasn’t as enthusiastic as he was—his recent success is as sweet as a slice of baklava.

“You never know how things come together,” the 60-year-old developer said during a recent interview at a Midtown restaurant.

Read the full article here.

The Sac Bee: Calling high school artists: Fill this historic hotel with art before its demolition

At the start of the month, the long-abandoned Mansion Inn in downtown Sacramento was filled with almost twenty artists between the ages of 14 and 18. Throughout the day, the high schoolers injected new life into the 1950s era hotel – empty white walls became blank canvases that were slowly filled with colorful words and images.

“CRE8,” read one wall. “Dance is a language,” said another. In front of a bold graffiti “STRIVE,” a two dancers twisted and turned their bodies across the plywood floor.

Read The Sacramento Bee full article

Sac Biz Journal: First Phase of Arden Gateway Apartments Sold for $112.89 Million

The first phase of the largest Sacramento-area apartment complex to be built in several years has sold to a new owner.

Beverly Hills-based real estate investment company Kennedy Wilson acquired The Eisley, the 405 units that make up the first phase of the 737-unit Arden Gateway project in Sacramento northwest of Arden Fair mall, according to an announcement from commercial real estate brokerage CBRE, which arranged a bridge loan on behalf of Kennedy Wilson.

Read the full article here.

Sac Biz Journal: After Hours: NAIOP Person of the Year dinner

The Sacramento Valley chapter of NAIOP, the Commercial Real Estate Development Association honored local developer Sotiris Kolokotronis of SKK Developments at its Person of the Year dinner on Sept. 5.

The event was held at Annunciation Greek Orthodox Church in East Sacramento. Check out the accompanying slideshow for names and faces from the dinner.

NAIOP has more than 15,000 members in North America and offers opportunities for networking, professional development and more.

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The Sac Bee: Arden Fair may get a lot of new neighbors: Apartment complex would be among region’s largest

One of the largest residential properties in the region is proposed for the vacant 25-acre space next to Arden Fair mall once occupied by the Sacramento Inn.

The project, called Arden Gateway, would build 737 units in two stand-alone apartment complexes split by a “spine” road that allows access to the street. It’s helmed by developer Sotiris Kolokotronis.

“We thought they would do an outstanding job,” said Mark Friedman, who co-owns the land the apartments would be built on, along with Sue Watkins. Friedman also owns Arden Fair mall, which is adjacent to the empty lot proposed for the project. For him, Arden Gateway is the perfect complement to the mall.

Read The Sacramento Bee full article

Connect CA: Kennedy Wilson Acquires The Eisley Near Downtown Sacramento

The Eisley, a 405-unit multifamily community that is currently under construction on 14 acres at 1567 Bartlett Way in Sacramento, was recently purchased by Kennedy Wilson. The 366,638-square-foot property is expected to be completed by spring 2022.

Tampa-based DeBartolo Development and its local development partner, SKK Development, confidentially exposed the opportunity to a select group of qualified buyers. Luis Elorza and Bryan Schellinger, managing directors with NorthMarq in Tampa and Los Angeles, identified the buyer based upon its ability to fund single-asset Opportunity Zone transactions.

Read the full article here.

Sac Biz Journal: Two SKK Developments projects starting in first quarter

Demolition will start this week on a long-closed Sacramento hotel building, with new residential units and retail space planned in its place. Developer Sotiris Kolokotronis of SKK Developments said by early 2022, a 190-unit project will occupy the former Clarion Hotel property at 700 16th St.

Read the full Sacramento Business Journal story

Sac Biz Journal: Midtown’s Press Building sold for $118 million

SKK Developments and DeBartolo Development have sold the 277-unit Press Building in Midtown Sacramento, only a few months after finishing the project.

The two development firms sold the building, which also has 8,600 square feet of first-floor retail space, for $118 million to Oakmont Properties. That would put the Press, the largest single housing project in Midtown, near the top on a per-unit basis, with a price of $428,000. CBRE Sacramento, which brokered the deal, described it as the largest multifamily sale in Sacramento history.

Read the full Sacramento Business Journal article.

Sac Bee: Sacramento native to expand Italian restaurant from New York to midtown

Midtown’s food scene will soon make room for another pizza destination — and this one comes all the way from the Manhattan borough of New York City.

Set to open spring 2023 at 1801 L St., Pazza Notte Restaurant’s second location will feature a 2,891-square-foot space with three outdoor patio sections, a brick oven, happy hour, and a DJ, according to a news release. Owner Tove Nord, a Sacramento native, said she always dreamed of opening an eatery in her hometown.

“This neighborhood really spoke to us, it has all the elements we were looking for, great local culture, super charming streets, diverse residents, and great restaurants and bars…we are in good company,” Nord said in the news release.

Read full article here.