It hasn't happened very often lately, but a groundbreaking ceremony was held this morning for a large multi-use real estate project in downtown.
By next year, 84 apartments and 13,000 square feet of retail will fill two Spanish-style buildings at the East End Gateway site at 16th and O streets. The $24 million project will create between 300 and 400 construction jobs.
Financing for the plan had been elusive, until developers Ravel Rasmussen Properties and Separovich/Domich received a $17.5 million construction loan from Union Bank.
The project is being sponsored by the Capitol Area Development Authority (CADA), a city-state agency that works to redevelop state-owned land south of the Capitol.
Rep. Doris Matusi, D-Sacramento, said the project would create an "area where we can live, work and play." Councilman Rob Fong, who represents midtown and downtown, said it was a "very, very important strategic site for what we are trying to do in the central city."
PHOTO CAPTION: This is an artist's drawing of two apartment buildings planned for the corner of 16th and O streets on Capital Area Development Authority property.
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