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A blog about the economy and the Sacramento-area real estate market.

March 2, 2010
Four proposals for K Street

Four development teams, including some of the area's most prominent developers, have submitted proposals to city officials for remaking the troubled 700 and 800 blocks of K Street in downtown Sacramento.

The proposals themselves will remain secret until March 15, but it's obvious that some radical overhauls could be on the table. One of the developers, Rubicon Partners, has made it clear in the past that it wants to open the K Street pedestrian mall to car traffic.

"The message we have is there's still a lot of interest in the development of K Street," city downtown development manager Leslie Fritzsche told The Bee's Bob Shallit today. "The fact that we have (attracted) such quality teams is significant."

The city has spent $40 million buying properties on K Street. After a hotel development project fell apart in December, the city put out new requests for proposals.

One team includes prominent developer David S. Taylor Interests Inc., which is partnering with Los Angeles real estate powerhouse CIM Group. CIM owns several properties in Sacramento already. Retailer Joe Zieden, who was originally going to redevelop the 700 block but got bogged down when his furniture store chain went into Chapter 11, is part of the Taylor team. So is Domus Development of the Bay Area.

The Rubicon team, which developed The Citizen Hotel, is partnering with St. Anton Partners and Joie de Vivre Hospitality, which operates The Citizen.

D&S Development, which was responsible for the housing and retail complex at 14th and R streets, is partnering with CFY Development, which created the Globe Mills senior housing project and a Stockton hotel.

Bridge Housing, an affordable-housing firm from San Francisco, is teaming with Bagatelos Development and Saca Development. Saca's most recent venture was the failed attempt to build twin condo towers on Capitol Mall.

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