10th & K Street Hotel Project
It looks as though Toni Giannoni will continue to pursue building a 165-room hotel in downtown Sacramento at the corner of K & 10th Street even though the 8th & K hotel proposal is still moving forward. It’s anticipated to be an urban style Marriot designed by the renowned hotel designer Marc Hornberger who has also designed the W hotels in San Francisco. This hotel concept includes a pool, approximately 8,000 square feet of meeting space, and downstairs bar and lobby area with grab and go food service, as well as ground floor retail along K Street. The proposed Courtyard by Marriot would be a 12-story, upscale, select service hotel with a sophisticated urban design.
The development team is the 10th and K Street Hotel Investors, LLC, which is a partnership of local developers with a strong track record of development in Sacramento. The partnership includes Brian Larson who was part of the development team for the Citizen Hotel, Jim Brennan who recently completed the office condominium project at 1001 K Street, and Toni Giannoni who has a long development history in Sacramento including Meridian Plaza and the recently completed Marriott Residence Inn at 15 th and L Streets.
The total development cost is estimated to be $43 million. In today’s capital market this project can expect to attract an estimated $22 million in conventional financing and $11 million in equity investment, leaving a development gap of $10 million. City staff has begun researching public funding options to assist in the development of this project.
On Tuesday November 3rd, the city will authorize city staff to evaluate several options to fund the gap of $10 million with the posibility of a Transit Occupancy Tax (TOT) fund or to also use the Recovery Zone Facilities Bonds made available by the American Recovery and Reinvestment Act of 2009. The bonds allow for lower financing rates, but require some sort of financial backing from the City or the Agency. City staff is working with the City Treasurer, the Budget Office, and the City Manager to investigate the possibility of utilizing this unique bonding opportunity.
Another option is a HUD 108 loan for approximately $4.7 million combined with a second loan for the remaining $5.3 million. City staff would also investigate potential resources within the City and Agency that could be utilized as capital for the second loan.
In either financing scenario, the City or Agency issued bonds or loans would be repaid or the payments pledged would secure the developer’s financing.
If the City Council approves the recommendations to move forward, this will allow city staff to further investigate the financial feasibility of the hotel project so that more formal business terms can be presented at a later date. With this authorization, the developers would expend funds to further refine the hotel concept and result in moving the proposed project forward. Via Livinginurbansac
1024 Squares installation | flylyf
Another amazing example of light, technology, imagination and space.
Community on Vimeo
Community is a new brand of urban living in midtown San Diego. It’s a 1920’s hotel building in bankers hill that has been injected with modern music, art, culture and bicycles.
Breadtruck films was there to capture the opening of the building, and catch an interview with the man behind it all; developer Greg Strangman.
SCALE: furniture/architecture/society
A design documentary with designer/architect/teacher Miki Iwasaki that explores how the small objects in our life shape the big picture of how we live.
Stitch in the Bee & Harv’s top chef.
“Bob Shallit: Condo developer shops for lots on capital alleys
ShareThis
Buzz up!By Bob Shallit
bshallit@sacbee.com
Published: Saturday, Oct. 24, 2009 – 12:00 am | Page 4B
Jeremy Drucker is looking for land. Lots of it.
The Sacramento developer has been working for the past year on plans to build condo units along alleys on the back portions of existing deep home lots in the central city.
His model complex, on the “Old Soul” alley in midtown, is about to break ground. He recently purchased another parcel near 22nd and L.
Now he wants more.
“We’re looking for multiple sites, and we’ll buy them outright today,” he says.
Drucker’s Stitch development team – backed by local investors – wants to acquire the back 60 feet of 160-by-40 foot lots, then put up three-unit condo complexes there with each unit priced at between $250,000 and $350,000.
The plan brings “starter homes” back into the grid and activates neglected alleys, Drucker says, while paying homeowners for a portion of their property that’s often unused.
The land sellers also get a free parking place in the condo development.
In the case of the L Street property, Drucker says he’s paying about $100,000 to a woman on a fixed income.
“That’s a little more than she owes on her mortgage,” he says.
The rough number of lots in the central city suitable for the Stitch plan? About 150, Drucker says.
Such a deal
Aaron Zeff’s offer to provide free rent for a year to just the right restaurant operator is generating tons of interest.
“We’ve been flooded,” says Zeff, who’s seeking a tenant for a tiny building adjacent to his Harv’s Metro Car Wash in midtown.
He says more than 50 inquiries have come in since our item about the offer ran Thursday. About half of those contacting him have practical concepts, he says.
The rest?
“When people see ‘free,’ some crazy ideas come out,” he says.
How will he select a winner among the sane submissions?
He may “try out” the applicants by holding a series of tastings, he says. Or even formalize the process into some kind of “Iron Chef”- type competition.
Stay tuned.”
Via the Bee
UDA Design Dialogue
Powerhouse Plan
Urban Design Alliance – Sacramento (UDA)
Join your colleagues for the 4th Wednesday Design Dialogue (4WDD) featuring the Powerhouse Science Center.
Presenters: Jason A. Silva and Courtney McLeod-Golden with Dreyfuss & Blackford Architects
Date: Wednesday, October 28th
Time: 5:30 p.m. to 7:30 p.m.
Place: AIA Central Valley
Light refreshments will be provided in the lobby before the program.
Field Chapel in Boedigheim – Students of IIT
IIT’s Architecture Department puts on a studio like this one semester a year…wish I was there for this one!
Helvetisac Tonight
Helvetica the movie, Bier und Brats.
http://tinyurl.com/yjf5p52
The Urban Hive
1931 H Street
Starts @6pm
joshua prince-ramus (REX architecture) interview
joshua prince-ramus interview with designboom.com
an excerpt from the interview:
“what advice would you give to the young?
yes. I have one specific piece of advice, which is actually :
don’t follow conventional paths.
this is the best moment you could ever be a young architect,
because the playing field is even. for a long time, the older
generations have eaten the young. they’re going down right
now and there’s no definition of what architecture will be.
don’t try to get a junior job at the best firm you can and spend
the next 30 years trying to work your way through.
this is the moment to move home, use all your contacts and
start operating locally and do great work locally and define
what architecture will be for the next 50 years.
the more general advice is that no one can teach you design.
no one’s going to teach you in architecture school to be good.
they might teach you to be self-critical, but you’re either going
to be self-critical or you’re not. in school you should focus on
learning contracts (laughs) and spend most of your time
- if you’re in architecture school – over at the law school or the
business school because that’s where you’re going to learn
the tools. the real things you can learn in architecture school
are tools. focus on tools not on your studio course.”
