Category Archives: Business news

Sacramento Planning New Bridge

Sacramento is planning a new bridge across the river. If planned correctly, the new addition has the potential to boost traffic between the Bridge District and West Sacramento as well as enhance riverfront development by drawing cyclists and pedestrians.

The Sacramento community is going to be directly involved in the process, and the public has been invited to a meeting to participate in the discussion. The new bridge will redirect most of the traffic from the old I Street Bridge, which is over a century old and too narrow for many vehicles. The old bridge will remain available to carry commuter and freight train, and the viaducts will be demolished to open up the riverfront on both sides.

According to the Sacramento Bee, “The new span is planned just north and would be the first linking Sacramento and West Sacramento since the Tower Bridge was built in 1934.”

Plans are for it be used by “vehicles, bicyclists, pedestrians and a possible future streetcar line. It would be a direct route from the railyard, where a Kaiser Permanente hospital and a Major League Soccer stadium are planned, to the mixed-use Bridge District, which is already developing.”

Lyft Launches Black Car Service in Sacramento

Due to increasing demand, Lyft, Inc. has begun offering its luxury service in Sacramento. Based in San Francisco, Lyft is a ride-sharing service which has swept across the United States since its launch in 2012.  Providing stylish “black car” transportation, Lyft’s new Lyft Lux and Lyft Lux SUV services are geared toward businessmen and other formal travelers. According to a Lyft spokesperson, the luxury drivers can earn up to five times the far of a regular Lyft driver.

“We’ve listened to our community and know that there is a need for a more premium ride. Our drivers who have high-end vehicles now have the opportunity to expand earnings and fulfill needs of their passengers,” spokewoman Darcy Nenni wrote in an email.

Lyfts new service will also be launched in numerous other cities across the country. Drivers who participate in the new venture will have to meet strict vehicle requirements: a 2011 or newer model car in excellent condition, black exterior and leather seats, and ratings of at least 4.7 of 5.

Sacramento Business Impacted by New Marijuana Grow Permits

Sacramento has approved 6 commercial grow permits, and dozen of other properties have also applied for permission to grow the plant on their properties. Real estate prices and local businesses are already being affected.

KCRA 3 reports that mall business owners throughout the city are concerned. The permit process has pushed commercial real estate prices up dramatically, and as leases expire, businesses are being forced to look for new locations.

Brian Bendix and his family run one such business. Their American Stripping Company, based in Sacramento, has been in business for over 30 years.  Now that marijuana grow licenses are bolstering the real estate prices in the area, they won’t be able to afford to stay once this year’s lease is up. They, like many other, anticipate having to leave the city to stay afloat.

 

Sacramento Resale Prices Reach Post-Crash High

Prices of homes in Sacramento County have been on the rise, and have recently hit the highest mark since before the crash in 2007.

According to CoreLogic, the average resale price of a family home in the area was $340,500 in July. In August 2005, when housing prices were at their peak, the average price was $374,000, whereas prices in October 2011 dropped as low as $155,000.

The latest increase in prices, which is 10% higher than last summer’s, has been driven by a small market and high demand.

“New home sales were on the rise in Sacramento County, with a 29 percent increase since July 2016,”  CoreLogic reported. “That’s partly the result of a resumption of construction in North Natomas, after federal authorities lifted a de facto building moratorium they’d imposed because of flood risks.”

Some experts believe the new developments in the resale market will make new homes a more viable option for buyers. As a result, housing construction may pick up; a critical improvement to the Sacramento economy.

Sneak Peek into Amazon’s New Sacramento Facility

Amazon has offered a sneak peek into its new Sacramento fulfillment center this week. According to County Supervisor Phil Serna, the construction is moving forward at a quick pace.

“I think it bodes well for the future of the business park and for other property owners here to see that this is not just going to be a very successful operation employing a lot of people, but that Sacramento County is very committed to making sure that the permits necessary to do something like this can be streamlined,” he said.

$15m Plan to Revive Old Sacramento’s Business Scene

Old Sacramento may be getting a $15 million revamp thanks to riverfront project manager Richard Rich’s plans to boost tourism and local business in the area. In an effort to make a new name for the historic district, Rich proposed a wide range of improvements at a recent City Council meeting, with everything from a new Ferris Wheel or other landmark to upping local artistry and encouraging a new startup scene amongst the upper floors of old buildings.

 

Rich’s vision extends beyond just flashy cosmetic improvements. He stated that he hopes to draw attention to Old Sacramento’s entertainment scene as well as its historical position by restructuring the pedestrian experience, mainly by fixing up the K Street pedestrian tunnel under Interstate 5 and turning it into a dramatic, interactive light show. He also hopes to draw visitors of the California State Railroad Museum into the district by enhancing access to the River, adding barges and building a themed waterpark to entertain both locals and tourists.

 

Downtown Sacramento Partnership executive director Michael Ault believes Rich’s plans “would be a great addition to Old Sacramento and would enhance the entire city.” It will also boost local businesses and attract new companies to the area, doing wonders for the city.

Raising the Bar on Sac’s Music Scene

A new record label has been launched by one of Sacramento’s very own.  Partly as an effort to raise the bar on Sacramento’s local music scene, James Cavern just created Tree Tone Records.  With his tagline Support local music because it’s good, not because it’s local, he is hoping it will become a “curation and networking tool [which will] elevate the artists [he respects].”

Cavern is on this mission not because of local “mediocre” talent but because there is talent and it’s not being recognized.  He said: “We’re leveling up as a city when it comes to food, the beer scene and the arena.  There’s a lot happening right now that is really turning the tides for Sacramento, and in turn, everything else should go up, too. Especially music.”

So far the label is doing well. The  lineup includes: Soosh*e! (rapper emcee), Cameron Calloway (R&B soul artist from Las Vegas).  In September an art block party is being hosted by Tree tone for the Labor Day Weekend.

Sacramento to Become Hub for Alternative Meat Industry

The future of the animal-free animal products industry is booming.  And Sacramento seems to be becoming the address for a lot of its investments.  According to a recent article in Business Insider, “seventy-one investors worth a combined $1.9 trillion are working together to put pressure on the world’s largest food companies to “future proof” their supply chains by bringing more meat alternatives to market.”

Two biochemists recently came to San Francisco and opened up their research lab for their firm Finless Foods on a bench in a basement in SoMa, conveniently just beneath their San Francisco biotech accelerator investor – IndieBio. Finless Foods is attempting to create a simulacrum of bluefin tuna fillet to help relieve the pressure on the prized – but severely overfished – species.

What companies like Finless Foods are trying to do is respond to the decrease in demand for the future of animal produce and to hack yeast cells to produce egg whites; torque plant proteins into muscle-like fibers and grow slaughter-free “duck” or “chicken” in factories. Should this be the future, it will likely be Sacramento that will become one of the global addresses for hub (along with the rest of the Bay area). The entire factory farming industry is undergoing an evolution and investments are being put into animal agriculture.