The plan – which has been in the works for over a decade now – is the erection of a 550 foot tower there for offices and some residential units. Initially known as “Towers Project” the area was to be turned into a 53-story hotel and condo towers. But it never happened. According to Kelly Brothers, a KCRA financial expert:
“2007 was a very tough time to begin building. It was right at the peak. In other respects, it’s just been demand. It’s been very, very simple. You can’t just put up a 15- to 20-story building — or even higher, a 40- or 50-story building without knowing you’re going to be able to fill a certain number of slots.”
Brothers believes that this development is a good idea and that it’s great to “Sacramento-based CalPERS investing at home.”
Brothers said developing the empty lot is a good project, and it’s good to see Sacramento-based CalPERS investing at home. He said he has faith that this plan could get off the ground.