There is an empty spot at 3rd Street and Capitol Mall. If the CIM Group development firm from LA and CalPERS have anything to do with it, it will not remain that way for very much longer.
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.