Apt living coming back to K Str Mall downtown

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Source:   —  April 13, 2016, at 10:39 AM

A grouping of homegrown developers will open twenty-one upscale apartments as early as June in the former Pyramid Ale House, a stately and historic building at eleventh and K streets, where they hope to attract, among others, Capitol workers looking to live just steps far from the office.

Apt living coming back to K Str Mall downtown

Sacramento’s K Str Mall, already a nightlife hot spot, will soon welcome a new nocturnal presence: upscale residents.

A grouping of homegrown developers will open twenty-one upscale apartments as early as June in the former Pyramid Ale House, a stately and historic building at eleventh and K streets, where they hope to attract, among others, Capitol workers looking to live just steps far from the office.

The project would be the first to open out of three notable housing projects presently below construction on the corridor. Another local development grouping is building one hundred thirty-seven apartments spanning the entire seven hundred obstruct of K Street, adjacent to the new Golden one Middle arena. Those units are targeted for opening following spring, bringing residents and a row of new retail, restaurant and other business to what'd long been a blighted block.

Also in spring, the Sacramento Kings map to open forty-five highrise condominiums, many of them overlooking the arena plaza on K Street. Team executive declare they also are about to propose a major mixed-use project at Eighth and K streets. The team hasn't yet released details or timing.

Although people have been slowly emotional back into midtown and downtown for two decades, city executive declare the ultimate step in making downtown healthy will be repopulation at the city’s heart, K Street, the long-troubled Ave that once was the epicenter of Sacramento Valley life and culture, but fell into blight in the one thousand nine hundred sixty.

The Sutter Capital Group, headed by four youthful Sacramento-raised entrepreneurs, purchased the mainly empty eleventh and K streets building previously occupied by Pyramid a year and a half ago for $4.4 million. The grouping spent millions more transforming the onetime dept store into the kind of mixed-use project the city covets on K – three floors of apartments, a restaurant, retail and office space, and an event center.

The development group’s pitch to potential tenants: Location.

Their building sits a obstruct from the Capitol. It's just steps far from the Cathedral of the Blessed Sacrament, two blocks from the Community Middle Theater, three blocks from City Hall, and five blocks from the new arena.

It shares maybe the busiest after-hours obstruct in the city with the Crest Theatre, Empress Tavern, Pizza Rock, CA Family Fitness, KBar, District thirty nightclub, and Ambrosia cafe.

“It’s Sacramento’s proverbial Main & Main,” said Burke Fathy, a managing partner with Sutter Capital Group. “This is an iconic corner.”

The structure is known as the Ransohoff Building, after the dept store that once called it home. The Ransohoff title is still spelled out in floor tile in the main entrances. But Fathy’s grouping is branding it the MAY Building in recognition of the one thousand nine hundred eleven structure’s original downstairs occupant, the Mohr and Yoerk Packing Co., a grocery store and meat market.

The project includes an event center, recently opened in the smaller art moderne building on eleventh Street, marketed to tiny groups, including associations and executive with business at the Capitol or groups for wedding and parties.

The one-bedroom apartments will range in size from 550- to 950-square feet. Served by a vintage elevator, the units will combine modern finishes and appliances with original building details such as built-in hutches, trim, coved ceilings and pocket doors. The units were, in fact, apartments when the building first opened more than a century ago.

One, on the fifth-floor corner, has a birds-eye view of the Capitol dome. Others overlook the cathedral. One looks out on the Crest marquee. Light-rail trains trundle past on the street below.

Fathy said rents will depend on how much interest his grouping gets from prospective tenants. The grouping launched prelease registration latest week. “We’ll look where the demand is.”

The MAY Building won’t be be the first upscale apt complex on K Str in modern Sacramento. That distinction goes to the Cathedral Building, which houses Ella restaurant and sits at the corner of twelfth and K streets, a obstruct away. It opened a decade ago with twenty-three apartments.

A one-bedroom apt in the Cathedral Building is being advertised for $2.000 a month. That and other nearby rents propose that well-appointed apartments on K Str could rent for around $2.75 a square foot.

Cathedral Building owner Robert Clippinger said his building has rented well over the years, frequently with lobbyists and lawyers, although he'd to reduce rents during the recession. Clippinger said he's pleased to finally look more housing come on the K corridor. “Maybe we’ll actually obtain a grocery store somewhere nearby.”

Love Clippinger’s Cathedral Building, the MAY Building developers declare they hope to land a restaurant to anchor the large 8.150-square-feet ground floor room, with a one.150-square foot mezzanine.

“We’re trying to stay patient and discover the right fit,” Fathy said. “It is going to get a well-positioned operator for a space this size.”

Michael Ault, head of the Downtown Sacramento Partnership business group, lauded the MAY Building developers as well as others working in and around K Street.

“They are presenting precisely what we'd hoped to look for the evolution of downtown,” Ault said. “They have a creative approach to doing housing. It's not just about buying property for investment. It's about making active urban spaces.”

Notably, the MAY Building will be built with number public subsidies. Both the Cathedral Building and the seven hundred K Str project presently below construction got assistance from the city.

Ali Youssefi, a partner on the seven hundred K Str project, says the MAY Building project offers a preview of what can happen on K Street.

“I like this project,” Youssefi said. “I hope it'll set an example.”

The Str remains blighted in several spots. The K Str area has a high level of calls for police service, and transients frequently still outnumber shoppers.

“I wouldn’t underestimate the social challenges on K Street,” said City Councilman Steve Hansen, who represents downtown. The new residents and refurbished buildings, however, will assistance modify the see and perceive of the street, he said.

“There are a lot of youthful professionals who are excited to be urban pioneers, and we necessity those people who wish to be urban pioneers.”

Youssefi of CFY Development agreed. “Once we turn on the lights and open the doors along these blighted blocks, the environment is going to change,” he said.

Youssefi’s project on the seven hundred obstruct of K Str will have some apt units priced for low-income earners, a requirement attached to the public funds.

But Darryl Rutherford, executive director of the Sacramento Housing Alliance, said the city isn't doing nearly sufficient to encourage construction of less expensive apartments that workers at nearby restaurants and the Golden 1 Middle could afford.

“We aren't seeing the types of things we necessity to create sure that workforce can afford to live where they work,” he said.

The city has a fund for low-income housing, paid into by housing developers. But, for now, infill developers are excused from chipping in to the fund, and that means less money available for the city to produce the variety of rental housing stock that can serve less than high-income workers. City officials, for their part, declare they hope the exemption will encourage more infill development, notably downtown. They declare they'll review that policy in four years.

The higher rents expected for many K Str apartments reflect the higher costs of rehabilitating elderly buildings, said broker John Mudgett of Turton Commercial Real Estate.

He and downtown developers declare the renters will arrive if the project is attractive. Mudgett says there are people who wish to walk to work, who love having restaurants, cafes and nightlife literally exterior their front door, and don't mind crowds, action and noise in the neighborhood.

“There will be youthful professionals and transplants (from other urban areas) who are OK with those trade-offs,” Mudgett said. “They wish this walkable experience, where there is number such thing as freeways and traffic.”

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