Being First, and getting results that last...

What's a PBID?

It's a Property Based Improvement District; and right here in River City the first one in California was conceived back in 1994 and became reality in 1995 as the Downtown Sacramento Partnership (DSP).  They've accomplished a LOT, including cleaning up Downtown blight, making our business core more consumer friendly, and bringing together business leaders to help revitalize our city center.

Apparently, the people who support DSP via special assessments believe they are getting a good return on their investment - they've again renewed the PBID for another 10 years.

For an interesting history of the Downtown PBID, including comments about Midtown and other special assessment successes, check out Zone Improvement by Comstock's Magazine.

ESC's progress...Ramping up! Torn Asunder!

Outside the former Downtown Plaza, construction of the ESC continues apace, with the underpinnings of the pedestrian walkway up to the plaza level going in on April 11th (as seen from the northwest corner of L Street and 5th streets)

And inside, "the bridge" is carefully torn asunder!

Here's a video update of construction progress on the Entertainment and Sports Complex as of April 8th.


Meanwhile, down at the Kimpton...  Whats' a Kimpton?  A new Midtown eatery?

Why no, that's the brand name, but not the likely name of the hotel that's going to be built next to the ESC...

[Video courtesy of SBJ)]

The "10,000 homes... Initiative". Looking at the right stuff?

The Mayor's "10,000 homes in 10 years" proposal is now starting to be considered by a stakeholder group of "movers and shapers".  Now called the "Strong Housing Initiative", the still being formed group is trying to get it's arms around the issue and the steps needed to put a plan together.

Local, national and even international commentators have said that for our urban core rebirth to be successful in the long run, people need to live here.  And I would add that they need to be able to afford to live here!

As a Realtor who serves Downtown/Midtown I believe the urban core needs to have a diversified residential population, from young professionals to young families to empty nesters and every group in between. What appears to be missing in current development proposals are concrete plans (pun intended) to develop "moderately priced" owner occupied housing in mid-range price points that will attract those that want to experience Downtown living. 

Currently, there's a lot of interest in downtown housing but little if  any qualitative information about it.  I hope the Mayor's Task Force draws upon the earlier, innovative work of a Downtown Sacramento Partnership's review that outlined the "core" problem (again, pun intended) and a course of action to identify the impediments and solutions to DT housing.  Together these groups need to get a study going that gathers facts and market info about residential housing, especially "owner occupied" moderately priced homes.  Then maybe we'll see realistic and attainable proposals.  Let's hope they ask the right questions: We need to know what's available, what's needed, at what price,and who's interested. Then, how do we get there.

Among Suburbanites, there is a strong perception that Downtown/Midtown housing is mostly relatively transient rental units.  To change that perception, the city must help create owner occupied housing for folks who will buy and stay DT and form community bonds.

Rebirth with a (re)purpose!

King's owner, Vivek Ranadive has said he is committed to building the "greenest arena in the greenest state in the country"

And he's getting it done!  All but 2% of the Downtown Plaza's demolished buildings have been recycled or re-purposed. In about 8 months the project has generated the equivalent of 3 years worth of recycled material typically recycled by the citizens of Sacramento. Click here for more...

Perhaps this is why the early ESC renderings looked to some like a "crushed aluminum can"!  Their vision got mixed up with the image of a recycled mall!

Or perhaps our shortage of residential housing in Downtown and Midtown can use some of the Downtown Plaza's rubble to re-purpose some buildings into places to live?

(Photo courtesy of SacBizJournal/InsidePublications))

ESC rising!

March brings vertical momentum to the Downtown Arena!  Here are two images and videos tracking the progress of construction of the Entertainment and Sports Complex (ESC)...

The King's Practice and Office Facility is being built right next to the arena and it started with a PURPLE steel beam being hoisted in place - the first of about 9,000 tons of steel being used to build the downtown area.  And did you know this beam will also become the centerpiece of King's owner Vivek Ranadive's office?

The new arena's  foundation is also making steady progress too; here's a look at the work as of March 9th, 2015

(Photos courtesy of Fox40 News and Sacramento Bee, video courtesy of Vimeo)

Question: What's the current Downtown/Midtown residential market look like?

Answer: It's nice if you can get it.  But unfortunately,  there's just not a lot of homes in these neighborhoods.  Yet.

Here's a February 2015 Trendgraphix Market Summary for the Downtown and Midtown zip codes (95811,95814 and 5816) showing the number of homes For Sale, Sold and Pended (in contract):

Just 44 homes available For Sale in February!

If you'd like to check on current Price per Square Foot for the DT/MT area click here , or to see the current DT/MT  Average Price For Sale and Sold + the Median price click here

Prospective sellers should take note of the lack of competition IF they are thinking about selling!  :)

Coloring INSIDE the (purple) lines

Sacramento's Entertainment & Sports Center (AKA Downtown Arena) hit another milestone yesterday by "going vertical" for the first time.  The first of many steel beams - appropriately colored purple - was hoisted into place at the area job site.

"Live" from DTSac

See more construction photos from the BJ.