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Vacant Capitol Mall Site Could Get New High Rise

DENNIS MCCOY / SACRAMENTO BUSINESS JOURNAL, 2009 file

This Capitol Mall site, called "hole in the ground" by some, could be where a new high-rise will be built.

DENNIS MCCOY / SACRAMENTO BUSINESS JOURNAL, 2009 file

Downtown Sacramento's Capitol Mall could be getting a new high-rise building at a vacant site some people call the "hole in the ground."

It's at 301 Capitol Mall and a decade ago, at the height of the last real estate boom, developers started work on a pair of 53-story condo towers there.

Sacramento Business Journal Editor Jack Robinson says 250 of those condos actually sold.

"But the whole thing sort of stopped abruptly in 2007 and became sort of a symbol of the housing bust," says Robinson. "A new developer is apparently starting talks about some kind of mixed-use building on the site that could house state offices."

Los Angeles-based CIM Group is the new developer working with the property owner - the California Public Employees' Retirement System.

Governor Jerry Brown's proposed state budget includes money for new state office space.