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Business Journal: Housing Projects, Rent Control, Millennials

Anderson Schwartz Architects / Courtesy

An artist's rendering of an eight-story mixed use project proposed near H and 12th streets in downtown Sacramento. It would include 97 rental units above ground-floor retail space.

Anderson Schwartz Architects / Courtesy

Mixed-Use Project Proposed At 1220 H Street

Developers want to construct an eight-story mixed-use residential building near 12th and H streets in downtown Sacramento. It would include nearly 100 rental units above ground-floor retail space.

The Sacramento Business Journal's Digital Editor Sonya Sorich says the project would be at the site of what's now a two-story office building.

"It would take up the footprint of both that building and parking spaces behind it," says Sorich. "This project is basically designed to fit the city's vision of having more mid-rise and high-rise apartment buildings in the neighborhood."

More Student Housing Planned Near Sacramento State

Another housing project is planned near Sacramento State at 65th Street and Folsom Boulevard. Right now, the site has a vacant commercial building. 

"It would include four buildings: two residential structures, a mixed-use building and a parking garage," says Sorich. "Unsurprisingly, it's primarily aimed to serve students at Sacramento State, which is nearby."

The project would include 184 residential units.

New Housing Planned For Old Restaurant Sites

And a third housing project is being planned in Sacramento's River District. Sorich says it would fill two former restaurant sites on Bercut Drive: The Hungry Hunter and The Rusty Duck.

"A group is in early talks with the city about either developing an apartment or condominium project on the combined 3-acre site," says Sorich.

The early plan calls for a market-rate development that could either be for rent or ownership.

The project could appeal to people who want to live near both the American and Sacramento rivers, as well as job centers such as downtown Sacramento and the planned Kaiser Permanente medical center in the Railyards.

Sacramento's Escalating Rents 

The California Apartment Association posted an item on its website this week that said Mayor Darrell Steinberg would introduce a rent control ordinance for a vote as soon as next Tuesday's City Council meeting. The online post gave no details about how the rent control ordinance would work.

A spokeswoman for the office says no such ordinance has pending, but the mayor's office has been in discussions with various parties about rising city rents.

"As we all know, in recent years national firms tracking apartment trends have identified the Sacramento region as at or near the top for percentage increases in rent growth nationally," says Sorich.

Local housing activists are collecting signatures to put a rent control measure before voters in the city of Sacramento in November.

Sacramento A Millennial Meca?

Sacramento ranks No. 3 in a new list of the top U.S. cities where millennials are moving. Sorich says the list could help advance the city's reputation among young professionals.

"This list came from SmartAsset which is a personal finance information company," says Sorich. "And those involved in recruiting companies to the area say that this could be a boost to those efforts as well."

The report used U.S. Census Bureau data to track the number of people aged 20 to 34 who moved to the city in 2016 minus those who moved out. It found that Sacramento gained nearly 6,700 millennials during that period.

Seattle topped the list of cities where millennials are moving.

 business journal

Steve Milne

Morning Edition Anchor & Reporter

Steve is the voice of Capital Public Radio News as anchor of Morning Edition and Insight. He covers stories on a wide range of topics including: business, education, real estate, agriculture and music. Steve also produced stories for CapRadio.org.   Read Full Bio 

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