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Business Journal: The Bank Opens In Downtown Sacramento, Outlet Collection At Elk Grove's Future Still Murky, Lack Of Housing Affordability Predicted To Slow Real Estate Market

Dennis McCoy / Sacramento Business Journal

A view inside The Bank - a new culinary and beverage venue at 629 J Street in downtown Sacramento.

Dennis McCoy / Sacramento Business Journal

New Food Venue The Bank Opens At 6th And J Streets

There's a new place for food and drinks that opened this week in downtown Sacramento. It's called The Bank and it's inside the old D.O. Mills Bank at 6th and J streets. It includes a 68-tap beer "vault" in the basement...and a self-pour setup. The Sacramento Business Journal's Digital Editor Sonya Sorich says, even though The Bank's open-for-business, construction isn't fully done yet.

"Several dining options, ranging from burgers to street tacos, are still in the works," says Sorich. "But in addition to the bar options, current visitors to The Bank can get quick-serve food options such as poke and dessert."

The building is 30,000 square feet. It was built in 1912 and includes three floors, gilded ceilings and a spiral staircase.

Development Deal Expires For Outlet Collection At Elk Grove

The future of that unfinished shopping mall in Elk Grove off of Highway 99 is still in limbo. A development agreement for the project - called Outlet Collection at Elk Grove - has expired. Sorich says, as of earlier this week, the property's owner - the Howard Hughes Corporation - hadn't commented about what it'll do next...

"...but a spokeswoman for the city of Elk Grove says Howard Hughes has a variety of options, including bringing a new development proposal to the city or holding on to the property for another developer, among other options," says Sorich.

Meanwhile, the casino that's expected to act as a catalyst for development in the rest of the mall is still happening. Representatives say they hope to start construction next year and open by the end of 2020. But the status of other food and retail tenants, including a Nike store and a Dave-and-Busters restaurant, is unclear.

Lack Of Affordability Expected To Trigger Housing Market Deceleration

There’s a new prediction out about Sacramento real estate. Researchers at realtor.com say the local housing market could see a modest deceleration next year. Those predictions suggest a lack of affordability has led many would-be home buyers to gear back. Sorich says the report also finds that Sacramento won't see as much job growth in the future, taking away a reason for people to move here.

"And there's another interesting takeaway: While millennials are expected to be the main driver in housing in many other markets, a slightly older demographic of 35-to 44-year-olds is expected to be a bigger sales force locally," says Sorich.

The study finds that in many places, it's still very much a seller's market. But when it comes to entry-level homes, first-time home buyers have seen prices and interest rates rise to levels they can't afford.

Steve Milne

Morning Edition Anchor & Reporter

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

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