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Business Journal: Rusty Duck Demolition; Miami Firm Buys The Citizen Hotel; Hemly Cider Expanding
Rusty Duck Demolition Starts
Work crews this week began demolishing the old Rusty Duck building on Bercut Drive in Sacramento's River District. The Rusty Duck was a restaurant that opened in the 1970s. It's been closed since 2008. The building was damaged by a fire in 2011. The demolition is part of a planned redevelopment of the site. But the Sacramento Business Journal's Sonya Sorich says it's still too early to know what will be going into the spot.
"In recent years, a firm bought both the Rusty Duck building and a neighboring former restaurant property,” says Sorich. “Last year, the entrepreneur behind that firm said he was planning a residential project on the two properties."
Meanwhile, there's a way to own a piece of the former restaurant. An online auction is underway. Keepsakes and memorabilia — like signs — are being sold, with profits benefiting various non-profit groups.
New Owner For The Citizen Hotel
A Florida company has bought one of downtown Sacramento's most celebrated boutique hotels — The Citizen Hotel at 10th and J streets. The new owner is Cambridge Landmark, a Miami-based private equity firm. Sorich says Cambridge bought the property from another private equity firm.
"That firm bought it in 2015 for $60 million, setting a per-room sale price record at the time. The price of the most recent purchase wasn't disclosed."
This is Cambridge Landmark's first property on the West Coast. The company plans to renovate the nearly 200-room hotel by upgrading rooms, suites and public spaces. The 14-story building — which also includes Grange Restaurant and Bar — was constructed in 1925 as one of Sacramento's earliest high-rises.
Hemly Cider Expands Operations
A Sacramento area pear farm is expanding its production of hard cider. Hemly Cider was launched four years ago. It's made with the Hemly family's pears, which have grown along the Delta for more than 150 years. Sorich says production of the hard cider previously took place in San Joaquin County ...
"... but production is now moving to the family pear orchard in Courtland, which is in Sacramento County. The family also plans to add a tasting room and cider garden to the property, which could open in November."
Hemly Cider makes 20,000 gallons of cider a year and is expanding into new product lines, like a non-alcoholic sparkling pear drink. Meanwhile, other cider manufacturers in places like Auburn and Folsom have also said they plan to expand. And earlier this year, a cider bar opened in midtown Sacramento.
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