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Business Journal: 601 Capitol Mall Project Moves Forward; Capital Books Coming To K Street; Fab 40s House Sets Sales Record
City Council Denies Appeal Of 601 Capitol Mall Project
Plans are moving ahead for an eight-story housing and retail project in downtown Sacramento at 601 Capitol Mall. That's after the city council unanimously rejected an appeal by a downtown resident who argued the proposed high-rise should be taller.
Some council members said they'd like something taller there too. But ultimately, they decided requiring a taller project would make it financially impractical under current conditions. The Sacramento Business Journal's Sonya Sorich says that could leave the site undeveloped for years to come.
"Apparently, a high-rise residential project at the site would need rents of $4,000 a month for a studio apartment to pencil out,” says Sorich. “That's more than even the newest, shiniest projects in the region."
The developer behind the project — Shorenstein Properties — hasn't publicly commented on a timeline. Ultimately, it's expected to have ground-floor retail and about 160 apartments. Right now, there's a parking lot at the site.
New Bookstore Coming To Downtown Sacramento
A new independent bookstore called Capital Books will be opening soon in downtown Sacramento. It'll be located next to the Crest Theatre on K Street. New brick-and-mortar bookstore openings have been relatively rare with the advent of online book sellers like Amazon, but Sorich says the outlook isn't all doom and gloom for bookstores.
"Yes, online retailers still pose a possible threat. But many independent booksellers are defying predictions that they'd be crushed,” says Sorich. “That's partially due to reduced competition from big-box bookseller chains, some of which have closed stores."
The husband-and-wife team behind Capital Books hopes to work with the Crest Theatre on hosting community events. That's one way local bookstores have attracted customers in recent years. The store — which will sell new books and some gift items like board games — is expected to open in April.
East Sacramento ‘Lady Bird’ House Sells For $3.35 Million
A recent home sale in East Sacramento's Fab 40s area could be a record price for the neighborhood. Escrow closed on the home at 1445 45th Street about a week ago. The price was $3.35 million. Sorich says there's a Hollywood connection with the house too.
"The home had a cameo in the film ‘Lady Bird,’ though it wasn't the movie's signature blue house,” says Sorich. “The buyer is apparently a local family with children. The high price reflects luxury buyers who are taking advantage of stock market appreciation and overall economic strength."
Some of the home's amenities include six bedrooms, a wood-paneled library, upstairs verandas and a pool. The 6,600 square-foot home was built in 1942.
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