Friday, June 24, 2011

K Street Drama, Act 1345

The plans continue, and though these look very promising, we have been here before; but still, hope does spring eternal.

This article from the Sacramento Bee reports on the latest efforts.

An excerpt.

“Sacramento took a big step Tuesday toward remaking K Street's bleakest stretch into a hub of city life.

“By a unanimous vote, the Sacramento City Council approved the development agreement and financing plan for a $47.7 million project that will bring housing, restaurants, boutiques and live music to the 700 block of the K Street Mall.

“If all goes smoothly, the developer behind the project said he hopes to break ground by the end of the year – and finish by 2014.

"This is going to change the look and feel of K Street," Councilwoman Angelique Ashby said. "It's something the city of Sacramento has been working really hard to get and we're stepping across the threshold."

“City Hall spent years – and $42 million – acquiring 19 properties along the 700 and 800 blocks of K Street. The City Council voted in July to hand over those properties and millions of dollars in redevelopment subsidies to two development teams.

“The financing plan for a project on the 800 block led by downtown developer David Taylor is still being ironed out, and city officials are hoping to present a plan to the council by the end of the summer.

“For now, City Hall's attention will turn to the 700 block – the stretch of mostly empty storefronts bordering Westfield Downtown Plaza.

"We think this project will be a huge catalyst for that area," said developer Bay Miry, who is best known for his red brick restaurant and residential project at 14th and R streets in midtown.

“Miry's D&S Development and CFY Development are proposing 137 moderate-income and market-rate housing units facing both the K Street Mall and the alley between K and L streets.”