Bob Shallit: Another Condo for Downtown in Works

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By Bob Shallit
Monday, May 1, 2006

A property sale leading to construction of a 23-story downtown condo and office tower could go to the Sacramento County Board of Supervisors for approval later this month.

Homebuilder D.R. Horton has been negotiating for six months to buy what is now a vacant, county-owned building at Eighth and I streets, raze it and replace it with a high-rise.

Those talks now are "90 percent" done, says Paul Hahn, the county's economic development director. He and the company hope to have a final deal before the supes in a few weeks.

Under the proposal, the county would receive about $10 million worth of office space in the new tower as payment for the property.

The project, called Library Lofts, would have 299 condo units, a ground-floor restaurant and other retail services as well as the office space.

No prices have been set for the condos, says Kevin Smith, a land acquisition manager for D.R. Horton. But he says they'll be at a discount to those at the two condo high-rise projects in the works on Capitol Mall. The D.R. Horton project is targeting the "middle-up" market, Smith says, "as opposed to the jet-set, millionaire set" being courted for the other projects.

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Condomania: Speaking of condos - and aren't we always? - an Arizona company is converting its Roseville apartment complex into a for-sale housing project that touts concierge services and what the company says is a powerful sense of community.

Avenue Communities built the apartment project at 301 Gibson Drive three years ago. The conversion to condos began in March. Sales of the 258 units - ranging from studios to three-bedroom town homes, priced from $250,000 to the mid-$500,000s - are under way.

What sets VENU at Galleria apart from other condos coming on the market? Sales director Andrea Saab says the company has "revolutionized" condo living by providing amenities that bring residents together. A central "great room" has a coffee lounge, billiards area, theater and kitchen for wine tastings and cooking demonstrations. A video game area is provided for kids. Group activities - on-and off-site - are held daily.

The result: People of all ages mingle and achieve what Saab says is a universal goal - "to be part of something."