Towers can’t dig out of hole [Northern California]
It’s just a hole in the ground near the Sacramento River right now. But to get an idea of what might be built where John Saca tried and failed to erect two 53-story high-rises, look 2,700 miles east to the banks of the Potomac.
That’s where CIM Group, the Los Angeles development firm commissioned to revive the dormant Towers construction site at Third Street and Capitol Mall, has built Waterview, a twin-towered hotel, office and condominium complex outside Washington, D.C.
CIM officials say they view that building as the type they’ll construct on what is now a barren downtown Sacramento site covered in dirt and weeds and the remnants of construction that barely had the chance to begin.
On Tuesday, the California Public Employees’ Retirement System, an early investor in developer Saca’s dream, said it had bought out his interest in the struggling project.