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Developers Ali Youssefi, left, and Bay Miry in the 700 block of K Street in Sacramento on Thursday, March 14, 2013. Sacramento's desire to turn downtown into a 24-hour neighborhood took a big leap this week. The City Council has approved $20 million in revenue bonds to finance a six-story residential project on the 700 block of K Street. Combined with redevelopment money approved before the state cut that funding off, the nearly $40 million project has its permits and is expected to break ground this fall. Eventually, the developer plans to add a line of new stores and restaurants fronting K Street adjacent to the housing.