Sacramento developer Michael Moser said he doesn’t plan to have another wet winter further delay completion of a high-end condominium project he acquired along the river in Natomas in 2014.
“We were prohibited from working in the river way between November and April 1st,” Moser said. “It’s against the law. I couldn’t touch the project....Now that this month is up, we can now work, and we’re starting to reactivate. Within the next 30 days, we’ll be out there putting houses up.”
Moser said he started work on the 12 condos, located along Garden Highway between Chevy’s and the Virgin Sturgeon, in March 2015. Because of the drought, he said, he sought and received monthly approvals to continue working on the project from November 2015 to March 2016. But last November, he said, officials put a stop to construction.
So far, Moser said he has done work to get podiums in place and has begun work on foundations. Financing the project has a bit of a trial, he said, because conventional banks didn’t like the government restrictions on construction.
“We had to go to private money, and trying to explain this project to private money was a very difficult task,” he said. “We are actually closing our first round of construction financing on this project on Tuesdayor Wednesday.”
The key was really the lifting of government restrictions, Moser said. No one wanted to provide a loan until then. He said he expects construction to begin by May 1. The price of the condominiums is likely to be close to $1.6 million each, Moser said, because it has cost more to get them built. They will come equipped with solar panels and smart-home features, he said.
“It’s such a complex project, and there are so many stakeholders,” Moser said. “I mean, I have to deal with the Army Corps and the flood control agencies and the county and the city governments. There are so many moving parts. In 33 years, it’s one of the most difficult projects I’ve put together.”
In addition to this project, Moser is also working on constructing student housing in Campus Commons, just across the Guy West Bridge from Sacramento State; 22 homes in South Sacramento; and 42 homes near Club Center Drive and Regency Park Circle in North Natomas. He said he is working on entitlements for six homes on Swanston Drive and two on Fourth Avenue in Land Park.