Cresleigh Homes, a San Francisco-based housing developer, has won a competition among four developers to build a condominium tower overlooking Capitol Park.
Capitol Area Development Authority officials on Friday will ask their board to approve a Cresleigh proposal to build 78 condos in a nine-floor tower at the corner of 14th and N streets with a glass facade offering broad views of the park.
The one-, two- and three-bedroom condos are proposed to sell for between $490,000 and $930,000.
The deal requires Cresleigh to purchase the state-owned site for $2 million from CADA, a joint state/city development agency that manages state-owned land and apartment buildings around the Capitol.
“We’ve always considered this one of the premier sites among state-owned properties because it is right across the street from Capitol Park,” CADA head Wendy Saunders said.
Cresleigh beat out Clippinger Investment Properties, SKK Developments and the Grupe Co., and Urban Core Development and Pilot Real Estate Group. The other three all proposed projects that included some units that would cost buyers more than $1 million. The highest proposal was for a penthouse at $2.3 million.
The CADA panel choose Cresleigh in part because it pledged $19.3 million of its own funds toward construction of the estimated $48 million project. Cresleigh has limited experience with condos, CADA officials said, but its parent company also owns Stanford Hotels, which specializes in mid- and high-rise properties. Vrilakas Groen Architects, a Sacramento firm, will be one of two designers.
CADA officials said they plan to negotiate a final deal with Cresleigh over the next year. Construction would start the next summer.
The development company maintains a Roseville office, and has been building in the region for three decades.
Cresleigh vice president Deana Ellis said she is optimistic about the market for downtown housing, and said the Capitol Park neighborhood already is strong – a place where residents can walk to work, stores, restaurants and entertainment.
“That is how people want to live right now,” Ellis said.
Cresleigh plans to include space for stores on the ground floor. Ellis said the company will talk with neighborhood residents about what type of retail they would like to have.
The 14th and N site project is the second major condo building announced this month in downtown Sacramento. Last week, the Sacramento Kings and partners launched marketing for 45 luxury condominiums under construction in the 16-story Sawyer Hotel tower on J Street at the Downtown Commons site shared by Golden 1 Center arena. Those condominiums are expected to be finished this fall.
Saunders said the two projects will test the high-end downtown market but will offer differing experiences. She said a developer likened the Kings’ project to living at Times Square, and the CADA project to living along Central Park.