Work to begin on major apartment building on downtown Sacramento’s ‘most blighted block’
Downtown Sacramento’s ugliest block is finally getting a major makeover.
Two outside development companies announced on Thursday they have secured the funding to start “immediately” on construction of a 153-unit mixed-use apartment and retail building on the largely boarded up 1000 block of J Street, infamously dubbed as downtown Sacramento’s most blighted.
Mayor Darrell Steinberg immediately characterized the news as a sign that the city will make a solid recovery from COVID-19 economic setbacks. “This announcement is a strong signal that we are going to recover and that downtown is going to be greater than before the pandemic.”
Anthem Properties of Vancouver, Canada, and Canyon Partners of Los Angeles, say they secured the final loans to begin construction of a seven-story building on the site of what was for decades a row of empty retail and restaurant sites on the south side of J Street between 10th and 11th streets, just three blocks from the state Capitol.
Work should start before the end of March, Anthem officials said.
After previous owners proposed grandiose super-buildings on the site, Anthem has brought the concept down to earth with a modest proposal, one that city officials say is more realistic economically.
Officials with the two investment companies said they are bullish on downtown Sacramento, a city they say is poised for long-term growth as it emerges from the COVID-19 pandemic shutdowns.
The Canadian builder decided before the pandemic to make a foray into the United States, starting with Sacramento. Anthem also is laying plans for a 137-unit apartment building at 15th and S streets, on the 1500 block of S Street.
“Sacramento continues to attract new residents into what’s already one of the healthiest multifamily markets in the country,” Riaan De Beer, Anthem’s Vice-President, Development said in a press statement Thursday. “Our new project in partnership with Canyon goes a long way towards satisfying the need for community-oriented developments that will make a lasting positive impact on the area.”
Speaking to The Bee several months ago, de Beer said COVID-19 had slowed the project, but had not dimmed company interest in Sacramento.
“As we move into the U.S., we see Sacramento as a market we can wrap our arms around more easily. It’s been a very hard year,” de Beer said. “COVID is a challenge on every level. But underneath that, urban renewal is continuing, and COVID may be accelerating it. Short term, there are tough times ahead. But we’re going to move forward because we believe in Sacramento.”
“We are looking at a macro-economic pattern that plays itself out in a longer period.”
Anthem’s new partner, Canyon Partners Real Estate LLC, said in a statement that the project should be finished in the spring of 2023. Company officials said project amenities will include a fitness center, courtyard, and a rooftop deck offering views of the Capitol building and surrounding city.
This story was originally published March 11, 2021 at 8:52 AM.