Real Estate News

Large midtown apartment project moves forward with sale of Bee parking garage

A developer plans to break ground in spring 2017 on a 253-unit apartment building at the corner of 21st and Q streets in midtown on the site of the current parking garage for The Sacramento Bee.
A developer plans to break ground in spring 2017 on a 253-unit apartment building at the corner of 21st and Q streets in midtown on the site of the current parking garage for The Sacramento Bee.

One of midtown’s most prolific developers has closed on his deal to purchase The Sacramento Bee’s parking garage at the corner of 21st and Q streets in midtown so he can build a 253-unit apartment building on the site.

McClatchy, The Bee’s parent company, said in a memo Thursday that the development group, led by Sotiris Kolokotronis, expects to begin construction in April or May of 2017 and finish the project by the fall of 2018. Kolokotronis’ group purchased the garage for $5.7 million.

The Press, as the new apartment building would be called, would stand at four stories and be among the largest residential developments built in the central city in recent years. It’s part of a broader plan that also includes a smaller apartment building at 19th and Q streets and a row of townhouses along 20th Street between P and R streets.

Bee Publisher Cheryl Dell said the sale, to Sacramento Press Building Owner LLC, is part of an ongoing effort by McClatchy to reduce its real estate holdings.

“It is exciting to deal with a local builder that has some pretty terrific plans for the property,” Dell said.

The Bee has also listed its main office and production building at 2100 Q Street, across from the parking garage. The company said it is looking for a deal that would enable it to lease space in the building back from the buyer.

Kolokotronis could not be reached for comment Thursday afternoon. Kolokotronis has built several large, mixed-use apartment buildings in midtown, including the Fremont Building at 16th and P streets, which houses Pronto and Uncle Vito’s Slice restaurants. He also built the 1801 L apartment building, which houses Buckhorn Grill and Saddle Rock restaurants, and the L Street Lofts across the street, along with Capitol Park Homes, which includes 64 houses along 12th, 14th, P and Q streets.

Ryan Lillis: 916-321-1085, @Ryan_Lillis

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