Real Estate News

Eight-story apartment building being planned for ex-bus terminal site

Developers are finalizing plans to build 58 apartment units with parking and ground-level retail stores on the northeast corner of Seventh and L streets in downtown Sacramento, site of the former Greyhound bus terminal.
Developers are finalizing plans to build 58 apartment units with parking and ground-level retail stores on the northeast corner of Seventh and L streets in downtown Sacramento, site of the former Greyhound bus terminal. begel@sacbee.com

Developers are finalizing plans to build 58 apartment units with parking and ground-level retail stores on the northeast corner of Seventh and L streets in downtown Sacramento.

The eight-story building would replace a former Greyhound bus terminal, which has been abandoned since the company moved to its current Richards Boulevard site in 2011.

DPB Realty Partners LP co-owner David Kassis confirmed Wednesday he and partner Danny Benvenuti intend to submit a formal development plan for 701 L Street Residences to the city of Sacramento and release an artist rendering in the near future.

Kassis’ partner Danny Benvenuti has unsuccessfully tried to fill the site with retail projects since Greyhound left, including a rumored Raley’s and a $30 million restaurant complex and garage.

Benvenuti first purchased the site in 1987 with the intention of building a 30-story office tower before Greyhound opted to remain in place, and also considered building a high-rise/condominium project in 2004 before allowing Greyhound to extend its lease.

Sacramento politicians have long had their eyes on the former Greyhound site due to its proximity to Golden 1 Center and the 700 block of L Street’s rundown appearance. The final tenant at the neighboring Hotel Marshall was evicted from his convenience store in October in advance of an 11-story Hyatt boutique hotel being built there.

“701 L Street Residences will consist of 58 (C)lass A units, along with parking and ground floor retail, in an elegant eight-story structure,” partner David Kassis said in a prepared statement. “We are very excited about the complementary impact this project will have in the area immediately surrounding the Golden 1 Center, and after 32 years of ownership, will be pleased to present this project to the City of Sacramento in the weeks ahead.”

Benjy Egel: 916-321-1052, @BenjyEgel

Related stories from Sacramento Bee

  Comments