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.
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