Real Estate News

Construction begins on Central Sacramento’s largest apartment development in decades

Construction has begun on one of the biggest apartment developments in Sacramento’s central city.

The four-story Press Apartments will take up the whole block of 21st and Q, the former site of a Sacramento Bee parking lot. The building will house 277 units, a combination of studios, one-, two- and three-bedroom spaces ranging from 430 to 1,300 square feet.

The building will include ground floor commercial space, a swimming pool, pet spa, fitness centers and outdoor kitchens. It’s located near a dog park, other newly constructed apartments and condos and a planned San Joaquin passenger rail system station.

For the last couple of months, construction workers have been fortifying on the complex’s underlying infrastructure. In the next few weeks, the development will be “going vertical,” developer Sotiris Kolokotronis said.

The apartments are expected to be finished by the spring of 2020.

The project is the product of a partnership between SKK Developments, which has a hand in multiple downtown developments, and the Flordia-based DeBartolo Development. The developers hope to encapsulate “the idea of a work, live and play atmosphere,” said Scott Waddington, a vice president with DeBartolo Development.

Mayor Darrell Steinberg praised the project at a construction-launch ceremony Tuesday morning, saying packing in this much housing density in the midtown area would have been unthinkable just a couple of decades ago.

That area of midtown, formerly an industrial area with empty lots, is becoming midtown’s newest neighborhood, with 500 new residences. That includes the Press Building, along with Q19 apartments and 20PQR Townhomes — also SKK Developments projects — as well as the nearby Ice Blocks project.

“The more units the better,” Kolokotronis said.

Vice Mayor Steve Hansen said he was pleased Kolokotronis and others have pushed forward with efforts to repopulate the central city. “There’s nothing more important than giving people homes — projects like this, when they come out of the ground, have to be celebrated.”

Kolokotronis and Steinberg both said they hope the increased housing stock will help alleviate the burden of high rent prices in the central Sacramento area. Sacramento has been hit with some of the steepest rent increases in the nation in the last few years.

“The more supply, the more opportunities for affordable housing,” Steinberg said.

Kolokotronis said the apartments will be offered up at market rate. As of the beginning of 2018, the average rent for a 849 square foot apartment in Central Sacramento was $1,786, according to a report by Colliers International. Real estate firm Apartment List found that rent prices have risen over 2% in the past year alone.

The mayor said this project is an extension of his focus on what he called “inclusive economic development”. The construction of the Press Apartments, he believes, will set an example for the rest of the city, and create a blueprint other sections of Sacramento can follow to usher in new growth.

“I believe the right kind of growth has benefits throughout the city.” he said. “I’m committed to ensuring these kinds of opportunities become regular opportunities for all parts of the city.”

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