The panel voted 7-0 for the twin 615-foot hotel and condominium skyscrapers planned by developer John Saca, The Sacramento Bee reported. The action gave the final go-ahead to the biggest of several high-rises proposed to reshape the city's skyline.
After the hearing, Saca said the project planned at Third Street and Capitol Mall sets a precedent and predicted more residential high-rises in downtown's future.
The city's design review board approved the towers Aug. 3. The project does not require City Council action.
Demolition of a vacant building on the site is expected to begin next month, followed by support pilings going into the ground by the end of the year, Saca said. He predicted residents would begin moving in by late 2007.
Plans for the Towers on Capitol Mall include an upscale 276-room hotel and more than 700 condominiums in twin buildings. Saca said he expects within 30 days to announce the operator of a "4 1/2-star hotel" on the first 21 floors of one tower.
The appeal of high-rise living downtown has captivated public attention, including more than 4,000 potential buyers who prequalified for condominiums, the developer said. During a recent sales event for the first 250 units in one tower, sellers collected $10,000 refundable deposits on 280 condominiums.
Saca said 300 more units in the second tower would be offered for reservations within 60 days. After getting permission from state real estate regulators, Saca said, he plans to begin converting deposits to nonrefundable down payments in November.
When completed, the towers will surpass the 30-story, 423- foot Wells Fargo building on Capitol Mall as Sacramento's tallest buildings. Other high-rise projects also are planned along the boulevard stretching from the Capitol to the Tower Bridge.
The city's design review board expects next month to consider the Aura project, a 38-story tower planned by Denver developer Craig Nassi at 601 Capitol Mall. Local developer David Taylor is planning an office tower on a portion of the same lot.
The board also expects next month to hear Angelo G. Tsakopoulos' plans for the Parthenon, a 29-story office building at 500 Capitol Mall. The developer has proposed a 455-foot tower topped by a replica of the namesake temple to the Greek goddess Athena.
