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Developing in Downtown Sacramento
Downtown Sacramento is currently experiencing low unemployment,
high job growth, increased market interest in Central City housing,
and demand for new Class-A office development. There has never been
a better time to invest!
Office Market
Downtown Sacramento is the region's largest office center with almost
10 million square feet of office space with over 100,000 daytime
employees. Downtown offers a rich variety of office styles and prices,
ranging from premier Class A space on Capitol Mall to Class B historic
buildings and old warehouse buildings on R Street. Lease rates for
full service space averages approximately $2.30 per month for Class
A space and approximately $1.50 per month for all other space. By
2005, the State of California will develop approximately 2 million
square feet of office space. In addition, there is a projected demand
for two or three commercial office buildings totaling approximately
800,000 square feet at current absorption by 2005. Major investors
in the Sacramento real estate market include Lend Lease Real Estate
Investments Inc., the Allen Group, the California Dental Association,
Cornerstone Properties, Westfield America, CalPers, the Lewis Family
Trust, David S. Taylor Interests, and the State of California.
Hotels/Convention Center
Located in the heart of the city that brought you the Gold Rush,
the state-of-the-art Sacramento Convention Center Complex consists
of three facilities. The Convention Center has 134,000 square feet
of contiguous exhibit space with convertible arena seating for 6,500;
31 meeting rooms; an elegant 25,000-square-foot ballroom; and award-winning
cuisine by on-site Classique Catering. Next to the Convention Center
lies the Sacramento Community Theater, with its precision acoustics
and plush seating for 2,452, the theatre hosts a variety of top
caliber events, from touring Broadway musicals to performances by
local artists. At the other end of the Convention Center sits Memorial
Auditorium, a venerable landmark built in 1926. Renovated in 1996
and located just one block from the Sacramento Convention Center
the Memorial Auditorium offers a wide range of occasions with a
total capacity of 3,870. In 1999 the SCC hosted 844 events, an increase
of over 7% from 1998, served 991,000 patrons, an increase of over
2% from 1998, and generated 83,000 room nights.
Across from the Convention Center is the 350-room Hyatt and 500-room
Sheraton Grand hotels. Overall, there are a total of 2,574 rooms
in seven full-service, chain-affiliated hotels within a five-mile
radius of Downtown. Additional banquet facilities Downtown exist
at the Hyatt, Sheraton Grand, Sacramento Grand Ballroom, and the
Grand.
Access
Downtown Sacramento's superior transportation network makes it a
convenient location for your customers and employees. Downtown is
served by the Sacramento International Airport, only 10 minutes
away; four major interstate highways (Interstate Highways 5, 50,
80, and 99); 9 light-rail stations provide convenient access from
the outlying areas; an international deep water port, the Port of
Sacramento; an AMTRAK station serving seven daily trains to the
San Francisco Bay Area; the ninth busiest Greyhound station in the
country; a clean, reliable regional bus system; and the Sacramento
Marina and visitor boat docks in Old Sacramento.
Housing
Downtown Sacramento's residents can walk, ride, or take public transit
to work, theatres, museums, or Downtown's many recreational opportunities.
Over 15,000 people live in Downtown Sacramento and approximately
300,000 people live within 5 miles of Downtown. Both numbers are
expected to increase significantly in the coming years. Since 1990,
546 new housing units have been built in the Central City. There
are currently 972 units of housing proposed or under construction
in the Central City. Downtown Sacramento offers everything from
affordable rentals to single-family homes and luxury apartments.
Downtown neighborhoods include Southside Park, Alkali Flats, Mansion
Flats, the R Street Corridor, Capitol Park, Northeast, the Waterfront,
Dos Rios, and Midtown.
Retail
This is an excellent time for retail developers and tenants to invest
in Downtown Sacramento. Downtown Sacramento offers a retail marketplace
of 6 million annual visitors, a daytime population of 165,000 workers,
and approximately 300,000 resident customers within a 5-mile radius,
all eager for more shopping and fine dining opportunities.
The DDG's retail strategy is to strengthen existing retail opportunities
in the K Street District through new retail development and re-tenanting
of underutilized retail space. The DDG would also like to build
on the existing retail areas of Downtown Plaza and Old Sacramento
and create new active areas with a distinctive character along the
R Street Corridor and in Union Pacific Railyards site.
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